Farhad Moshiri increases controlling stake in Everton to 94 per cent… as under-fire owner writes to disgruntled supporters to address club’s torrid form so far this season amid their continued search for a new manager
- Farhad Moshiri has increased his stake by pumping in £100million of capital
- He has bought 33,333 shares through investment vehicle True Blue Holdings
- He is aware of discontent that reached a nadir when Rafa Benitez was sacked
- Duncan Ferguson will be interim manager this weekend against Aston Villa
Farhad Moshiri has increased his controlling stake in Everton to 94 per cent by pumping in £100million of capital – as he wrote to fans to address their mounting frustrations.
Moshiri, who bought into Everton in February 2016, has bought another 33,333 shares through the investment vehicle True Blue Holdings. This move was flagged when the club announced their financial results in December 2020 but the move reaffirms the Iranian’s commitment.
He has turned loans into shares to improve the club’s balance sheet and it helps Everton, who suffered a staggering loss of £139.9m for the financial year 2019-20, continue to steer their way out of the pandemic towards a future where they will move to a new stadium at Bramley Moore Dock.
Farhad Moshiri has increased his controlling stake in Everton to 94 per cent by pumping in £100m
Everton are steer their way out of the pandemic towards a future where they will move to a new stadium at Bramley Moore Dock
It is the present that is of most concern to Evertonians, though, and Moshiri – who is looking for his sixth manager in six years – is aware of the discontent that reached a nadir last weekend when Rafa Benitez was sacked following a 2-1 defeat at Norwich.
Duncan Ferguson will be interim manager this weekend and there is no timescale for when – or if – he will step aside for a new man. Everton have been linked with a number of candidates, from Wayne Rooney and Roberto Martinez to Frank Lampard and Fabio Cannavaro.
In the letter, Moshiri says: It has been a difficult season to date – with results not meeting the expectations of anyone associated with the Club. As a result, the decision was taken last weekend to part ways with Rafa Benitez as our manager.
After a very disappointing run of results, it was the right decision for the Club – although it is never one that is taken lightly. As we prepare for our forthcoming games, we have a fiercely passionate Evertonian in Duncan Ferguson taking charge of the team on an interim basis.
He is aware of the discontent that reached a nadir last weekend when Rafa Benitez was sacked
But he said after a very disappointing run of results, it was the right decision for the club
‘He is a remarkable man and I know he will give his all in leading the team, as he did so impressively during his spell as caretaker boss in December 2019. I understand the frustration felt by everybody who loves Everton because of our inconsistent form in recent seasons, despite significant investment in the playing squad.’
Moshiri has invested more than £500million in the playing squad since he bought into the club but after Ronald Koeman led Everton in Europe in his first season, the club have continued to go backwards and their signings have failed to make the required progress.
Addressing the issue, Moshiri continued saying: ‘The money that has been spent since 2016, not just on the playing squad but also on key projects including our new stadium, demonstrates my commitment to Everton.
‘I write to you to assure you that my commitment remains strong and focused. The Club has announced today the conversion of a £100m loan to the club into equity which is a clear demonstration of my commitment and greatly strengthens the balance sheet.
Duncan Ferguson will be interim boss this weekend and there is no timescale for a new man
‘I am a private man and I do not speak publicly very often. But I promise you that my determination to deliver for Everton will not waiver. The strategic football review that is currently ongoing will ensure we have the best model in place moving forward.
‘I am working closely with the Chairman (Bill Kenwright) and the Board as part of that strategic review – and I can assure you the recruitment process for a new manager is aligned to that. It is vital we appoint a manager that fits the structure we are putting in place.
‘So, whilst we are keen to make an appointment as quickly as possible, we will work together to ensure it is the right candidate to deliver the success we all crave.’
Everton have been linked with a number of candidates, including Wayne Rooney (L) and Frank Lampard (R)