Farhad Moshiri (pictured, right) has increased his stake in English Premier League club Everton to become the majority shareholder.
The club announced the Iranian businessman’s Blue Heaven Holdings Ltd has increased its stake from 49.9 per cent to 68.6 per cent after purchasing shares from club chairman Bill Kenwright, director Jon Woods and long-term shareholder Arthur Abercromby. Moshiri is also expected to increase his shareholding in the club to 77.2 per cent by no later than July 2019.
The move to become a majority shareholder is likely to give Moshiri more leverage with investors to fund Everton’s proposed new stadium in Bramley Moore Dock, which the club aims to build before the 2022-23 season. In January, Everton chief executive Robert Elstone, said costs had risen significantly on the project, citing factors such as the premium for the Bramley Moore Dock site, a targeted capacity of about 50,000, a complex design and inflation.
Moshiri first purchased a 49.9 per cent share in Everton in February 2016 after selling his stake in Arsenal to business partner Alisher Usmanov.