Everton owner Farhad Moshiri increases stake in club

Everton owner Farhad Moshiri has ploughed another £100million into the club after increasing his stake to 94 per cent.

The Iranian businessman, who has already spent over half-a-billion pounds on transfers since his £200million takeover in 2016, is converting loans from his Blue Heaven Holdings into equity.

Last February 100,000 new shares were issued and he has purchased the final third of those, having already acquired 66 per cent 12 months ago.

The move, announced in a letter to fans, provides a much-needed boost to Everton’s finances, having posted a combined £265m loss for the last three financial years.

“I write to you to assure you that my commitment remains strong and focused,” he said in his letter.

“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.

“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.”