Everton owner Farhad Moshiri has committed another £100million to 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.”
It is understood the new money will boost the club’s transfer options and stadium project at Bramley-Moore Dock.
The investment comes as Moshiri is currently looking for the seventh permanent manager of his tenure having sacked Rafael Benitez last week after an ill-fated 200 days in charge.
While former striker Duncan Ferguson, a member of the coaching team since 2014, has been placed in caretaker charge, the club have been criticised for having a lack of direction and forward planning having recently dispensed with their director of football, head of medical science, head of recruitment and chief of scouting.
The club was already undertaking a strategic review and Moshiri said that would ensure Everton had the best model in place going 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,” he added.
“It is vital we appoint a manager that fits the structure we are putting in place and 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.
“I have the utmost faith and respect in the board and I work incredibly well with them. The experience and knowledge of our chairman blends perfectly with the vision and leadership of Denise (Barrett-Baxendale), our CEO.
“He is respected across football, not only as an expert in player trading negotiations – skills that have been put to good use already this month with three new signings – but for the unwavering commitment and guidance he has given to Everton over so many years.
“There is no one working harder to bring success and happiness back to the club.”
Moshiri said Benitez’s sacking, after just one win in 13 matches, was the right decision despite the former Liverpool manager being the owner’s own choice back in the summer.
“It has been a difficult season to date – with results not meeting the expectations of anyone associated with the club,” he added.
“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.
“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.”
