English Premier League: Everton owner Moshiri increases stake in club

London: Everton owner Farhad Moshiri has ploughed another 100 million pounds ($136 million) into the struggling Premier League club, taking his stake to 94.1 per cent, it announced today.

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

It will give a much-needed boost to Everton’s finances, with the club posting a combined 265 million pounds loss for the past three financial years.

Everton last week sacked manager Rafael Benitez after a 2-1 defeat against relegation-threatened Norwich, a result that left them languishing in 16th place in the table.

“I write to you to assure you that my commitment remains strong and focused,” Moshiri said in a letter to fans.

“The club has announced today the conversion of a 100m pound 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 waver.”