Everton have agreed a change in ownership ahead of their game against Arsenal this weekend, with 777 Partners taking a controlling stake.

On Friday morning, Everton announced that 777 Partners have signed an agreement with Farhad Moshiri to acquire his full stake in the club, 94.1% of the club’s shares.

The transaction will be finalised in the fourth quarter of 2023 and remains subject to regulatory approval, according to the statement.

But it’s big news for Everton ahead of their game against Arsenal this weekend, albeit news that won’t be received well by all supporters of the club.

On the one hand, Moshiri hasn’t been a popular owner at Everton, with the club just barely avoiding relegation on a couple of occasions in recent seasons.

The Toffees have one point from their opening four games, and it was against Sheffield United, who also only have one point.

19th and 20th-place clubs Luton Town and Burnley both have a game in hand, so Everton could drop even further depending on the result of their extra fixture.

Evidently, it’s been a bad few years for Everton, and many fans will be glad to see the back of the current ownership.

Yet 777 Partners don’t have a particularly good reputation in football either.

The private investment company have majority stakes in Genoa, Vasco da Gama, Standard Liege, Red Star, and Hertha Berlin, as well as minority stakes in Sevilla and Melbourne Victory.

The Daily Mail report that none of those clubs are profitable, with Genoa, Sevilla, and Hertha Berlin posting losses close to £200m between them.

Standard Liege fans have even held protests against 777 this season.

Many Everton fans on social media seem to feel they’ve jumped out of the frying pan and into the fire. Whether or not the ownership change will be viewed as a boost ahead of their game against Arsenal on Sunday is unclear.