Farhad Moshiri increases stake in Everton, pumps £100million into crisis-club and addresses fuming fans in open letter

FARHAD MOSHIRI has vowed he is more determined than ever to turn Everton’s financial mess into long – term success.

The Toffees majority shareholder has overseen losses of £265M in the past three years and with the sacking of Rafa Benitez is now looking for his seventh full time manager since he took control in 2016.

The British – Iranian billionaire took some pressure of the club’s books by turning a £100M loan into a further 28% investment.

He now owns 94% of the stock and stressed in a letter to fans : “I write to you to assure you that my commitment remains strong and focused.

“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.”

Yet as SunSport has revealed he was approached by a consortium interested in a possible take – over.

He is understood not to have blocked the approach but the club’s figures were so bad they quickly walked away.

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Moshiri also insists that he still backs chairman Bill Kenwright.

The pair are the odd couple of Goodison and their relationship has often been a frosty one.

A review of the structure of the club is in full swing with heads having rolled.

Director of Football Marcel Brands was sacked along with scouting boss Dan Purdy.

Head of medical science Danny Donachie followed them while recruitment chief Chris Perkins had already quit for Tottenham.

But Moshiri says that he, Kenwright and CEO Denise Barrett-Baxendale are singing from the same hymn sheet.

He declares: “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

“It is vital we appoint a manager that fits the structure we are putting in place.

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.

Farhad Moshiri

“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.

“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 also 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.”

Yet Moshiri, backed by Russian ogliarch mate Alisher Usmanov, went against Kenwright’s judgement to appoint former Liverpool manager Rafa Benitez.

It is understood that it was Kenwright he wanted to bring back Belgium head coach Roberto Martinez – the first of five managers sacked by Moshiri.

EVERTON'S MANAGERIAL PURSUIT

The Spaniard was made the No 1 target but while he has a £2M out-clause in his contract he wanted only an interim appointment so he could see Belgium through next winter’s World Cup finals while his employers blocked any approach for him anyway.

Former young star Wayne Rooney is now understood to have had private talks after SunSport revealed he would be on the target list – as he is with Brighton Graham Potter and ex – Chelsea manager Frank Lampard.

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.

He wrote : “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.”