Everton to Explore Other Options As Takeover Deal With 777 Partners Falls Through.
Everton Football Club has announced that it will “assess all options for future ownership” following the expiration of the deadline for the sale of the club to US-based consortium 777 Partners. (As reported by the BBC)
777 Partners had agreed to purchase majority owner Farhad Moshiri’s 94% stake in the club in September 2023. Despite an initial deadline and subsequent extensions, the consortium failed to meet the conditions required to complete the share purchase agreement by 05:00 BST on Saturday.
Everton confirmed that the club would “continue to operate as usual” while exploring new ownership opportunities.
Moshiri, who has held a controlling stake in Everton since 2016, has faced increasing criticism from supporters due to poor performances on and off the pitch. Between 2019 and 2023, the club posted losses of nearly £400 million, leading to an eight-point deduction for breaching the Premier League’s Profit and Sustainability Rules (PSR).
The takeover by 777 Partners was initially expected to be completed by the end of 2023, but persistent delays ensued. The investment firm failed to meet the Premier League’s required conditions of ownership, including providing proof of funds and converting a £200 million loan to Everton into equity.
Despite a February extension and continued discussions, 777 Partners appointed finance restructuring experts in early May, signaling slim prospects of meeting the league’s conditions. Premier League chief executive Richard Masters emphasized that the decision to sell the club rests with the current owner, and the league’s role is to regulate the owners’ and directors’ test.
As Everton assesses its future, the club remains committed to finding a suitable owner to lead the team forward. Further updates will be provided as the situation develops.
