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Everton assessing future options after 777 takeover collapses / Photo: Paul ELLIS - AFP
Everton assessing future options after 777 takeover collapses
Everton said on Saturday they are assessing "all options for the club's future ownership" after the deadline for a takeover by American investment firm 777 Partners expired.
Toffees owner Farhad Moshiri struck a deal with 777 for his 94 percent stake in the club back in September.
But the troubled US group, who also own stakes in Genoa, Hertha Berlin and Standard Liege, have been unable to satisfy the Premier League that they have the funds to take over the Premier League club.
A period of exclusivity for negotiations between Moshiri and 777 expired on May 31.
"The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today," Everton said in a statement.
"The club’s Board of Directors recognises the considerable level of financial support 777 Partners has provided the club over recent months and would like to take this opportunity to thank them for this.
"The club will continue to operate as usual, while it works with Blue Heaven Holdings to assess all options for the Club’s future ownership."
Reports in the British press have suggested Everton will need to sell some of their most prized players this summer or the club could go into administration due to mounting debts.
British-Iranian businessman Moshiri has splashed over £500 million ($620 million) on new signings since becoming majority shareholder in 2016, to little positive effect on the field.
The cost to complete a 53,000 capacity new stadium in Liverpool's Bramley Moor Dock, which is due to open in 2025, has also risen to an estimated £700 million.
Everton extended their 70-year stay in the English top flight this season despite being docked a total of eight points for two separate charges of breaching the Premier League's financial rules.
The club posted losses of just under £400m for the four years between 2019 and 2023.
Everton are one of England's most historic clubs. Only Manchester United, Liverpool, Arsenal and Manchester City have won more top-flight titles than their nine.
But the last of those came in the 1986/1987 season and the club have not won a single trophy since 1995.
A.Hill--SMC
