Africa
Everton say they will “assess all options for future ownership” after the deadline for the sale of the club to 777 Partners expired.
The US-based consortium agreed to buy majority owner Farhad Moshiri’s 94% stake in the club in September 2023.
777 Partners was given until 05:00 BST on Saturday to complete the share purchase agreement of Everton but the deadline passed without resolution.
The club say they will “continue to operate as usual” as they look at their ownership options.
How did Everton get here?
Moshiri, who took a controlling stake of the club in 2016, has faced a backlash from supporters in recent years after presiding over a period of poor performances on and off the pitch.
Everton posted losses of just under £400m for the four years between 2019 and 2023, which resulted in the club being docked a total of eight points for two separate breaches of the Premier league’s Profit and Sustainability Rules (PSR).
After an agreement was struck last September, the Miami-based investment firm had hoped to complete a takeover of the club by the end of 2023.
However, the deal was met with persistent delays as 777 failed to meet the Premier League’s required conditions of ownership.
The investment firm was granted an extension in February, and the Premier League wrote to the club and Moshiri in May to say 777 must provide proof of funds and turn their £200m loan to Everton into equity.
The Premier League also wanted proof that the firm could pay off a £158m loan owed to MSP Sports Capital.
But hopes of 777 meeting those conditions appeared slim in early May as the firm appointed finance restructuring experts to help it cut costs.
With pressure building on the Premier League to reject the takeover, its chief executive Richard Masters said it was not for the league to decide who the club was sold to.
“The Premier League’s role in this, as regulator, is to perform the [owners’ and directors’] test,” said Masters.
“It is not to decide who the current owner wants to sell his club to. That is his decision. At the moment, he wants to continue to have discussions with 777 about it.”
F.A
June 1, 2024
Tags: Everton
