The ongoing saga of Everton‘s proposed ownership change has taken a new turn. 777 Partners previously agreed to purchase majority owner Farhad Moshiri’s 94% stake in the club back in September. The deal, however, has never been officially finalized due to several snags along the way.
The American investment group apparently had until the end of May to finally complete the deal. Nevertheless, this deadline has now expired. Following the final cutoff point, Everton released a statement on Saturday regarding the issue.
“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today,” the Merseyside club stated.
“The club’s Board of Directors recognizes 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.”
Everton to keep relationship with 777 Partners due to previous loans
While the takeover has not happened, 777 Partners has been funding Everton with several loans.
In fact, the American group provided the Toffees with around $255 million over the last several months. These loans have been essential in keeping the club afloat throughout the 2023/24 campaign. Money from 777 Partners was used to fund operating costs at Everton, including paying player wages.
Despite providing the Merseyside team with the loans, the Premier League pushed for the takeover to complete. English officials recently told Everton that 777 Partners needed to submit certain information by June 1st in order to complete the deal.
These stipulations apparently consisted of providing proof of overall funds and to pay off a previous $200 million debt. The American group evidently failed to follow through with the demands.
The latest revelations may be bad for 777 Partners, but Everton fans will likely be happy with the news.
Officially supporter groups of the Toffees have been pushing for the club to move on from the American firm. In fact, the Everton Fan Advisory Board recently wrote to Moshiri and league officials to ask the club to explore other options. The group even labeled 777 Partners as “unsuitable owners” as well.
American businessman reportedly ready to pounce
While Everton will still have a relationship with 777 Partners due to the aforementioned loans, the club can now officially pursue other potential buyers. One specific option for the Toffees is American businessman John Textor. The billionaire currently owns several soccer teams around the globe, including fellow Premier League side Crystal Palace.
Any possible move for Everton by Textor would have to see him sell his 45% stake in the south London club. Textor, however, is open to making the move. The American recently admitted to putting his stake in Palace up for sale. He also claimed that he would want to reinvest his money in another English top flight team.
Textor, or any other investor, will have their hands full in purchasing Everton. The club has been charged twice with breaching profit and sustainability rules (PSR) throughout the 2023/24 season. They have also seen costs of their new stadium project reach nearly $1 billion.
As a result of the financial concerns, the Toffees may be looking to sell several key players this summer. Whichever new owner enters the fray, they will have to right the ship fairly quickly in order to keep the club in the Premier League.
