Everton Football Club have now confirmed through an official statement that their proposed takeover by 777 partners has collapsed.
The Miami-based group were in talks to acquire a majority stake in the Premier League club, but the purchase agreement between the two parties has now expired.
A club statement read: “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 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.“The board of directors would like to thank everyone connected to Everton for their patience over recent months and reiterate its commitment to providing further updates when it is appropriate to do so through the club’s official communication channels.”
Everton are now expected to open talks with other potential investors regarding the club’s future ownership. Everton majority shareholder Farhad Moshiri had initially reached an agreement with 777 partners for the sale of a 94.1% stake in the club.
The deal was expected to be completed by the end of last year, but it was delayed after the Miami-based group failed to meet all the conditions set by the Premier League.
It will be interesting to see if Everton can find other interested parties in the takeover. The club is going through a difficult financial situation, and they have announced losses of just under £400 million between 2019 and 2023. They have breached the Premier League’s profit and sustainability rules as well and have had points deductions.
Everton are expected to get rid of a number of players this summer in order to balance the books. The financial situation of the club is clearly precarious and it will be interesting to see if they can manage the situation with a takeover soon.
Other investors based in the United States are reportedly exploring the opportunity to purchase the English club. American businessman John Textor has been mentioned as a potentially interested party.