Everton’s Takeover Agreement with Prospective Owner 777 Partners Expires

Everton’s takeover agreement with prospective owner 777 Partners has expired, the Premier League club announced on Saturday. The U.S. private equity firm failed to complete the acquisition of Farhad Moshiri’s majority stake by the Friday deadline.

In September, the Miami-based investment fund had declared an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club. Initially expected to be closed by the end of 2023, the deal faced delays as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to finalize their purchase.

Financial Support and Future Prospects

“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 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.”

Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% with a 100-million-pound ($130-million) capital injection. Despite investing nearly 750 million euros ($810 million) in transfers to build the squad since Moshiri’s arrival, Everton have slipped out of the top half of the table to fight relegation battles in recent seasons. The club finished 15th in the Premier League after being hit with two separate points deductions for breaching profit and sustainability rules.

New Opportunities on the Horizon

With the expiration of the takeover agreement, Everton are now free to engage with other interested investors. The BBC reported that Crystal Palace co-owner John Textor, who is looking to sell his majority stake in the London club, would consider Everton as a potential opportunity.

“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 said.

takeover agreement

What were the specific conditions that 777 Partners failed to meet in Evertons takeover agreement?

777 Partners failed to meet several key conditions in Evertons takeover agreement, including securing necessary regulatory approvals, providing proof of sufficient funding, and meeting specific performance benchmarks set by the club. These unmet conditions ultimately stalled the acquisition process.

Can Everton negotiate a new takeover agreement with John Textor after the expiration of the deal with 777 Partners?

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