Everton takeover falls through as 777 Partners agreement expires but there is hope for in-trouble club
06/01/2024 04:33 AM
Everton have confirmed the collapse of the takeover led by 777 Partners.
The purchase agreement between the US investment group and the Premier League club has expired, leaving the Toffees to find other buyers.
Everton owner Farhad Moshiri was tied into a period of exclusivity with the troubled 777 until May 31, which restricted them from entering discussions with other interested parties.
But that agreement ended on May 31, with the Merseyside club confirming in a statement they are now assessing 'all options for the club’s future ownership'.
In the statement, Everton thanked 777 for their 'considerable financial support' since entering talks to buy the club in September, having provided the Toffees with several loans totalling around £200million to help manage operating costs.
But there has been growing concern over 777 and their operations and doubts over their ability to provide long-term funding for Everton.
Moshiri gave the Miami-based firm a two-week extension to conclude a deal, but now time has run out.
“Everton Football Club would like to provide the following update to all stakeholders, and particularly its supporters," an Everton statement reads.
“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.”
There is hope for the historic club and its supporters, though, with Moshiri confirming last week to Everton’s Fan Advisory Board that he had received unsolicited approaches from interested parties.
American businessman John Textor is one of them with the tech entrepreneur reportedly set to sell his 40 per cent stake in Crystal Palace with a view to buying the Toffees.
Asked if he had held talks about buying Everton, Textor told The Athletic: “Yes. With the existing constituents – different groups, different lenders, different equity holders.
“I’ve asked them, ‘Is there a way to solve all this confusion and address everyone’s problems’?
“I’m very open-minded to it but I don’t want to come into a situation where I’m not really welcome.
“I’m watching it but 777 still has a contract. There are people that are close to the club who care a lot about it who are also investing.
“There’s the guy running it who’s still calling the shots. Maybe we’re uniquely positioned to solve a lot of problems for people but we’re just watching it right now because there are other people who already own pieces of that club who also want to figure it out.
“I’m looking at that but it’s quite confusing and some things have to clean up.”
Textor bought into Palace for £90million in 2021 and his multi-club network Eagle Football also includes French side Lyon, Botafogo in Brazil and RWD Molenbeek in Belgium.
However, the American said his situation at Palace, where he is unable to secure a majority shareholding, meant it was no longer compatible with their longer-term goals
He has therefore instructed Raine Group – who worked with Manchester United to bring in minority owner Sir Jim Ratcliffe – to find a buyer for his stake.
Textor told the Financial Times: “Crystal Palace is an independent club. An integrated sporting model, such as ours at Eagle, is simply not a perfect fit.”
