Everton

Everton takeover: Club release statement confirming 777 Partners decision

By Oliver Thomas, Senior Reporter | 01 June 2024

Everton release a statement providing an update on 777 Partners' proposed takeover of the club now that their deadline to finalise a deal has passed.

Everton have released a statement confirming that 777 Partners' proposed takeover has fallen through having missed the latest deadline to buy the Premier League club.

The Miami-based group agreed a deal to purchase Farhad Moshiri's 94.1% majority stake in the Toffees back in September last year, but the deal has faced persistent delays as they failed to meet the Premier League's required conditions.

Three months after being granted an extension, the Premier League sent a letter to 777 Partners in May saying that they are "minded to approve" their takeover of the Merseyside club.

However, the Premier League requested for them to turn their £200m loan to Everton into equity, provide assurances about their sources of funding and provide proof of funding for their new stadium at Bramley-Moore Dock.

Amid concerns over these matters, the American firm released a statement last month insisting that they are "confident in its ability to fund both the transaction and the club's three-year business plan" having already passed over the relevant details to the Premier League.

General view of Everton's Goodison Park taken September 2018 © Reuters

777 Partners were given until 5:00am (BST) on Saturday to complete their share purchase agreement of Everton, but the club have now confirmed that the deadline has passed without resolution.

A statement from the Toffees 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 owner Farhad Moshiri arrives before the match on December 21, 2019 © Reuters

What next for Everton?

Moshiri, who arrived at Everton in 2016, remains the club's majority shareholder but the British-Iranian businessman is still actively looking to sell his share in the club.

The 69-year-old has faced widespread backlash from Toffees supporters in recent years for his role in the club's poor performances both on and off the pitch.

Everton announced losses of almost £400m for the four years between 2019 and 2023, resulting in two separate breaches of the Premier League's Profit and Sustainability Rules (PSR) and the deduction of eight points in total; Sean Dyche's side avoided relegation in 2023-24, though, as the finished 15th, 14 points above the drop zone.

Moshiri stated last month that he has received "unsolicited" approaches from other parties interested in purchasing the club.

John Textor, who owns 45% of Crystal Palace, is believed to be interested in buying Everton, but he must sell his shares in the Eagles and go through similar checks - ones that proved to be a major stumbling block for 777 Partners - if he wishes to take the reins from Moshiri.

Meanwhile, Everton are expected to cash in on some of their star players during the summer transfer window in a bid to balance their books, with Jarrad Branthwaite and Amadou Onana among those who have been tipped for big-money exits.