• Sunday, June 23, 2024
businessday logo


Everton considering fresh investment after 777 Partners takeover collapse

Everton-flag (1)

Everton is reportedly exploring all potential options for the club’s future ownership after the deadline for a takeover by American investment firm 777 Partners expired.

Owner Farhad Moshiri had struck a deal in September to sell his 94% stake in Everton to 777 Partners. However, the US group, which also holds stakes in Genoa, Hertha Berlin, and Standard Liege, failed to meet the Premier League’s financial requirements for the takeover.

Negotiations between Moshiri and 777 Partners officially expired on May 31.

“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 stated.

“The club’s Board of Directors recognises the considerable financial support 777 Partners has provided over recent months and would like to thank them for this.”

Everton added that the club will continue to operate as usual while working with Blue Heaven Holdings to evaluate all options for future ownership.

Reports in the British press suggest that Everton may need to sell some of their top players this summer to avoid administration due to mounting debts.

British-Iranian businessman Moshiri invested over £500 million ($620 million) in new signings since becoming the majority shareholder in 2016, with little on-field success.

Additionally, the cost of completing the new 53,000-capacity stadium at Bramley-Moore Dock, scheduled to open in 2025, has risen to an estimated £700 million.

Everton extended their 70-year stay in the English top flight this season despite being docked a total of eight points for breaching the Premier League’s financial rules. The club posted losses of nearly £400 million between 2019 and 2023.

Everton, one of England’s most historic clubs, has won nine top-flight titles, surpassed only by Manchester United, Liverpool, Arsenal, and Manchester City.

However, their last Premier League title came in the 1986/1987 season, and they have not won any major trophy since 1995.