Everton takeover by US private equity firm falls through

Everton's takeover agreement with prospective owner 777 Partners has expired, the Premier League club announced on Saturday, after the United States 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 announced that it had reached an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club.

The transaction, which was originally scheduled to close by the end of 2023, was postponed because 777 Partners reportedly struggled to meet the Premier League's purchase conditions.

"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 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."

Moshiri, a former Arsenal shareholder, initially acquired a 49.9% stake in Everton in 2016. By January 2022, he had increased his stake to 94.1% thanks to a 100-million-pound capital injection.

Despite investing nearly 750 million euros in transfers to strengthen the squad since Moshiri's arrival, Everton has fallen out of the top half of the table in recent seasons, forcing them to fight relegation battles.

The club finished 15th in the Premier League after receiving two separate points deductions for violating profit and sustainability regulations.

Everton are now free to speak with other potential investors, with the BBC reporting that Crystal Palace co-owner John Textor, who is looking to sell his majority stake in the London club, is considering Everton as an option.

"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.

SportsLigue