Moshiri on the hunt for new buyer after 777 Partners deal for Everton collapses

June 4 – Everton, who managed to survive in the English Premier League despite a points deduction, have been plunged into further disarray following the collapse of the long drawn-out takeover of the club by US-based consortium 777 Partners.

Everton say they will “assess all options for future ownership” after the deadline for the sale expired.

US football investor John Textor who owns stakes in five clubs including a minority stake in Crystal Palace, which he has out up for sale, said he wants majority control of a Premier League club and would like to buy Everton but feared he would not sell his Palace stake in time.

777 Partners had agreed to buy majority owner Farhad Moshiri’s 94% stake in the club in September 2023. They were given until 05:00 BST last Saturday to complete the share purchase agreement of Everton but the deadline passed without resolution.

The club say they will “continue to operate as usual” as they look at their ownership options.

After an agreement was struck last September, the Miami-based investment firm had hoped to complete a takeover of the club by the end of 2023. However, the deal was met with persistent delays as 777 failed to meet the Premier League’s required conditions of ownership.

Moshiri, who took a controlling stake of the club in 2016, has faced a backlash from supporters in recent years after presiding over a period of poor performances on and off the pitch.

Everton posted losses of just under £400m for the four years between 2019 and 2023, which resulted in the club being docked a total of eight points for  two separate breaches of the Premier league’s Profit and Sustainability Rules (PSR).

Contact the writer of this story at moc.l1717483741labto1717483741ofdlr1717483741owedi1717483741sni@w1717483741ahsra1717483741w.wer1717483741dna1717483741

 


Source link : https://www.insideworldfootball.com/2024/06/04/moshiri-hunt-new-buyer-777-partners-deal-everton-collapses/

Author : Paul Nicholson

Publish date : 2024-06-04 06:47:58

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