LONDON – Famed Premier League club Everton faces an uncertain future following a proposed takeover by a Miami-based private investment firm 777 Partners collapsed on Saturday.
An agreement was reached in September buy Everton’s majority shareholder, Farhad Moshiri, who has a 94.1% stake. But the club said in a statement that the acquisition was canceled because it was not completed before the deadline.
“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority stake in the club has expired today,” Everton said. “The club will continue to operate as normal whilst working with Blue Heaven Holdings to assess all options for the future ownership of the club.
“The board would like to thank everyone connected to Everton for their patience over recent months and reiterate its commitment to providing further updates as appropriate through the club’s official communications channels.”
Uncertainty hangs over the deal as 777, owner of football clubs in Germany, Italy, Belgium and Brazil, faces growing problems in both the business and sporting world.
Australian airline Bonza – which he owns – went into administration and last month a lawsuit was filed against 777 owners Josh Wander and Steven Pasko, plus others, in the Southern District of New York by an asset management company based in London, which provided $600 million. in financing.
Everton have had a troubled campaign which has seen them receive two separate points deductions for breaching Premier League financial rules. Despite this, they managed to preserve their position in England’s top flight for another year, after avoiding relegation.
Everton were founding members of the English Football League in 1888 and the Premier League in 1992. They have won nine league championships, five FA Cups and one Cup Winners’ Cup, but have not won a major trophy since the FA Cup in 1995.
Moshiri said in September he was selling because of “rapid changes in the nature of ownership and financing of major football clubs”.
He said the sale would also secure financing to complete a 52,888-capacity stadium that is currently under construction.
Everton acknowledged in its statement on Saturday that 777 had provided a “considerable level of financial support” in recent months.
777 Partners has stakes in several football teams through its 777 Football Group. The company concluded a majority stake acquisition of Hertha Berlin last year. His other clubs include Sevilla, Genoa, Vasco da Gama, Standard Liege, Red Star FC and Australian team Melbourne Victory.
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