Everton seek new buyer after deal with 777 Partners collapses

Everton are trying to secure new financial backing to safeguard the club’s future after a takeover deal with US private equity firm 777 Partners collapsed.

Farhad Moshiri, Everton’s majority shareholder, reached an agreement with 777 last September to sell his 94.1% stake in the club.

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But after lengthy negotiations with the club and the Premier League to try to prove it has the funds to complete the purchase of the shares from Moshiri’s Blue Heaven Holdings Limited, 777 has now missed the deadline to complete the deal. agreement.

The failure of the 777 bid now means Everton will seek a new buyer or financial partner as quickly as possible.

“Everton Football Club would like to provide the following update to all stakeholders, and in particular to its supporters,” the club said in a statement on Saturday.

“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority stake in the Club expired today.

“The Club Board recognizes the considerable level of financial support that 777 Partners has provided to the Club over recent months and would like to take this opportunity to thank them.

“The Club will continue to operate as usual, while working with Blue Heaven Holdings to evaluate all options regarding future ownership of the Club.

“The Board would like to thank everyone connected with Everton for their patience over recent months and reiterates its commitment to providing further updates when it is appropriate to do so via the club’s official communications channels. “

Everton avoided relegation to the EFL Championship this season, despite two separate points deductions by the Premier League for breaching profit and sustainability rules.

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