Everton will "evaluate all options for future ownership" following the expiration of the deadline for the sale of the club to 777 Partners. The US-based group had agreed in September 2023 to acquire the majority stake owned by Farhad Moshiri, comprising 94% of the club. However, the deadline at 05:00 BST on Saturday passed without finalizing the share purchase agreement.
Despite this setback, the club has stated it will "continue to operate as usual" while exploring different ownership possibilities. Moshiri, who has been in control of Everton since 2016, has faced criticism from fans due to underwhelming performances both on and off the pitch. Between 2019 and 2023, {statorium_team tid=6 sid=252 text="Everton"} reported losses nearing £400m, resulting in an eight-point deduction for breaching the Premier League's Profit and Sustainability Rules (PSR) on two occasions.
Challenges with 777 Partners' Takeover
The Miami-based investment firm 777 Partners had aimed to finalize the takeover by the end of 2023, following the agreement in September. However, ongoing delays ensued as 777 struggled to meet the Premier League's ownership conditions. The firm was given an extension in February, and in May, the Premier League requested proof of funds and required that a £200m loan to Everton be converted into equity.
Additionally, the Premier League sought assurance that 777 Partners could repay a £158m loan owed to MSP Sports Capital. As May began, doubts over 777's ability to meet these conditions grew when the firm engaged finance restructuring experts to manage cost-cutting measures.
Premier League's Role and Next Steps
With increasing pressure on the Premier League to reject the takeover, Chief Executive Richard Masters clarified the league's position. He stated that the Premier League's responsibility was to perform the owners' and directors' test, not to determine the buyer of the club. "The decision of who to sell the club to lies with the current owner," Masters explained. "Currently, he wishes to continue discussions with 777 Partners."
As Everton assesses its next steps, the club's future ownership remains uncertain. The search for a stable and financially capable owner continues, aiming to steer the club towards a more prosperous era.