The ongoing saga of Everton‘s proposed ownership change has taken a new turn. 777 Partners previously agreed to purchase majority owner Farhad Moshiri’s 94% stake in the club back in September. The deal, however, has never been officially finalized due to several snags along the way.
The American investment group apparently had until the end of May to finally complete the deal. Nevertheless, this deadline has now expired. Following the final cutoff point, Everton released a statement on Saturday regarding the issue.
“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today,” the Merseyside club stated.
“The club’s Board of Directors recognizes 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.”
“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 to keep relationship with 777 Partners due to previous loans
While the takeover has not happened, 777 Partners has been funding Everton with several loans.
In fact, the American group provided the Toffees with around $255 million over the last several months. These loans have been essential in keeping the club afloat throughout the 2023/24 campaign. Money from 777 Partners was used to fund operating costs at Everton, including paying player wages.
Despite providing the Merseyside team with the loans, the Premier League pushed for the takeover to complete. English officials recently told Everton that 777 Partners needed to submit certain information by June 1st in order to complete the deal.
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Source link : https://worldsoccertalk.com/news/everton-to-pursue-other-buyers-as-777-partners-deal-collapses/
Author : Chris Moore
Publish date : 2024-06-01 21:18:23
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