Everton-777 Partners deal comes unstuck

Article posted by Coliseum, June 11^th, 2024

Image: Everton FC

The Premier League team Everton F.C. (UK) are attempting to secure new financial backing to safeguard the club’s future after the collapse of a takeover deal with the US private equity firm 777 Partners.

‘ESPN’ stated that Farhad Moshiri, Everton’s majority Owner, had struck an agreement with 777 last September to sell his 94.1 percent stake in the club.

The Everton Football Club is a professional association football club based in Liverpool, England (UK). The club competes in the Premier League, the top tier of English football.

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The Goodison Park is a football stadium in the Walton area of Liverpool, England (UK), two miles North of the City Centre. It has been the home of the Premier League club Everton since 1892 and has an all-seated capacity of 39,414. The Goodison Park has hosted more top-flight games than any other stadium in England.

The 52,888-capacity Everton Stadium is a football stadium under construction on Bramley-Moore Dock in Vauxhall, Liverpool, England (UK) that will become the home ground for the Everton F.C. ahead of the 2025-2026 seasons replacing the Goodison Park.

The 777 Partners is an American private investment company based in Miami. Founded in 2015, it has acquired several soccer teams such as the Serie A team Genoa CFC in Italy, the Belgian Pro League team Standard Liège in Belgium, the French football club Red Star F.C. in France, the Campeonato Brasileiro Série A team CR Vasco da Gama in Brazil, and the 2. Bundesliga team Hertha BSC in Germany.

‘ESPN’ further stated that after lengthy negotiations with the club and the Premier League in an attempt to prove it has the funds to complete the share purchase from Moshiri’s Blue Heaven Holdings Limited, the 777 has now missed the deadline to finalize the deal.

London (UK)-based the Premier League is the highest level of the English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Football League (EFL). Seasons usually run from August to May, with each team playing 38 matches: Two against each other, one home and one away.

Preston (UK)-based the English Football League (EFL) is a league of professional football clubs from England and Wales. Founded in 1888 as the Football League, it is the oldest football league in the world and was the top-level football league in England from its foundation until 1992, when the top 22 clubs split from it to form the Premier League. The Football League was rebranded as the ‘English Football League’ (EFL) from the 2016-2017 seasons.

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

The club said in a statement, “The Everton Football Club would like to provide the following update to all the stakeholders, and particularly its supporters. The agreement between the 777 Partners and the Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired on June 1st. The club’s Board of Directors recognizes the considerable level of financial support the 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 the Blue Heaven Holdings to assess all options for the club’s future ownership. The Board of Directors would like to thank everyone connected to Everton for their patience over recent months and reiterate its commitment to providing further updates when it is appropriate to do so through the club’s official communication 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.

London (UK)-based the English Football League Championship, known simply as the Championship in England and for sponsorship purposes as the Sky Bet Championship, is the highest division of the English Football League (EFL) and second-highest overall in the English football league system, after the Premier League, and is currently contested by 24 clubs.

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