Finance

777 Partners’ Everton takeover falls through

Featured image credit: Biloblue/CC BY-SA 4.0 DEED/Edited for size

Everton has said it will “assess all options” after confirming that an agreement for 777 Partners to purchase a majority shareholding in the Premier League club has expired.

The agreement between 777 Partners and Blue Heaven Holdings expired on Saturday, meaning that the US investment fund’s takeover of the club will not proceed.

In a statement, Everton said that the club’s board of directors recognises the “considerable level” of financial support 777 Partners has provided over recent months.

“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,” the statement added.

“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 owner Farhad Moshiri agreed to sell his majority shareholding in Everton to 777 Partners in September last year. Moshiri said the deal would secure “complete financing” for the club’s new stadium, which is currently being built at Bramley-Moore Dock.

The sale of Moshiri’s 94.1% stake had been expected to be completed by the end of 2023, subject to approvals from the Premier League, Football Association and the UK’s Financial Conduct Authority. The deal has faced delays after 777 Partners was unable to meet conditions set out by the Premier League and the purchasing period has now expired.

Shortly after September’s announcement, it was reported that 777 Partners had provided Everton with a considerable loan to support the stadium project and other capital requirements.

Everton commenced construction on its new 53,000-capacity stadium in August 2021 and the project is due for completion in the final months of 2024.

Everton was deducted eight points during the 2023-24 season for breaching the Premier League’s profit and sustainability rules. An initial 10-point deduction was reduced to six in February following an appeal, before the club was hit with a further two-point deduction in April.