777 Partners' takeover of Everton fails due to financial hurdles
(MENAFN) On Saturday, Everton football Club announced that the American investment firm 777 Partners failed to finalize the acquisition of the club’s majority stake, which is owned by businessman Farhad Moshiri, by the agreed deadline. Everton's statement on its website detailed that an agreement had been made between 777 Partners and Blue Haven Holdings Limited to buy and sell the majority stake in the club's shares. The club also acknowledged the substantial financial support that 777 Partners had provided in recent months and expressed gratitude for their contributions.
Last September, the Miami-based 777 Partners revealed that they had signed a deal with British-Iranian billionaire Farhad Moshiri to acquire his 94.1 percent stake in Everton. This deal was initially expected to close by the end of 2023 but faced delays. Reports suggest that 777 Partners encountered difficulties meeting the Premier League's conditions necessary for completing the purchase, primarily due to financial constraints, though specific details were not disclosed.
Moshiri, who previously held shares in Arsenal, initially bought a 49.9 percent stake in Everton in 2016, which he increased to 94.1 percent in early 2022 by investing 100 million pounds sterling (USD130 million). Despite Moshiri's substantial investment, totaling around 750 million euros (USD799.65 million) in transfer deals to strengthen the squad, Everton has struggled to maintain a top position in the Premier League and has faced relegation battles in recent seasons. The club ended the season in 15th place after two separate points deductions for breaching profit and sustainability regulations.
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