777 Partners’ proposed takeover of Everton has collapsed. In what could be seen as a setback for the Merseyside outfit, the club confirmed the proposed deal has collapsed.
In a statement shared on the club’s official website, the club said the deadline for the sale purchase agreement to be sealed has expired.
“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 Toffees’ club statement reads.
“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,’ the statement adds.
777 Partners expressed interest in buying Everton in 2023. The began talks for the sale process back in September.
While the Americans expressed concrete interest in seeing through the deal, there were hiccups in the negotiation process.
According to reports, the firm, who had loaned Everton heavy sums to conduct the club’s business, including the stadium building process, began to rein in their financial support for the Toffees.
Early in 2024, 777 Partners’ slack in the sale process became more evident. While Everton were intent on completing the sale process, the drag on the side of the business group finally ground everything to a halt.
Before the sale process crashed, Everton owner and majority shareholder Farhad Moshiri reportedly gave the group an extension in May but it was not enough to reawaken talks.
After a series of failed attempts to renew talks, the club then finally decided to announce the collapse of the sale process. There are projections this may affect Everton’s business both in the sporting and operational aspects, including their new stadium project.
It is still unclear why the investment firm have decided to bow out of the takeover but reports suggest their recent business misfortunes must have informed the decision to back off.
They reportedly had their properties seized in Belgium, and are also battling lawsuit in the US for allegations of fraud.
