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3 months ago
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Everton have confirmed that 777 Partners' proposed takover of the football club has collapsed.
In a statement issued to the club's website, Everton announced that their sale purchase agreement with the US investment firm had expired on Friday.
'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 wrote.
'The Club’s Board of Directors recognises 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 Miami-based investment firm had been in talks to buy Farhad Moshiri's majority stake in the Merseyside club since September, with 777 executives Josh Wander and Steve Pasko striking an agreement with the Iranian businessman to buy the club.
They had also provided the club with several unsecured loans, worth around £200million, to help the Toffees manage their operating costs.
But amid growing doubts over the firm's ability to purchase the club and provide long-term funding, Mr Moshiri had provided the US firm a two-week extension to their sale purchase agreement in May.
It came following extensive face-to-face talks with representatives of the investment group.
Moshiri, who holds a 94.1 per cent stake in the club, had appeared to be close to cutting ties with the firm, following a string of negative press surrounding the firm's operations and liquidity.
'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.'
More to follow...
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