Everton are seeking to secure new financial backing to safeguard the club’s future after a takeover deal with American private equity firm 777 Partners collapsed.
Everton’s largest shareholder, Farhad Moshiri, reached an agreement with 777 last September to sell his 94.1 percent stake in the club.
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However, after lengthy negotiations with the club and the Premier League to prove it had the funds to complete the purchase of Moshiri’s shares from Blue Heaven Holdings Limited, 777 missed the deadline to seal the deal.
The failure of the 777 bid will likely see Everton searching for a new buyer or financial partner as soon as possible.
“Everton Football Club would like to provide the following update to all our stakeholders, particularly our supporters,” the club said in a statement on Saturday.
“The purchase and sale agreement for the majority shares in the club between 777 Partners and Blue Heaven Holdings Limited expired today.
“The Club’s Board recognises the significant financial support that 777 Partners has provided to the Club over recent months and would like to take this opportunity to express its gratitude.”
“The club will continue to operate as normal and will continue to work with Blue Heaven Holdings to explore all options regarding the club’s future ownership.”
“The board would like to thank everyone connected with Everton for their patience over recent months and reiterate their commitment to provide further updates in due course via the club’s official communication channels.”
Everton avoided relegation to the EFL Championship this season despite being docked points twice by the Premier League for breaching profit and sustainability rules.
