Everton takeover fails as 777 Partners deal expires, but there is hope for struggling club

Everton have confirmed the collapse of the takeover led by 777 Partners.

The purchase deal between the American investment group and the Premier League club has expired, leaving the Toffees to find other buyers.

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Everton owner Farhad Moshiri was tied to an exclusivity period with the troubled 777 until May 31, which prevented him from entering into discussions with other interested parties.

But that deal ended on May 31, with the Merseyside club confirming in a statement that it was now evaluating “all options for future ownership of the club”.

In the statement, Everton thanked 777 for its “considerable financial support” since negotiations to buy the club began in September, after granting the Toffees several loans totaling around £200 million to help them manage operating costs .

But there has been growing concern over the 777 and its operations, as well as doubts over its ability to provide long-term funding for Everton.

Moshiri gave the Miami-based company a two-week extension to reach a deal, but time has now expired.

“Everton Football Club would like to provide the following update to all stakeholders, and in particular its supporters,” a statement from Everton read.

“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority stake in the club expired today.

“The club’s board recognizes the considerable level of financial support that 777 Partners has provided to the club over recent months and would like to take this opportunity to thank them.

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“The club will continue to operate as usual, while working with Blue Heaven Holdings to evaluate all options regarding future ownership of the club.

“The Board would like to thank everyone connected with Everton for their patience over recent months and reiterates its commitment to providing further updates when it is appropriate to do so via the club’s official communications channels. “

There is, however, hope for the historic club and its supporters, with Moshiri confirming to the Everton Fan Advisory Committee last week that he had received unsolicited approaches from interested parties.

American businessman John Textor is one of them. The tech entrepreneur is reportedly set to sell his 40 per cent stake in Crystal Palace with a view to buying the Toffees.

Asked if he had had any discussions about buying Everton, Textor told The Athletic: “Yes. With the existing constituents – different groups, different lenders, different shareholders.

“I asked them, ‘Is there a way to resolve all this confusion and solve everyone’s problems’?

“I’m very open-minded but I don’t want to find myself in a situation where I’m not really welcome.

“I look at it but 777 still has a contract. There are people close to the club who care a lot and are also investing.

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“There’s the guy who runs it who always calls the shots. Maybe we’re in a unique position to solve a lot of problems for people, but we’re just looking at it right now because there are other people who already own pieces of this club and also want to understand.

“I’m looking at it but it’s quite confusing and some things need to be cleaned up.”

Textor bought Palace for £90 million in 2021 and its Eagle Football multi-club network also includes French club Lyon, Botafogo in Brazil and RWD Molenbeek in Belgium.

However, the American said his situation at Palace, where he failed to secure a majority stake, meant it was no longer compatible with his long-term goals.

So he commissioned Raine Group – which worked with Manchester United to bring in minority owner Sir Jim Ratcliffe – to find a buyer for its stake.

Textor told the Financial Times: “Crystal Palace is an independent club. An integrated sporting model, like ours at Eagle, is simply not a perfect solution.”