Everton sale of 777 ‘collapses’ as deadline expires.
777 Partners’ agreement to acquire Premier League club Everton has “collapsed” mere weeks after the US-based investment firm “denied accusations of fraud and called in restructuring experts to help with what it called ‘operational challenges.'” Everton announced on Saturday that the arrangement to acquire the club from Farhad Moshiri, its British-Iranian owner, has “expired.” The club stated that it will “continue to operate as usual” while working with the majority shareholder “to assess all options for the club’s future ownership”. The breakdown of the 777 agreement follows “months of scrutiny” as the group’s reinsurance operation “unraveled.” It leaves Moshiri to complete the “final stages of construction” of a new stadium that the team “hopes will bring in much-needed revenues after its debts mounted” (FINANCIAL
The contract with the “crisis-torn” Miami firm appeared “doomed for weeks” but is now “formally at an end” after a final deadline to complete expired. Eagle Football Holdings Chair John Textor has “declared an interest” in the team, although a deal with him is “impossible this summer.” MSP Sports Capital, a firm based in the United States, will also be “sounded out as potential buyers” (London Telegraph, June 1).
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