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Get breaking Everton takeover news and sale rumours, after reports emerged in September 2023 that a takeover of the Merseyside club was close to completion.
Everton Football Club has recently agreed to a takeover deal with 777 Partners, a Miami-based investment firm. The deal is now in a regulatory process to gain the necessary approvals, but there are concerns that might affect the takeover's completion.
A significant concern is a looming £300 million lawsuit from three rival clubs—Burnley, Leeds, and Leicester—alleging Everton breached the Premier League's financial fair play rules. These clubs have reportedly written to 777 Partners, questioning their awareness of the planned legal action against Everton.
The Premier League charged Everton in March with an alleged breach of financial fair play rules after the club posted losses of £313.5 million over the past three years, well beyond the £105 million limit. An independent tribunal set for October 25 will decide on this matter, and if found guilty, the pending takeover could be jeopardized.
Farhad Moshiri, who owns 94% of Everton, is keen on selling his majority stake to 777 Partners, having invested around £750 million in the club over the last seven years. However, the club still needs to find £300 million in funding for their new stadium at Bramley-Moore Dock.
Despite the mentioned concerns, the takeover is progressing through the regulatory process, and 777 Partners are close to agreeing on the deal with Everton's majority shareholder, Farhad Moshiri. This investment firm is also involved with other football clubs like Sevilla, Hertha Berlin, and Standard Liege, and has already loaned Everton around £20 million, indicating their interest and financial capacity to take over the club.
The Premier League's approval is crucial for the takeover to proceed, and 777 Partners will have to wait to see if the league gives the green light, especially considering the potential legal battle with rival clubs.
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