Everton close to takeover agreement with 777 Partners

Forum 7 months ago

Everton close to takeover agreement with 777 Partners

American private investment firm 777 Partners are close to agreeing terms for the takeover of Everton, 90min understands.

Current owner Farhad Moshiri has been looking to offload the club for some time and is now close to finalising terms with 777 after previous talks MSP Sports Capital collapsed.

777 already have several major investments in football with stakes in clubs across several countries including Genoa, Sevilla, Hertha Berlin, Vasco da Gama and Melbourne Victory.

Moshiri is now in advanced talks with 777, although the potential takeover would still have many hurdles to overcome, including the new owners having to pass the Premier League's directors and owners' test.

As such, it is not expected that the club would be able to change hands before the end of this year, but when it does it will bring to an end Moshiri's reign which dates back to 2016 and has been somewhat turbulent.

A huge blow for Moshiri came when lost the backing of former business partner Alisher Usmanov - whose USM company provided major backing to the club - when the oligarch was sanctioned after Russia’s invasion of Ukraine.

Despite the takeover being close, Everton still face many off-field issues, including an independent commission next month for an alleged breach of Premier League Financial Fair Play rules. The Toffees have denied any wrongdoing.

The club's finances are also in a tough position having posted loses for five years in a row - they are understood to be carrying debt of nearly £250m.

Everton are also in the process of building a new stadium at Bramley Moore Dock, which is due to open next season. The total cost of their new home is anticipated to be in excess of £750m and much of that is a bill that their new owners will be liable for.