Everton FC’s PE takeover fails to complete

Private Equity Wire

Private equity firm 777 Partners’ bid to acquire English Premier League football team Everton FC has failed after the investment firm failed to complete a deal to acquire Farhad Moshiri’s majority stake in the club by Friday’s deadline, according to a report by Reuters.

Miami-based 777 Partners announced in September that it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club.

The deal, which was originally expected to close by the end of 2023, was delayed as 777 Partners reportedly struggled to meet the necessary conditions outlined by the Premier League to complete the purchase.

In a statement on Friday, Everton said: “The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today.

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

The club, which finished 15th in the Premier League last season after being hit with two separate points deductions for breaching profit and sustainability rules, is now free to take to other potential suitors, with the BBC reporting potential interest from Crystal Palace co-owner John Textor, who is looking to sell his majority stake in the London club.

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