It’s been a rocky road for Everton lately, both on and off the pitch. The Toffees have struggled to find their footing in the Premier League, with just one point from their first four games this season. But perhaps the biggest news is the imminent takeover by Miami-based investment firm 777 Partners.
This financial rescue operation comes after discussions with MSP Sports Capital hit a roadblock back in August. It’s a move that signals the end of owner Farhad Moshiri’s tumultuous reign, which began in 2016 when he first invested in the club.
While Everton has been seeking investment for some time, it’s important to note that the deal isn’t finalized just yet. A source close to Moshiri revealed this. However, the prospect of new ownership couldn’t come at a better time for the club, which currently languishes in 18th place in the league.
For Everton, it’s been a rollercoaster ride over the last few seasons. They narrowly escaped relegation in the past two campaigns, with last-minute victories securing their top-flight status. To add to their woes, the club is set to face an independent commission next month over alleged breaches of the Premier League’s financial fair play rules. Everton staunchly denies any wrongdoing and is ready to defend its position vigorously.
Financially, the club has struggled, posting losses for the fifth consecutive year in March. The cumulative losses over the past five years have exceeded a staggering £430 million. Additionally, Everton is embarking on the ambitious project of building a new stadium at Bramley Moore Dock, with costs potentially reaching £760 million, a significant increase from previous estimates.
As for the current ownership, Farhad Moshiri has poured in over £750 million since 2016. Despite his significant investment, some fans have been critical of his stewardship. Protests were held by Toffees supporters before certain home games last season, demanding changes in the ownership structure.
While several key figures in the boardroom, including chief executive Denise Barrett-Baxendale and chief finance and strategy officer Grant Ingles, have stepped down, chairman Bill Kenwright remains in his position. The club’s annual turnover, however, has seen a decline, falling from £193.1 million to £181 million, partly due to the suspension of commercial sponsorship deals with Russian companies in March 2022.
Now, let’s talk about the potential new owners, 777 Partners. This Miami-based investment platform has been expanding its presence in the world of sports in recent years. Their focus is on providing growth capital for businesses, and they view their involvement in sports as a long-term investment.
777 Partners has already dipped its toes into football club ownership, with investments in clubs like Vasco de Gama in Brazil, Standard Liege in Belgium, and Hertha Berlin in Germany. However, their ownership has not always been without controversy, as they faced protests from supporters over their management practices.
They also have a stake in the British Basketball League, although they claim there’s no conflict of interest despite owning the London Lions, who secured the title last season. The company also holds a share in La Liga side Sevilla, the Europa League winners of the previous season.
But it’s not just sports for 777 Partners; they have diverse interests, including assets in insurance, aviation, media, and entertainment. If this deal with Everton goes through, it would mean that half of the 20 Premier League teams would be American-owned, marking a significant shift in the league’s ownership landscape.
In conclusion, Everton is on the brink of a new era with 777 Partners potentially taking the reins. The club faces challenges on multiple fronts, both financially and on the field, and the change in ownership could bring fresh hope and resources. We’ll be keeping a close eye on how this story unfolds as it could have far-reaching implications for the Toffees and the Premier League as a whole. Stay tuned for more updates on this exciting development.
Frequently Asked Questions (FAQs) about takeover
What is the current state of Everton Football Club?
Everton Football Club is facing financial challenges and poor performance in the Premier League, with only one point from their first four games this season. They are also in the midst of a takeover bid by Miami-based investment firm 777 Partners.
Who is Farhad Moshiri, and why is he selling the club?
Farhad Moshiri is the current owner of Everton, having invested over £750 million in the club since 2016. Some fans have been critical of his ownership, leading to protests. The sale is seen as a way to potentially revitalize the club.
What is the status of the takeover by 777 Partners?
Discussions with 777 Partners are ongoing, but the deal is not yet finalized. Everton has been seeking investment for a while, and this could mark a turning point for the club’s future.
What challenges has Everton faced recently?
Everton has narrowly avoided relegation in the last two seasons, posted financial losses for five consecutive years, and is facing a potential breach of the Premier League’s financial fair play rules. They are also building a new stadium with rising costs.
Who are 777 Partners, and what is their background?
777 Partners is a Miami-based investment firm that has expanded into sports ownership. They have invested in football clubs around the world, but their ownership has sometimes faced protests. They have interests beyond sports in areas like insurance, aviation, media, and entertainment.
How would the potential takeover affect Everton and the Premier League?
If the takeover by 777 Partners goes through, it would mean that half of the 20 Premier League teams would be American-owned, which could have significant implications for the league’s ownership landscape.
More about takeover
- Everton’s official website
- BBC Sport’s coverage of Everton
- More on 777 Partners
- Premier League official website
- Financial fair play rules in the Premier League
- Background on Farhad Moshiri
- News on Everton’s financial challenges
- More about 777 Partners’ sports investments
- Recent news on American ownership in the Premier League
- Updates on Everton’s new stadium project