Financially-stricken Everton are close to renewing their status as Miami-based investment firm 777 Parters are closing on a full takeover of the Premier League, as per various media reports. If the deal closes, club owner Farhad Moshiri is expected to leave the Liverpool-based club after investing hundreds of millions of pounds during his tumultuous tenure since 2016.
The negotiations between both parties are at the final stage and if the deal closes, half of the twenty Premier League clubs will be owned by American companies.
777 Partners, first, began talks with the Toffees in February, this year. Several alternative parties were interested in the deal then, including MSP Sports. The New York-based firm was prepared to pay $187 million in convertible debt that would turn into a minority stake of 25 percent. However, Everton resumed discussion with the Miami-based first after the MSP Sports’ offer did not materialise in August.
The deal with 777 Partners looks strong on paper as they have several investments in football clubs around the world, including Brazil’s Vasco da Gama, Germany’s Hertha Berlin, Italy’s Genoa, France’s Red Star FC, Belgium’s Standard Liege, and Spain’s Sevilla. The firm is also close to becoming a majority stakeholders of Australia’s Melbourne Victory.
The firm owns a 45% stake in the British Basketball League (BBL), a part of their $8.72 million investment.
Everton FC: A look at the current financial status
The Sean Dyche-managed club is in disarray both on and off the pitch. It looks like the club could be in for a relegation battle towards the end of the season as they are currently placed at the 18th spot and still to register their first win after four matches.
Earlier in March, the club reported a financial loss for the fifth year straight. Their cumulative loss over the past five years soared above £430m.
Furthermore, there are concerns about the process of building their new stadium on Bramley Moore Dock. It is estimated that the cost of the new stadium could reach £760m, which is £260m more than the amount quoted by the club in 2022.
The club is due to appear before an independent commission in October for an alleged breach of the Premier League’s fair play rules.