Despite the announcement almost two months ago that 777 Parters had reached an agreement to buy Everton FC, the American investment company is still looking to increase the budget to close the deal.
According to a Reuters article from September, “Everton have been sold to 777 Partners, the embattled Premier League club announced on Friday, with the American personal equity company set to replace Farhad Moshiri in a deal believed to be worth more than £550 million ($685 million). The Miami-based investment fund said it had signed a deal with British-Iranian billionaire Moshiri for his 94. 1% stake in the club. The deal is expected to be completed at the end of the year, one club said. “
In May, Forbes valued Everton at $744 million, 25th globally among football teams.
Shortly after the sale deal was announced, it was reported that Premier League group owners were involved in 777 Partner’s investment source for the acquisition. Sources told me at the time that they had heard that the cash came from Colombian drug money.
The U. S. investment company is still looking for money to buy the English soccer team.
Goodison News reported today that “Prospective Everton owners 777 Partners have been snubbed in their attempts to bring wealthy pair Andy Bell and George Downing into their project, according to Alan Nixon. The newspaper journalist shared via his Patreon on Sunday morning (26 November) that the pair have around £80 million ($101 million) in loans due to them as part of the project to build the Bramley-Moore Dock Stadium.”
The outlook for Everton became more bleak a week ago when the team lost 10 points, the harshest punishment ever imposed on a Premier League team, for breaching monetary rules. Under Premier League rules, clubs can lose a maximum of £105 million ($132 million) over 3 years. The commission found that Everton had exceeded their allowable losses by £19. 5 million ($25 million). Everton are happy with the decision.
After narrowly being relegated to the Championship last season, Everton were (before losing) 14th in the Premier League, eight points above the bottom three. It has also been reported that Everton could face a £300 million ($378 million) legal challenge. of rival clubs if they are relegated from the Premier League this season.
The Associated Press is reporting that Everton fans marched in the thousands to Goodison Park ahead of today’s match against Manchester United.
Everton fans would likely have other reasons to protest if 777 Partners fails to close the deal.