"Everton Assessing Options: Shocking Developments After 777 Miss Takeover Deadline"

 Everton 'assessing options' as 777 miss takeover deadline

A takeover deal was agreed with 777 Partners in September 2023

Everton says it will "look at all options for future ownership" after the deadline for selling the club to 777 Partners passed.

The US-based group agreed to buy majority owner Farhad Moshiri's 94% stake in September 2023.

777 Partners had until 05:00 BST on Saturday to finalize the share purchase agreement for Everton, but the deadline passed without a deal.

The club says they will "continue to operate as usual" while they explore ownership options.

How did Everton get here?

Moshiri, who took control of the club in 2016, has faced criticism from fans in recent years after poor performances on and off the pitch.

Everton posted losses of nearly £400m from 2019 to 2023, resulting in an eight-point deduction for two breaches of the Premier League's Profit and Sustainability Rules (PSR).

After the September agreement, the Miami-based firm hoped to complete the takeover by the end of 2023.

However, the deal faced delays as 777 failed to meet the Premier League's ownership conditions.

The firm got an extension in February, and in May, the Premier League told the club and Moshiri that 777 must show proof of funds and turn their £200m loan to Everton into equity.

The Premier League also wanted proof that the firm could pay off a £158m loan owed to MSP Sports Capital.

The Aftermath: 777 Miss Takeover Deadline, Everton Assessing Options

But by early May, hopes of 777 meeting those conditions were low as they hired financial experts to help cut costs.

With pressure on the Premier League to reject the takeover, its chief executive Richard Masters said it wasn't up to the league to decide who the club was sold to.

"The Premier League’s role as regulator is to perform the [owners' and directors'] test," said Masters.

"It is not to decide who the current owner wants to sell his club to. That is his decision. At the moment, he wants to continue discussions with 777 about it."