American firm to buy Everton Football Club

Premier League team Everton is close to being sold to Miami-based investment company 777 Partners.

Everton in Ongoing Takeover Discussions: 

Financially struggling Everton Football Club has resumed discussions with an American company regarding a potential takeover. This development comes after talks with MSP Sports Capital collapsed in August.

End of Farhad Moshiri’s Era:

If the takeover proceeds, it will mark the end of owner Farhad Moshiri’s tumultuous tenure, which began with his initial investment in the club in 2016.

Deal Not Yet Finalized:

While Everton has been actively seeking investment for some time, the source close to Moshiri emphasized that the deal has not been completed as of now.

Challenges On and Off the Pitch:

On the football field, Everton is facing challenges, currently lying 18th in the league with just one point from their first four games of the season. They narrowly avoided relegation in the last two seasons, including a last-day victory to secure their top-flight status last term.

Facing Premier League’s Financial Fair Play Inquiry:

Next month, the club is scheduled to appear before an independent commission to address an alleged breach of the Premier League’s financial fair play rules. Everton has denied wrongdoing and expressed its readiness to “robustly defend” its position.

Sustained Financial Losses:

The club’s financial woes are evident, as they reported financial losses for the fifth consecutive year in March. These losses have added up to more than £430 million over the past five years.

Cost Overruns on Stadium Project:

Additionally, Everton is currently in the process of constructing a new stadium on Bramley Moore Dock. The estimated costs for the project have increased to £760 million, representing a £260 million increase from figures quoted by the club in the previous year.