EVERTON has confirmed that the proposed takeover of the club by 777 Partners has failed.
That leaves the Toffees at risk of going into administration if owner Farhad Moshiri cannot find another buyer.
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Everton have confirmed that 777 Partners will not buy the clubCredit: Alamy
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Owner Farhad Moshiri must find a new buyer or the club could go into administration. Credit: Getty
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Manager Sean Dyche will see several of his best players sold as they desperately try to raise cashCredit: Getty
The proposed takeover by 777 Partners was worth £500m and they have already put in £200m to keep the club afloat.
But Premier League chiefs have refused to ratify their takeover deal amid concerns the Miami-based firm lacks the cash to meet its obligations after US insurance giant A-Cap cut ties with them.
And the company was then hit by legal proceedings in the US and Europe.
A statement from Everton confirmed the takeover was dead, saying: “The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of a majority stake in the Club has expired today.
“The club’s board of directors recognize the significant level of financial support that 777 Partners has provided to the club over the past months and would like to take this opportunity to thank them for this.
“The Club will continue to operate as usual while working with Blue Heaven Holdings to assess all options for the future ownership of the Club.
“The board would like to thank everyone associated with Everton for their patience over recent months and reiterates its commitment to providing further updates when appropriate through the club’s official communication channels.”
Everton’s financial problems saw them deduct points last campaign – but they still managed to avoid relegation.
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EVERTON’S BEST PLAYERS ARE LEAVING
Author: Jack Rosser
ESTIMATED fees for Everton’s biggest stars:
- Jarrad Branthwaite £75m
- Amadou Onana £45 million
- Vitaliy Mykolenko £35 million
- Jordan Pickford £20m
- Dominic Calvert-Lewin £20m
- James Garner £18 million
- Dwight McNeil £18m
- Beto £18 million
- James Tarkowski £12 million
By entering administration, the club will automatically receive nine points next season.
The club’s total current debt is £583m amid the construction of the new £760m Bramley Moore Dock stadium.
The mess Everton are in is explained
Around £200m is also needed to complete the grounds.
Every Everton player is currently up for sale as the crisis-hit club desperately tries to raise funds.
The club’s financial year-end is June 30, giving Moshiri just 16 days to sell players to start balancing the books.
The likes of Jordan Pickford, Jarrad Branthwaite, Amadou Onana and Dominic Calvert-Lewin are attracting interest.
England centre-back Branthwaite is wanted by Manchester United, with striker Calvert-Lewin in the final year of his contract at Goodison Park and could be signed for a cut-price deal from Newcastle.
Meanwhile, Crystal Palace shareholder and American billionaire John Textor could enter the race to buy Everton.
He expressed interest in the takeover after declaring he was willing to sell his 45 percent stake in the Eagles.
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Construction work continues on Bramley-Moore Dock Stadium Credit: Getty
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Everton are ready to move in for the 2025/26 season. Credit: EPA
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Jarrad Branthwaite could be signed for Man Utd at a cut price. Credit: Getty
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Jordan Pickford could also be relieved Credit: Getty
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