(Reuters) – Everton’s takeover agreement with potential owner 777 Partners has expired, the Premier League club said on Saturday, after the U.S. private equity firm failed to complete the acquisition of a majority stake in Farhad Moshiri by a Friday deadline.
In September, a Miami-based investment fund said it had signed an agreement with British-Iranian billionaire Moshiri to acquire his 94.1% stake in the club.
The deal, originally expected to close by the end of 2023, was delayed as 777 Partners reportedly struggled to meet the necessary conditions set out by the Premier League to complete its purchase.
“The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of a majority stake in the club expired today,” Everton said in a statement.
“The Club’s Board of Directors recognizes the significant level of financial support that 777 Partners have provided to the Club in recent months and would like to take this opportunity to thank them for this.”
Moshiri, a former Arsenal shareholder, first bought a 49.9% stake in Everton in 2016. By January 2022, it increased its stake to 94.1% with a £100 million ($130 million) capital investment.
But despite investing nearly 750 million euros ($810 million) in transfers to build the team since Moshiri’s arrival, Everton have slipped from the top half of the table and have been battling relegation in recent seasons.
The club finished 15th in the Premier League after being stripped of two separate points for breaching profit and sustainability rules.
Everton can now freely communicate with other interested investors. The BBC reports that Crystal Palace co-owner John Textor, who wants to sell his majority stake in the London club, will look at Everton as an option.
“The club will continue to operate as normal while working with Blue Heaven Holdings to assess all options for future ownership of the club,” Everton said.
($1 = 0.7850 pounds)
($1 = 0.9224 euros)