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Everton confirm 777 Partners’ takeover has COLLAPSED leaving club on brink of going bust
They will now be forced into a huge firesale of their best stars to pay back creditors and face further points deduction
EVERTON have confirmed that 777 Partners' proposed takeover of the club has collapsed.
It leaves the Toffees in danger of going into administration if owner Farhad Moshiri cannot find another buyer.
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777 Partners' proposed takeover was worth £500m and they have already pumped in £200m to keep the club afloat.
But Premier League chiefs refused to ratify their takeover agreement over worries the Miami-based company did not have the cash to meet its obligations after US insurance giant A-Cap cut ties with them.
And the company were then hit with legal actions in the US and Europe.
An Everton confirmed the takeover is dead, saying: "The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the Club expired today.
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"The Club’s Board of Directors recognises the considerable level of financial support 777 Partners has provided the Club over recent months and would like to take this opportunity to thank them for this.
"The Club will continue to operate as usual, while it works with Blue Heaven Holdings to assess all options for the Club’s future ownership.
"The Board of Directors would like to thank everyone connected to Everton for their patience over recent months and reiterate its commitment to providing further updates when it is appropriate to do so through the Club’s official communication channels."
Everton's financial problems saw them slapped with a points deduction last campaign - but they still managed to avoid relegation.
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EVERTON'S BEST PLAYERS SET TO LEAVE
By Jack Rosser
ESTIMATED fees for Everton’s biggest stars:
- Jarrad Branthwaite £75m
- Amadou Onana £45m
- Vitaliy Mykolenko £35m
- Jordan Pickford £20m
- Dominic Calvert-Lewin £20m
- James Garner £18m
- Dwight McNeil £18m
- Beto £18m
- James Tarkowski £12m
Going into administration will see the club automatically docked nine points next season.
The club's total current debt is at a reported £583m amid the building of their new £760m Bramley Moore Dock stadium.
The mess Everton are in explained
Around £200m is also needed to complete the ground.
Every Everton player is currently up for sell as the club in crisis desperately tries to raise funds.
The end of the club’s financial year is June 30, giving Moshiri only 16 days to sell players to start balancing the books.
The likes of Jordan Pickford, Jarrad Branthwaite, Amadou Onana, and Dominic Calvert-Lewin are all attracting interest.
England centre-back Branthwaite is wanted by Manchester United and striker Calvert-Lewin is into the final year of his deal at Goodison Park and could be signed in a cut-price deal by Newcastle.
Meanwhile, Crystal Palace shareholder and American billionaire John Textor could enter the race to buy Everton.
He has expressed his interest in a takeover after declaring he is ready to sell his 45 per cent stake in the Eagles.
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