Everton is searching for new owners as Farhard Moshiri attempts to sell the team, while Liverpool’s local rival has received support from two potential purchasers, one of the richest men in the world.
Everton, Liverpool’s neighborhood rival, has received a hefty lifeline in its quest for new owners. Farhard Moshiri, the club’s current owner, is trying to sell it, but a potential agreement with 777 Partners just fell through.
Due to his exclusive agreement with the US investment company, Moshiri was unable to hold conversations with other parties. Following its expiration on May 31, bidders are now attempting to purchase the Merseyside club.
Those attempting to purchase the team include wealthy Everton supporters and businesspeople Andy Bell and George Downing. And now they have the support of Michael Saul Dell, the tenth richest man in the world.
As per The Times, the $150 billion (£120 billion) founder of Dell Technologies is endorsing their takeover offer through the ‘family office’ he set up to oversee his funds. If Bell and Downing are given a window of exclusivity to negotiate a takeover with Moshiri, Dell’s MSD Partners will support them.
When 777 Partners couldn’t make payments, Bell and Downing were two of the creditors that suffered financial losses. Before that takeover flopped, they had invested $63.6 million (£50 million) of their personal fortunes.
MSP Sports Capital, another creditor, has submitted a competing offer. However, with talks reportedly at a “advanced” stage, the backing of the massive financial behemoth Dell might greatly strengthen their pitch.
It was thought that a takeover would alleviate Everton’s immediate financial difficulties and provide a more optimistic long-term picture, since a new stadium is being constructed in Liverpool. The team has struggled to compete with their local rivals Liverpool in recent years, although pulling off an unexpected victory at Goodison Park late in the season that all but ended Liverpool’s chances of winning the Premier League.
In the most recent season, the Sean Dyche-managed squad lost eight points due to financial rule violations. To avoid further penalties, it has until June 30 to make sure that its finances balance with the Profit and Sustainability Rules.
The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and acquisition of the majority shareholding in the Club ended today, according to a statement released by the club on June 1.
“777 Partners has given the Club a significant amount of financial support in recent months, and the Club’s Board of Directors would like to take this opportunity to thank them for it.
“The Club will carry on with business as usual as it evaluates all of its ownership alternatives in collaboration with Blue Heaven Holdings. In addition to expressing gratitude to all Everton supporters for their patience over the past few months, the Board of Directors reaffirms its commitment to provide more updates via the Club’s official channels of communication when necessary.”
