Everton have announced that 777 Partners’ proposed takeover of the club has collapsed.
The club confirmed in a statement on their official website that the purchase agreement with 777 had expired on Friday, May 31.
Their statement read: “The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today.
“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.”
777 Partners agreed to purchase Farhad Moshiri’s 94 percent stake in the club in September last year.
However, they failed to meet the Premier League’s owners and directors’ test.
The Miami-based company had until 5.00 am on Saturday to complete the purchase but the deadline has passed without resolution.
777 were accused of fraud in a lawsuit filed at a New York court by Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund plc last month.
They said 777 pledged more than £279 million in assets as collateral to Leadenhall for loans either not in their control or which had already been pledged to other lenders.
The proposed takeover collapse is a big blow for Everton who have recently been dealing with financial issues.
It has sparked fears that they will have to sell some of their top players to comply with the league’s financial rules for next season.
Jarrad Branthwaite has attracted interest from Manchester United, while Dominic Calvert-Lewin faces an uncertain future at Goodison Park as his contract expires next summer.
Newcastle United have been linked with an interest.
