For most Evertonians, the long and troubled pursuit of the club by 777 Partners is now a distant memory. After a deal was agreed in September of last year, the process was plagued by legal issues and missed payments. The situation reached a breaking point in May when 777 Partners failed to meet Farhad Moshiri’s deadline to secure the necessary funds.
With 777 Partners out of the picture, new potential buyers emerged, including Crystal Palace shareholder John Textor and a bid linked to Middle Eastern royalty. Ultimately, Moshiri chose to pursue a deal with American billionaire Dan Friedkin, owner of AS Roma. The Friedkin Group is currently conducting due diligence on Everton, focusing on the club’s financial health, which has been under scrutiny for the past two years.
Concerns about 777 Partners proved valid, with ongoing lawsuits in the US alleging fraudulent activity and “Ponzi schemes.” Additionally, their financial support from Kenneth King’s A-CAP was cut off on the recommendation of US lawmakers.
Investment bank Moelis has been appointed to find buyers for 777’s sporting assets, including the London Lions basketball team. Recently, the British Basketball Federation (BBF) terminated the operating license of the Basketball League Limited (BLL), 45% owned by 777 Partners, due to financial concerns. The BBF awarded a three-year interim license to Premier Basketball Limited, a consortium of British clubs, to ensure the 2024/25 season proceeds smoothly.
This situation underscores the narrow escape for Everton and the Premier League, which had considered approving the 777 Partners deal if certain financial conditions were met. One key condition was repaying the £150m loan to the club by MSP Sports Capital, which the Friedkin Group has since repaid, demonstrating their commitment and financial capability.
While the due diligence process can take 30 to 60 days or longer if needed, no deal is finalized yet. Both parties are working towards a successful outcome, but the Friedkin Group’s silence indicates a serious and professional approach to the negotiations.
