Uncertainty surrounds the deal as 777, which owns soccer clubs in Germany, Italy, Belgium and Brazil, faces a raft of problems in both the business and sporting worlds.
The company’s Australian airline Bonza has collapsed, and last month a London asset manager providing $600 million in financing filed a lawsuit against the 777’s owners, Josh Wonder and Steven Pasco, and others.
Everton had a difficult season, having points deducted twice for breaching Premier League financial rules, but still managed to avoid relegation and maintain their place in England’s top flight for another season.
Everton was a founding member of the English Football League in 1888 and the Premier League in 1992. It has won nine league championships, five FA Cups and one European Cup Winners’ Cup but has not won a major trophy since the 1995 FA Cup and reported a loss of $112.5 million in its latest financial results.
Moshiri said in September that the reason for the sale was “the rapid changing nature of ownership and financing of top football clubs”.
He said the sale would also free up funds to complete the 52,888-seat stadium currently under construction.
Everton lost money financially despite making a $60 million profit from selling several players, and the club said its net debt had risen to $417 million due to “significant investments” in a new stadium.
In a statement on Saturday, Everton acknowledged that 777 had provided “significant levels of financial support” over recent months.
777 Partners, through its subsidiary 777 Football Group, has stakes in numerous soccer teams. It completed the purchase of a majority stake in Hertha Berlin last year. Other clubs it owns include Sevilla, Genoa, Vasco da Gama, Standard Liège, Red Star FC and Australian team Melbourne Victory.
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AP Soccer: https://apnews.com/hub/soccer
