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Everton’s James Tarkowski and Amadou Onana will face Manchester United at Old Trafford earlier this month. Alex Dodd – CameraSport via Getty Images
The Premier League’s board “intends” to accept 777 Partners LLC’s bid for historic club Everton FC, provided the Miami-based investment group meets a series of sale conditions, according to a letter seen by Bloomberg. He said there is.
After reviewing the Miami-based company’s acquisition plan for more than six months, the league wrote in a letter last Monday that it “intends to support the deal at this time” with conditions. The league is seeking commitments regarding funding for clubs and the construction of new stadiums. It’s unclear whether the league added any additional conditions.
One of the people said the conditional approval does not guarantee approval by the 777 multi-club owners.
The Board of Directors is made up of league chief executive Richard Masters, president Alison Britten and board member Mai Fifield. Representatives for 777 and Everton declined to comment.
In September, 777 announced an agreement to buy 94.1% of the club’s shares from owner Farhad Moshiri. Since then, he has faced questions from the league about his suitability to own the storied Liverpool team.
Buying Everton would give 777, co-managed by Stephen Pasco and Josh Wonder, ownership of one of England’s most historic clubs. 777, which owns clubs such as Hertha Berlin and Standard Liège, is one of a growing number of multi-club owners in world football, but its financial practices have also come under scrutiny.
Since September, 777 has injected more than £150 million ($189 million) into Everton to meet working capital needs and enable the construction of a nearly 53,000-seat stadium at Liverpool’s Bramley Pier. .
Founded in 1878, the team has been playing in the country’s top flight since the early 1950s, but has not won a trophy since 1995. In recent years, the team has been plagued by relegation and has struggled financially off the pitch as well.
777 has appointed sports investment group Tifosy to assist with the financing. In a prospectus for potential investors, known as Project Teaser, the Everton acquisition would give the group access to the world’s biggest, most profitable and most followed league on social media. .
Several Premier League clubs, including Arsenal FC, Liverpool and Chelsea, are owned by American-led investor groups. More than a third of England’s professional clubs are now led by Americans.
The team’s on-field fate this season was marred by a 10-point deduction for violating the league’s spending rules, which was later reduced to six points. The demerit penalty was reduced after the club appealed.
Interim CEO Colin Chong said on the club’s website: “We had no choice but to appeal what we believe to be an unfair reduction in points.”
The club remains accused of breaching last season’s spending regulations, which could lead to further point deductions. The team has already suffered a six-point deduction and is hovering around the relegation zone, which could mean they will play below the lucrative Premier League next season.
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