US investors’ pursuit of Europe’s historic football teams is accelerating, with Miami-based 777 Partners LLC closing in on a takeover of one of the founding fathers of the professional game in England.
777, co-led by Steven Pasko and Josh Wander, is close to an agreement to buy Everton FC following months of talks with the club’s owner, Farhad Moshiri, Bloomberg News reported on Monday.
A deal could be announced as soon as Tuesday. If consummated, the sale will bring the number of American-owned English Premier League teams to 10 out of 20. The parties are in the late stages of talks, and the deal could still fall apart. Moshiri’s legacy includes a partly complete, state-of-the-art stadium in the Bramley-Moore Dock area of Liverpool.
Relegation from the Premier League to the Championship tier is costly. The broadcast fees fall from a minimum of £100 million a year in the top tier to less than £10 million, though relegated teams receive payments to soften the blow for a period of three years. 777 is being advised on the deal by Tifosy Capital & Advisory, the specialist sports business advisers, as well as on a possible capital raise.
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