Farhad Moshiri opens up on potential new bidders as Everton takeover drags on
The Everton takeover saga has taken another twist, with Farhad Moshiri revealing that he has received “unsolicited approaches” from other parties interested in buying the club.
This comes amidst growing concerns from the club’s Fan Advisory Board (FAB) regarding the protracted takeover bid by 777 Partners.
Moshiri, the club’s majority shareholder, met with the FAB virtually after they expressed their anxieties over the stalled deal with the beleaguered 777.
Last September, the Miami-based investment firm agreed to purchase Moshiri’s 94% stake in Everton, but the deal has yet to be completed due to unmet Premier League conditions.
One of the main hurdles has been the repayment of a £160 million loan advanced to the club by fellow United States investors MSP Sports Capital last year.
777 had requested additional time to secure the necessary financing.
However, their situation has been further muddied by accusations of fraud from London-based asset management companies and the need for restructuring experts to salvage their own business.
These developments fuelled the FAB’s desire for urgent communication with Moshiri, which led to their virtual meeting on Monday.
A statement from the FAB reiterated that the existing share purchase agreement with 777 prevents Moshiri from exploring other options until May 31.
However, the British-Iranian businessman has revealed that other parties have expressed an interest in buying the club.
“We requested the meeting so that we could put fans’ concerns and issues directly to him,” FAB said in a statement.
“Clearly there are some issues that still cannot be answered, for legal reasons, due to there being a Share Purchase Agreement (SPA) in place with 777 until 31 May.
“But the meeting allowed us the opportunity to reinforce fan sentiment on a number of issues, including the suitability of 777, validate information we’ve already received, or known about and to get clarity on some other issues.
“He (Moshiri) confirmed that he has received unsolicited approaches from other parties, but that he could not engage with any of them while the SPA is in place.”