Football: A Popular Sport Among Many - The acquisition of Everton FC by Hertha's partner 777 encountering failure.
The proposed takeover of FC Everton by the American investment firm 777 Partners has come to an end. The statement from the 15th-placed team in the Premier League on Saturday confirmed that the agreement with Blue Heaven Holdings Limited expired. The club's board expressed gratitude to 777 Partners for their financial efforts until now and stated that they would explore other ownership options with the same company.
Rumors had surfaced in recent days that the US investment company was facing financial challenges. 777 Partners also has ownership stakes in Berlin second division club Hertha BSC, CFC Genoa, and Standard Liege. Reports from Belgium suggest that the owner's assets and accounts have been seized by the court, and payments are yet to be made. A Norwegian investigative platform stated that 777 Partners want to offload their football club investments.
Everton could be heading for bankruptcy
The FC Everton is reportedly facing the prospect of selling off its top players to repay creditors and risking further points deductions, according to the tabloid "The Sun" on Saturday. The Liverpool-based club had already lost points last season due to breaches of financial regulations. If a new buyer cannot be found, the paper suggested that bankruptcy could even be a possibility.
777 Partners signed an agreement in mid-September to purchase the 94.1% majority stake, as per the "Liverpool Echo". However, despite having eight and a half months, the Miami-based company has failed to meet the necessary requirements.
Hertha BSC also under scrutiny
Recently, Hertha too acknowledged internally that they were dealing with reports about potential issues with 777 Partners. Interim president Fabian Drescher assured the members during a meeting that they were taking a closer look at all potential consequences. Nevertheless, he clarified that no indications of an impending insolvency or the sale of Hertha's shares had been received as of yet.
