Everton: FCA approve 777 Partners takeover, Farhad Moshiri exit moves one step closer – David Ornstein
Farhad Moshiri’s exit from Everton has moved one step closer after the Financial Conduct Authority approved the proposed takeover of 777 Partners, according to David Ornstein.
The Athletic journalist said on his X account that the FCA approval is one of several checks that were required before the sale of Moshiri’s shares could be ratified.
Ornstein added that approval from the Premier League and Football Association is still required for the deal to be ratified.
Ornstein explained of the FCA check in an article for the Athletic (22 December): “The FCA is a financial regulatory body in the UK which regulates financial firms providing services to consumers and maintains the integrity of the financial markets.”
The deal for Moshiri to sell his 94.1 per cent stake in the club to Miami-based firm 777 was first announced in September but has been beset by controversy ever since.
Proceed with caution
This is just the first of many hurdles for 777 to overcome and there is still a significant way to go before their purchase of Moshiri’s shares to take majority ownership at Goodison Park is signed off.
The Miami firm own stakes to varying degrees of several football clubs around the world, including Italian side Genoa, Australian outfit Melbourne Victory and La Liga side Sevilla.
There has been plenty of controversy involved with the deal and constant questions have been asked over the past few months as to whether the takeover will actually go ahead or not.
Today’s news does not actually confirm that it will, but it is one hurdle cleared and now there are even more significant steps to take to get it over the line.
Everton fans will be desperate for some clarity either way so that the focus can finally be put back on the pitch and not the financial difficulties off it.
In other Everton news, Andre Gomes could be in the matchday squad when the Toffees face Tottenham on Saturday.