Liverpool’s local rival Everton has been handed a huge lifeline in its search for new owners. Current owner Farhard Moshiri is looking to sell the club but recently saw a proposed deal with 777 Partners collapse.
Moshiri was unable to enter talks with other parties after being tied into an exclusivity agreement with the US investment group. That expired on May 31, and interested parties are now coming forward to try and buy the Merseyside club.
Wealthy Everton supporters and businessmen Andy Bell and George Downing are among those trying to buy the club. And they have now received backing from the world’s 10th richest man, Michael Saul Dell.
According to The Times, the founder of Dell Technologies, worth around $150 billion (£120 billion) is supporting their takeover bid via his ‘family office’ established to manage his finances. Dell’s MSD Partners is on board if Bell and Downing are granted a period of exclusivity to do a takeover deal with Moshiri.
Bell and Downing were among the creditors who lost money when 777 Partners could not pay back. They had invested $63.6m (£50m) of their personal fortunes before that takeover collapsed.
Another creditor, MSP Sports Capital, has made a rival bid. But the support of the enormous financial powerhouse Dell could give their proposal a huge boost with negotiations said to be at an ‘advanced’ stage.
With a new stadium being built in Liverpool, it’s hoped a takeover would ease Everton’s short-term financial problems and create a more positive long-term outlook. In recent years, the club has been unable to compete with local rivals Liverpool, although it did pull off a shock win at Goodison Park to all but end Liverpool’s Premier League title hopes late in the season.
The team, managed by Sean Dyche, was deducted eight points in the most recent season for breaching financial rules. It has until June 30 to ensure its books are balanced with Profit and Sustainability Rules to avoid further punishments.
