Former Everton takeover bidder 777 Partners has filed for Chapter 11 bankruptcy protection in the United States, with the investment group disclosing debt obligations of at least $2.7bn.
The Miami-based company filed for protection in a Texas bankruptcy court on Sunday, August 9, as it seeks to restructure its affairs and avoid the forced sale of its remaining assets. Around $1.3bn of the reported debt is owed to insurance group A-CAP.
The development provides another remarkable chapter in the story of Everton’s proposed takeover by 777 Partners.
In September 2023, 777 agreed a deal with Farhad Moshiri to acquire his 94.1 per cent stake in Everton. The proposed takeover, however, required Premier League approval and became increasingly uncertain as questions were raised over 777’s finances.
The deadline for the transaction to be completed passed in June 2024 without the deal being ratified, bringing the proposed takeover to an end.
Everton subsequently entered talks with The Friedkin Group, although those initial discussions also collapsed before the American group eventually returned to complete its takeover later in 2024.
The Friedkin Group formally completed its acquisition of Everton in December 2024.
The scale of 777 Partners’ financial problems has since become increasingly apparent, with the company facing legal action and claims from creditors. Its latest bankruptcy filing now puts the figure attached to its debt obligations at more than $2.7bn.
For Evertonians, the development serves as a striking reminder of just how uncertain the club’s ownership situation became during the final years of Moshiri’s tenure.
Had 777’s proposed takeover been completed, the ownership landscape at Everton could have looked very different today.
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