Farhad Moshiri, the club’s primary shareholder, announced in an official statement late last week that he would be selling his 94.1% ownership holding to the US-based multi-club football ownership firm 777 Partners.
Given how long 777 and MSP Holdings had been circulating in Everton’s circles contemplating a purchase of the club, the announcement itself did not really come as a surprise, but the way it was announced surprised many. Bill Kenwright, the club’s chairman, and his former hand-picked Board members have never given the club’s shareholders association or even the manager advance notice that the information was about to be made public, nor have they ever asked for their input on the topic.
Manager Sean Dyche was questioned about the meeting he had with 777 co-founder Josh Wander and CEO Don Dransfield during his pre-match press conference today before a trip to Brentford this weekend. The two had visited the Finch Farm training facility earlier in the week.
“At this point, everything is casual. They made it obvious to all of us there at the meeting that there is still a long way to go before the deal is considered final.
To be honest, the majority of it was extremely informal. It was a pretty informal discussion where I just shared my impressions of what I’ve learned throughout my time here. Of course, others joined in the conversation as well, but the focus was on football. I also discussed the challenges that lie ahead.
“At this early stage, they were really honest and encouraged the idea that it’s still not done and it will take time to close the deal in the sense of all the fit and proper tests and stuff like that. Instead of giving us any instructions on what they are doing, I believe they were more interested in getting a sense of what we and I were thinking since joining the club. It was more about absorbing some of the vibe of the club and getting a feel for it.
It was interesting to observe that Dyche repeatedly seemed to emphasize the informal and relaxed tone of the meeting, as if to emphasize that no obligations were made in any case.
“It was a generalized statement; there were no specifics. We discussed the atmosphere, how the past intersects with the present and the future, how to move everything ahead, the challenges we had due to the market and the economy, as well as everything that has occurred since I have been here.
There has been a lot going on in a short period of time, but kids are aware of some of it, they do their study, and they comprehend part of it but not all of it, including the atmosphere in the club and some of the difficulties it has encountered and is still facing. I must be clear that it was a very informal meeting; nothing serious; simply a conversation over a cup of coffee.
Concerns have been raised about 777’s eligibility, particularly in light of the new Premier League ownership rules that are expected to shed light on the group’s alleged questionable financial practices as they pursued the acquisitions of the other clubs in their portfolio, including Genoa, Sevilla, Hertha Berlin, Standard Liege, Melbourne Victory, and Red Star.
While recognizing that there has been some simmering friction and hostility against Moshiri and Kenwright, Dyche seems persuaded by the group and their intention to transfer ownership.
“I think their intention is to be here, but the regulatory stuff where they’re saying ‘see, there’s a way to go on that side of things,’ there is still work to be done.
“I don’t really care about that. I have no power to change it. The concept is that by starting the process, I’m sure they’re serious about getting things done, but because of all the regulatory obstacles and concerns, which I don’t fully understand, I’m sure it will take some time.
“I think there will likely be a mixed reaction (among fans) since there were supporters who, obviously last season, aggressively criticized the previous administration and didn’t want them at the games and whatnot. Then, a new concept might enter, therefore I believe that everything are muddled up.
“I believe that the question on the minds of the audience will be, ‘Which way is it going to swing, which way is it going to turn, are they going to get the deal done and take it on?'” … the resulting noise, which hopefully would be quite positive, but we’ll have to wait and see. At this point, it occasionally makes a big deal out of little things.
When all is said and done, this is a business transaction. However, as we are all too familiar with from football, these economic dealings swiftly become public knowledge.
It looked awful to make the news last week right before a crucial match against Arsenal and right before the conclusion of the international break, and it’s difficult to imagine that the players’ lack of energy during the Sunday loss had nothing to do with it.
