The Everton Shareholders’ Association (EFCSA) have demanded a decision on the club’s ongoing takeover process and have labelled the process a “farce”.
777 Partners agreed to buy Farhad Moshiri’s 94% stake in September last year, but the deal is yet to be approved by the Premier League and is causing frustration on Merseyside.
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Debts are continuing to stack up with the Toffees’ new stadium in development and they have already been sanctioned for breaching the league’s profit and sustainability rules.
In a statement, the EFCSA said: “We have observed with concern and frustration as it became increasingly clear that a fit-for-purpose process cannot possibly take this long as the Premier League continues to demonstrate their inability to regulate.
“In the absence of the Premier League making a timely decision we insist that the Everton board and Farhad Moshiri in particular, stop this damaging process now and recognise that 777 Partners are not at this time fit and proper prospective owners of Everton Football Club.”
Statement re Change of Ownership Process 👇 PIC.TWITTER.COM/CSXNIRQVZK
— EFCSA (@EFCSA) MAY 7, 2024
The takeover was due to be completed by Christmas but was then pushed back until February, although still no decision has been made.
777 Partners are hopeful of concluding their business by the end of this month but they are now facing an uphill battle with the fans regardless of the outcome.
The EFCSA added: “We are the oldest shareholders’ association in the world and are dismayed by the lack of respect being shown to our football club by the largest shareholder, Farhad Moshiri, and the Premier League during what seems a never-ending change of ownership process.
“The powers-that-be are being disrespectful to our fellow shareholders, our fantastic worldwide fanbase and football as a whole by continuing to allow this farce to continue.
“We demand a decision, and we demand it now.”
