The latest Leicester City news as Everton face a hearing next month over alleged breaches of Premier League Financial Fair Play rules.
Premier League side Everton have announced a takeover of the club, despite a Financial Fair Play hearing hanging over them.
City and the Toffees were relegation rivals at the end of last season. Going into the final game of the season, City needed to better Everton’s result to send them down. While City recorded a 2-1 win over West Ham, Sean Dyce’s men also won against Bournemouth, meaning that City faced the drop.
They have now confirmed that they have new majority owners with 777 partners taking over from Farhad Moshiri, with an agreement reached for a 94.1 per cent stake in the club. They are one of an increasing multi-club platform establishments, and already own Genoa C.F.C. in Italy, Vasco da Gama in Brazil, Hertha BSC in Germany, Standard de Liege in Belgium, Red Star FC in France, Sevilla FC in Spain, and Melbourne Victory FC in Australia.
The takeover will secure finances for the new stadium being built by the club at Bramley-Moore Dock. It is hoped that the club will move into the new stadium next season.
Everton have confirmed that the takeover is expected to officially go through in the fourth quarter of 2023. It is also subject to approval from the Premier League, the FA and the Financial Conduct Authority.
The statement comes as the club face an official hearing for alleged breaches of Premier League Financial Fair Play Rules on October 25. It is claimed that should they be found guilty, then City, along with three other clubs will pursue legal action .
It is said that legal advice has been taken with City among the clubs to have previously demanded that the case be rushed through before the end of last season due to the integrity of the competition because of any sporting sanctions, such as points deductions, which would have seen City stay up ahead of Everton.
It was previously been reported that City will pursue a case for £100m if Everton are found guilty. Fellow relegated sides Leeds United and Southampton are also said to be looking at possible legal action, but City could have the best case, due to finishing in the final relegation spot. Burnley, who were relegated the previous season, are also reported to be looking to pursue a separate case.
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