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The future of Bonza owners 777 Partners looks uncertain after it emerged its deal to buy English Premier League club Everton fell through on Saturday.
The investment firm had entered into a period of exclusivity to purchase the club that has now ended, despite 777 reportedly loaning the club £200 million last season.
Bonza entered voluntary administration in April after its lessors seized its fleet of four Boeing 737 MAX 8s, forcing it to cancel all flights.
However, it later emerged that 777 Partners paid $30.9 million to the Liverpool-based club hours after the budget airline’s aircraft were repossessed.
Everton said in a statement, “The agreement between 777 Partners and Blue Heaven Holdings Limited for the sale and purchase of the majority shareholding in the club expired today.
“The club’s board of directors recognises the considerable level of financial support 777 Partners has provided the club over recent months and would like to take this opportunity to thank them for this.”
It follows separate reports that 777 founders Josh Wander and Steven Pasko stepped aside from their roles as managing partners.
Despite the investment firm’s troubles, Bonza’s administrator still appears hopeful that it can rescue the airline with new owners.
Last week, Australian Aviation reported that administrators Hall Chadwick successfully argued for an extension to its appointment until the end of July.
In the Federal Court, Hall Chadwick said that while around 300 employees remain in a “period of uncertainty” as they are stood down without pay and cannot claim certain benefits until the company is wound up, they and other creditors would be better off if the airline is sold.
Barrister James Hutton told Justice Ian Jackman that the airline’s most valuable asset is its Air Operator’s Certificate (AOC), which is more likely to be cancelled if Bonza is liquidated.
Bonza has not flown since it entered voluntary administration at the end of April.
Hall Chadwick indicated earlier this month that it was speaking with around 20 interested parties, including investors, airlines and travel companies, with six “very interested”, though one potential buyer, Vietnamese low-cost carrier VietJet, has since walked away.
Details of other interested parties are currently under a non-publication order.
