Everton takeover news as 777 Partners may need to take more debt for Bramley-Moore Dock Stadium
777 Partners may need to take on more debt to match the increasing cost of the Bramley-Moore Dock Stadium if they complete the full takeover of Everton, according to BBC Sport.
The Daily Mail reported on Wednesday (17 May) that Farhad Moshiri’s unpopular reign at Goodison Park could be set to end as early as next week, with American investment fund 777 Partners seen as the preferred bidder.
However, the £260million increase in cost for Everton’s new stadium, alongside the club’s current debt, could affect the price they pay.
“Multiple parties have been speaking to the club, but it appears two main contenders from the US are most interested – Miami-based 777 Partners and MSP Sports Capital from New York,” BBC Sport wrote.
“It is believed 777 are in pole position as they are interested in a full takeover and have access to the ‘data room’ (financial accounts), but are not prepared to pay a ‘significant’ price as they have looked at the debt on the balance sheet – which stood at £141.7m in the latest accounts.
“They would also need to take on more debt for funding the new stadium, with costs increasing from £500m originally to about £760m.”
Complications
The takeover of Everton was never going to be simple, especially when considering the scale of the Bramley-Moore Dock development.
The timing of the new stadium’s build couldn’t have come at a worse time for Moshiri, considering the cost of living crisis and the knock-on effects that has probably had on the cost of construction.
A £260m hike in price isn’t a pretty number for the 777 Partners to be staring at, and the fact they would have to take on more debt adds yet more complications to the deal.
Despite the Miami-based firm looking like the front runner, MSP Sports Capital’s interest does mean that Moshiri has options when it comes to the final sale.
Either way though, it looks like Everton fans will finally have their wishes met, with the Iranian-born businessman looking more and more likely to be leaving Goodison Park in the near future.
Hopefully, a full takeover can allow the Merseyside club to turn over a new leaf and move forward under Sean Dyche.