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Everton takeover news as 777 Partners drop out of investment race, Farhad Moshiri has one shot
Owner Farhad Moshiri is in the last-chance saloon in sourcing fresh investment for Everton after The Esk reported that 777 Partners pulled out of the running to try and complete a takeover of the club.
Such a scenario had seemed likely when it was confirmed on Monday (22 May) that the Toffees had entered into an exclusivity period with MSP Sports Capital.
MSP are reportedly looking to acquire a 25 per cent stake in the club, who are in need of funds due to rising costs involved with the move to their new stadium being built at Bramley Moore Dock.
That venture has apparently risen from £500million to £760m, an untimely development given Everton’s precarious position in the Premier League.
The Toffees are 17th in the table with just one game to play against Bournemouth on Sunday (28 May), sitting two points clear of Leicester City and Leeds United.
Relegation to the second tier at this juncture would be hugely damaging, with survival having been calculated at around £100m by the Mirror.
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Moshiri himself has been hit in the pocket, with the Iranian having sustained losses of £70m this year.
The news of 777 Partners dropping out may not come as a surprise given the development with MSP this week, but the news merely highlights the pressure Moshiri is under to try and get new finance on board for Everton.
Trying to move stadium and suffering relegation in one fell swoop would be hugely detrimental financially but would only exacerbate the growing unease between the boardroom and the terraces.
Moshiri can ill-afford a collapse in talks with MSP, much like Sean Dyche and his struggling squad can ill-afford a collapse against Bournemouth this weekend.