777 Partners don't have cash for 'extremely complicated' Everton takeover as Farhad Moshiri seeks £500m
777 Partners have not raised the money required to buy Everton despite working to do so since June, according to the Daily Mail.
Matt Hughes reported on the paper’s website on Tuesday night (12 September) that the American firm has been working with Tifosy Capital & Advisory for the past three months to raise the cash but “Mail Sport has been told they have yet to do so”, with Farhad Moshiri “seeking an equity payment of £500million for overall control”.
The takeover is considered “extremely complicated” given the need for 777 and their owners to be given clearance by the Premier League, the presence of a £100m loan from MSP Sports Capital, and the possibility that Rights & Media Funding Limited could potentially block this deal as they did minority investment.
While 777 Partners are looking to add Everton to their list of football clubs, with varying stakes in all of Standard Liege, Genoa, Red Star in France, Vasco da Gama, Hertha Berlin, Sevilla and Melbourne Victory, the Mail report states that “none of the clubs are currently profitable”.
Put the brakes on
It surely goes without saying that Moshiri isn’t going to be selling the club if the money he wants for it isn’t available.
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So while it is now widely being reported that has got to an advanced stage between the Toffees owner and 777 it appears arguably the most crucial element of the arrangement is missing.
Whether they are close to raising the money, or know when and how they will do so, isn’t clear but the Mail report backs up an assertion by the esk that the Miami-based firm are “unlikely” to be in position to buy the club any time soon based on the fact there was “no evidence” they had raised the cash.
The exact details of the negotiations are only know to those who are party to them but from the outside looking in it doesn’t seem hugely encouraging for the potential buyer to reportedly not have the money available to do so.
And if part of the reason why Moshiri is now open to selling up is because he can’t or won’t invest more of his own millions into the club after years of doing so, it isn’t a great starting point if the possible new owners don’t have the money to even pay him, let alone fund business once in charge.