Everton takeover: Matt Slater warns ‘lots of questions’ remain over 777, business strategy questioned
Everton fans “should be worried” about the future of their club but 777 Partners’ takeover still leaves “lots of questions” to be answered, according to Matt Slater.
Speaking to BBC World Service Sport (15 September), Slater pointed to Everton’s continuing financial issues under Farhad Moshiri, including “mounting losses” and frequent relegation fights.
Everton confirmed an agreement (15 September) between 777 and Moshiri for his 94.1 per cent stake in the Toffees, “subject to regulatory approval”, but Slater warns if this is the answer.
Slater said: “Everton fans should be worried. They should have been worried for several years because of the mounting losses, huge losses year after year, the relegation battles, the unfinished stadium, the fact that they are up facing financial fair play charges for breaking Premier League rules.
“So are 777 the answer? The solution? Well, this is where I think we get to a new set of worries. They’re relatively new, they’ve bought a lot of clubs – all of them, I would say, distressed assets – and they’ve made that pretty clear that they almost target clubs that are in crisis. One – because they’re cheap and available. And two – their business model is: ‘We can turn things around quickly because if you’re at the bottom it’s all up’. But it doesn’t always go that way, does it?
“We’re looking at their track record and there isn’t much to look at yet because they’re new, so already you have some doubts. I would say their record at the other clubs is mixed – there’s been relegations, there’s been promotions – but there has also been some issues around payments and some fans were upset about being part of a group and they’re not sure about the strategy. I’m not sure about the strategy, it just looks like a series of bets or punts really.
“Lots of questions. Lots of questions before this happened and even more now that it might happen.”
Long way to go
While an agreement has been reached, there remains a long journey ahead before the takeover is complete.
As per Everton’s statement, the takeover has to be approved by the Premier League, the Football Association, and the Financial Conduct Authority.
777 has a vast portfolio of football clubs across the world, including 100 per cent ownership of Genoa and Standard Liege and 7.5 per cent of Sevilla.
Slater’s focus is on 777’s ability to run football clubs financially, pointing to their apparent strategy of buying “distressed” clubs and attempting a quick fix. He suggests that their inexperience in this field could be an issue, and their track record provides little to reassure fans.
Questions, of course, remain but there is still a long way to go, and many Toffees fans will be hopeful that the takeover can be the start of a rebuilding process after a tough few seasons.
For now, the focus is back on the pitch and the not-so-little matter of a clash with Arsenal on Sunday (17 September).
In other Everton news, Chris Sutton has shared his Everton score prediction against Arsenal amid his “huge” verdict.