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Farhad Moshiri agrees embarrassing Everton sale, virtually no money offered up front in desperate new twist
Farhad Moshiri’s desperation to sell Everton has seen him agree a deal with 777 Partners that offers “virtually no money up front”.
Moshiri has been trying to sell the Blues for a while now as he’s been unable to raise funds to help pay for the new stadium at Bramley-Moore Dock since the UK Government sanctioned former business partner Alisher Usmanov due to the Russian invasion of Ukraine.
All while that has been going on, Everton have just about survived two Premier League relegation battles, seen off multiple managers and had to work their way around Financial Fair Play issues.
It’s just the tip of the iceberg of what Everton’s issues are and while some fans are for some reason excited by the potential takeover by Miami-based investment firm 777 Partners, there really isn’t anything to cheer about.
According to a report by the Daily Mail on Saturday (17 September), Moshiri is so desperate to sell Everton Football Club that he’s agreed to sell his 94.1 per cent share for far lower than the £500million he initially wanted.
What’s even more desperate is that Moshiri has agreed a deal with 777 that sees him “receive virtually no money up front”.
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It is understood that the deal with 777 will see them pay for Everton through performance-related conditions, such as avoiding relegation to the Championship this season.
But what’s even more baffling about Moshiri’s deal is that he seems to have agreed it with 777 without the Americans even being able to afford it.
The Daily Mail reports: “A source close to the US-based investors told this paper that they had negotiated a series of clauses rather than heavy up front payments.
“The source also revealed serious doubts whether 777 Capital Partners can afford to buy the club off Moshiri, pay off the club’s debts and finish the construction of the club’s Bramley-Moore stadium.”
MSP Sports Capital and Image & Media Rights have the right to call in loans worth £350million if they do not approve of new owners at Everton and the Mail claims that MSP would consider doing that.
There’s a growing list of fees, loans and clauses that just make this 777 takeover completely unfeasible.
In other Everton news, Bill Kenwright’s long-awaited exit is now firmly on the cards.