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David Ornstein drops multi-million 777 Partners update as Everton receive 'sizeable' windfall
Everton have received a “sizeable loan” from prospective new owners 777 Partners, according to journalist David Ornstein.
The journalist reported for The Athletic (18 September) that the payment is worth “tens of millions” and will be used for working capital requirements and the Bramley-Moore Dock stadium build.
Everton owner Farhad Moshiri agreed to sell his stake in the Toffees to the US investment company on Friday (15 September), as per the club’s official website.
“Details of the financing have not been disclosed but amid Everton’s perilous financial situation – influenced by the mounting construction costs for their Bramley-Moore Dock stadium – it can be revealed that 777 has already made a payment worth tens of millions,” Ornstein wrote for The Athletic.
“Premier League rules prevent the company from investing directly into Everton via an equity injection, unless and until the deal it has in place with Moshiri is granted a green light.
“Given Everton’s pressing need for immediate funding, 777 has lent them money on an interim basis to help with short-term working capital requirements and the stadium build.”
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Everton’s financial struggles have been laid bare for all to see for quite some time now, but this loan should really ease those struggles, at least on a short-term basis.
Toffees supporters aren’t exactly sure how the prospective new owners are going to approach things at Goodison Park, but fans will undoubtedly be very happy if things continue to develop like this, and at this pace.
Of course it is very early days, both in their prospective ownership and indeed this loan news, but it may just represent a turning point for the Merseyside club.
They really have struggled both on and off the pitch under the reign of Moshiri, with the club only just managing to stay in the Premier League on the last two occasions.
And things haven’t got any better so far this season, with Sean Dyche’s men currently sitting in the relegation zone, with zero wins from their five matches.
In other Everton news, one pundit has slammed the Toffees live on talkSPORT as an “absolute mess” claim is made.