David Ornstein shares ‘Massive’ concern around 777 as approval process continues
David Ornstein has shared what he describes as a “massive, concerning question” around the potential takeover of Everton by 777 Partners, suggesting if they are not approved, questions will be asked about who will take charge.
With Farhad Moshiri having withdrawn funding as a result of the proposed takeover, he appears to have checked out, and if 777 aren’t approved by the relevant authorities, the need will still be there for a new owner and investment.
The Athletic journalist also suggested that the glare of a possible independent regulator over English football has upped the ante on the scrutiny over 777 and their takeover bid.
Writing in reply to a question during The Athletic’s Q&A session on 12 October, Ornstein shared: “It would be wrong of me to speculate [over possible effect of concerns around 777].
“Certainly, the feeling at Everton and 777 is that the deal will go through. But it seems this could be a long and complicated approvals process involving the Premier League, FA and Financial Conduct Authority.
“The glare of an independent regulator for English football also ups the ante on this one.
“There’s another massive concerning question in all of this: if not 777, then who?”
Concerns may cause problems
There have been plenty of concerns around 777 Partners and their eligibility to complete the takeover of Everton, ranging from legal issues to monetary problems, and even to the concerns of the fans of other clubs among their large portfolio in recent weeks.
As Ornstein shares, the possibility of an independent regulator in English football has been on the lips of officials and politicians for a while now, and a number of controversial takeovers and ownership situations in that time have ramped up the pressure and scrutiny.
With this the most high-profile takeover since the controversial acquisition of Newcastle by the Saudi Arabian Public Investment Fund, it will likely fall under the intense eye of officials as they need to get this right.
With debts continuing to rack up at Everton, concerns will be sky-high if this deal cannot be completed, as the source of their funding will become increasingly unclear, leading to even further issues.
In other Everton news, one Toffees star has been named in a “crystal ball” admission.