NY Times journalist: 777 blame delay on bank holiday as ‘massive’ Everton takeover question raised
777 Partners blamed a bank holiday on a late payment of £20million to their club Vasco da Gama, adding further questions to their proposed takeover of Everton, according to Tariq Panja.
Taking to X (11 October), the New York Times journalist reported that 777 was supposed to pay the amount earlier last month, but waited until the last day of the 30-day grace period to send just a portion of what was owed.
777 await approval before their takeover of Farhad Moshiri’s 94.1% stake in the Toffees, but repeat instances of questionable financial behaviour have thrown doubt on the proposal.
Panja wrote: “If you’re an Everton fan wondering how the people buying your club function might want to look at recent events at Vasco in Brazil. 777, the investor, was supposed to pay equivalent of £20m on sept 5 as part of purchase agreement. It didn’t, but had 30 days grace.
“So the 30 days went buy and on 5 Oct, the latest possible day for the money arrived, 777 finally made a payment. But it was not the entire amount. Just a portion they could muster at that moment. The remainder arrived a few days later, a delay blamed on a bank holiday.
“The question you might have is if this group cannot get £20m together that they have known was required for months, how will they manage to meet the massive funding requirements of Everton with all its issues. And, where is it sourcing the funds from.”
Can of worms
More and more reports of 777’s financial dealings emerge and few paint them in a good light. Their business with their vast portfolio is a mixed bag, to say the least.
Per the Liverpool Echo (26 September), Genoa, a 777 property, are very fond of 777’s work with the historic club, helping them win promotion back to Serie A.
Standard Liege have another story, as the Echo also reported (4 September) that the Belgian club protested their ownership in the stands, unfurling banners critical of their behaviour.
The UK government have had their concerns about co-founder Josh Wander too, but the takeover is yet to be confirmed and there could be a while to go.
Everton will be eager for stronger and more competent leaders after Moshiri’s era and 777 have had success. They do not have a club the size of Everton in their portfolio or one with even as close to the financial potential. They may learn from their mistakes on their Premier League debut, but the real point of contention is the source of their income.
£20million is almost loose change in Premier League football, so if 777 can’t cough that up on time, who could trust them?
In other Everton news, Alan Shearer has gushed over a Toffees ace who “ran the midfield” in their 3-0 win against Bournemouth.