777 Partners double loan amount to Everton to £40m as financial crisis deepens
Everton have doubled the loan they have received from 777 Partners as the financial crisis at the club deepens, according to The Times.
Writing on their official website (18 October), the reliable news outlet reports that an initial £20m loan has now risen to £40m, despite concerns about the financial power of 777 Partners.
The money is being used to help Everton cover wage costs that the Toffees’ income cannot cover, as reports continue to come out that the Miami-based investment firm’s takeover of the club is on the verge of collapse.
“The amount that the US firm 777 Partners has loaned Everton has risen to £40 million as more concerns have emerged about its proposed takeover of the club,” they wrote.
“The loan was initially reported as £20 million but The Times has learnt that the figure has almost doubled, and is being used as working capital for wage costs that Everton’s income cannot cover.”
Ouch
Everton’s financial problems have been well documented in recent months and years, but the fact we’re now relying on loans from prospective owners just to keep the lights on says a lot.
Paying your staff is the absolute basics of running a business and the fact that we can no longer afford to do that without some outside investment paints a horrible picture for what our future looks like.
777 helping us with this short-term loan obviously is a good thing for now, but if the takeover collapses as some are speculating that it might then it adds another hurdle for whoever wants to come in and save us from Moshiri in the future as they’ll need paying back too.
The Premier League, FA and FCA must ensure that we’re not left to rot and die, but the future looks bleak right now for Everton Football Club if this is the path we’re going down.
In other Everton news, paperwork update emerges as 777 Partners takeover on verge of collapse.