Farhad Moshiri could be stuck with £500million Everton nightmare after 777 takeover twist
Farhad Moshiri could be stuck with over £500million of debt after 777 Partners’ proposed takeover of Everton is potentially in danger of falling through, according to talkSPORT.
The digital news outlet shared via its Twitter account on 18 October that further doubts have emerged about how the group are going to finance the takeover deal.
The Mail on Sunday shared on 8 October that the debt levels of Everton, added to financial liabilities related to the Bramley-Moore Dock Stadium mean the club are now effectively more than £1billion in the red.
Of the £1billion estimation, the report claimed that around £200million of that money is owed to Image & Media Rights, which the Mail’s sources claim is owned by British bookmaker, gambler and racehorse owner Michael Tabor.
The club also owe a further £490million in shareholder loans to Moshiri, £140million to MSP Sports Capital and a £20million loan to 777 Partners. On top of this, they must plug a £200million shortfall on the stadium.
The thought previously was that 777 Partners, in their proposed takeover of Everton, would cover the debts owed by the club to the various lenders and companies, as well as financing the completion of the new stadium, which is starting to become somewhat of a financial burden.
Now, though, with their takeover bid seemingly on the rocks, the debt could be left at the feet of Farhad Moshiri, who will be burdened with the financial nightmare at Everton at a time he thought he may get away from things.
The Toffees’ owner had withdrawn his funding from the club after the agreement was reached between himself and 777 for the purchase of his shares, but that could now face a U-turn if the reports turn out to be true.
If Moshiri is left to attempt to clear up these heavy debts, he could wipe away the £490million owed to himself, but he won’t want that given he has pushed for this takeover, leaving a question mark of over £500million to solve potentially.
In other Everton news, more details have emerged surrounding the potential takeover collapse.