777 will be told to share proof of funds for Everton takeover as twist emerges
777 Partners will be told to share proof of funds – and the source of those funds – in order to complete its proposed takeover at Everton, according to The Times.
The newspaper reported on its website on Wednesday (18 October) that the amount the US investment firm has loaned to the Toffees has now risen to £40million after the loan was previously reported as £20milllion, with the extra cash being used to pay wages that the club’s income can’t cover.
This comes after The New York Times reported on Wednesday that the group hasn’t provided audited financial statements to the Financial Conduct Authority, which has to ratify the deal before it can go through.
Too many questions
There are just far too many questions being raised around 777 Partners for it to be deemed fit and proper to complete a takeover at a club like Everton.
It is impossible to see how the company has the funds to complete the deal in the first place and the fact no proof of funds has been provided yet is frustrating after the saga has been allowed to reach this point.
As soon as the group agreed on a takeover with Farhad Moshiri, it should have been required to prove it had the capital to push through a deal, saving everyone involved months of potential heartache.
The more that comes out about 777, the more you think that it simply isn’t right to take the Blues forward by completing the new stadium, improving the finances and producing better performances on the field.
It just feels inevitable that the deal is going to fall through at some point because there are far too many hurdles to overcome before it can be completed.
In other Everton news, Conor Coady has shared what the club needs moving forward.