Journalist claims 777 Partners must overcome big hurdles in Everton takeover
Paul Brown has claimed that 777 Partners must overcome big hurdles to get their Everton takeover bid over the line, while people around the club still have concerns regarding the source of their funding.
It is suggested that the group will need to allay the fears over their funding and satisfy the creditors to whom the club owe a large sum of money to already.
The investigative journalist has suggested the influence of Andy Bell, one of the investors who helped plough £80million into the club as part of the failed MSP Sports Capital takeover [Alan Nixon, 15 October], could be key.
Brown spoke to GIVEMESPORT on 19 October where he claimed: “I think there are big hurdles still for this deal to get approval. And it’s not clear yet really what role Andy Bell wants to play going forward in the club.
“He’s not the only lender to Everton and there are a lot of other creditors that will need to be satisfied by whoever comes in and takes the club over.
“From what I hear, there are a lot of people around the club who still have concerns about 777 Partners’ funding. And it will be interesting to see whether the group can allay those fears and get this deal done.”
Concerns continue to grow
The debts at Everton have been widely reported, with claims the total could reach over £1billion, but 777 maintains they have adequate funding to pay off those debts as part of their takeover deal, leaving the club free of credit.
While questions have circled over the source of their funding throughout the takeover process, it is not until the conclusion of the investigations (expected in December) that we will know for sure.
It’s a very concerning and uncertain situation, particularly for the fans who have no way of telling what is going to happen. Confidence can be taken from the group’s steadfast belief that the takeover will go ahead, but concerns continue to rise.
The concerns raised by Brown are fair, but it is unlikely that anyone will find out how accurate they are until the findings of the ongoing regulatory checks are delivered, so all we can do is wait and see.
In other Everton news, David Ornstein has shared his update on the takeover.