Everton takeover: Fears around 777 Partners based on misunderstandings of ‘family office’ firm
Concerns around 777 Partner’s takeover of Everton are based on “misunderstandings” of how the group is run, a source has told i News.
The online paper reported on 20 October that they had been told the firm is like a “family office” which is 100% owned by Josh Wander and Steve Pasko and uses all their own money, allowing it to take a “longer term view of their investments”, as opposed to a private equity firm which must make money for their investors.
Amid a new hold up in the the takeover deal there have reportedly been “dark rumblings” about the fate of the club if it falls through, but according to the i Everton insiders insist there is “no prospect” of administration.
The source told the i: “It’s not a private equity firm, it doesn’t have equity investors. It is more like a family office: Josh Wander and Steve Pasko own it 100 per cent and it’s 100 per cent their money which means they can take a longer term view of their investments.”
Wrong picture?
In theory that sounds like a positive assessment of 777 but it presumably raises more questions about their ability to secure the required funds.
If Wander and Pasko are in for the long-term then it might negate the expectation that they were looking to quickly flip the club, as has been suggested by Simon Jordan.
Fans of other clubs where they are in control aren’t exactly overjoyed by the situation so far [Telegraph, 15 September], although the firm has specifically targeted struggling sides and improvements necessarily take time.
At this point there doesn’t appear to be a realistic alternative, while Farhad Moshiri must be intent on getting out if he has jumped as this chance.
Fans would surely love all the concerns about 777 to indeed be down to a misunderstanding and for the future to one of conscientious ownership.
But at this stage there still appears to be more questions than answers, and all the while Everton are requiring cash injections just to pay the bills.
In other Everton news, Richard Keys has made a negative claim about Craig Pawson as he slammed the referee’s performance in the controversial loss to Liverpool.