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777 Partners have loaned Everton £80m as of last week to help support the club’s working capital requirements, according to Alan Myers.
Writing on his personal Twitter account (27 October), the Sky Sports journalist reports that the US investment firm have doubled their loan amount to the club as they await approval on their takeover of the club from the Premier League.
Should the takeover not receive the necessary approval however, the loan is expected to be turned into equity which would protect Everton from further financial crisis in the short-term.
“Everton’s potential new owners 777 Partners have, as of last week, provided funds to the club of £80m ahead of gaining regulatory approval to purchase Farhad Moshiri’s majority shareholding,” he wrote.
“The input from the Miami based group is helping to support the clubs working capital requirements until a deal is completed but is also an integral part of the acquisition.
“Should the deal not get the necessary approval it’s understood the fans would be turned into equity.”
Nightmare
How bad are things financially at Everton that the club are essentially needing to borrow £40m per month from people who want to own us but may not be allowed to?
It seems like Farhad Moshiri has completely checked out of the club at this point, and while that is what most Toffees fans wanted in the long run we need to be in a place where we can still survive.
777 Partners are most certainly not the ideal partners for that but as it stands they are at least putting their money where their mouths are. If they’re not allowed to takeover the club fully though, it could lead to more issues further down the line.
The quicker the league and FCA can make a decision on whether they’re going to allow this takeover or not, the better it will be for Everton Football Club to start planning for the future and putting things in place to get out of the hole we’re in.
There are still updates and hills to climb before we get a final answer, which means more money is likely to be loaned which could potentially dig the hole a bit deeper before we can climb out of it.
In other Everton news, Graeme Souness blasts Everton as “basket case” after recent developments.