Everton: New York Times journo shares brand new 777 Partners takeover update with fan warning
777 Partners has contingencies in place in the event Everton get relegated from the Premier League, according to New York Times reporter Tariq Panja.
The American investment fund reached an agreement with Farhad Moshiri in September to purchase his entire 94.1% shareholding at Goodison Park.
However, amid the backdrop of a possible 12-point deduction if the club lose their Financial Fair Play case – and thus the obvious threat of relegation – 777 has factored that into any deal.
Speaking on the Sport Unlocked podcast [29 October, 37:24], Panja said: “I understand that they haven’t, at least by the time of writing my story a week ago, provided the source of their funding for this takeover.
“It’s also brought to light the business practices of 777 across many industries, particularly football – missed payments, delayed salaries, all sorts of concerning things.
“If you look at Everton’s financial plight, which is pretty serious – heavy losses needing to be funding on a monthly basis, a half-built stadium – you’d hope for a stable investor to come in.
“I hope all these signs are wrong and these guys will be brilliant stewards for Everton, but these are signs that things might not be great, All these fans clamouring for new ownership, sometimes you have to be careful what you wish for.”
Panja added: “From what I hear from the 777 deal, that will still go ahead with a bunch of contingencies in that contract based on Everton being relegated.
“If this deal goes through, these guys will still pay a similar amount, but slightly less if Everton do not come back up within two years, over a staggered payment scheme.”
Understandable
This development is hardly surprising given 777 Partners do not exactly want to be pumping money into a club playing in the second tier for a prolonged period.
Given how poor the teams at the bottom of the division are, only the maximum 12-point deduction – if Everton are even found guilty, that is – would put the club’s top-flight status in serious jeopardy.
Even then, the Toffees would have a couple of years to return to the Premier League in order to receive the full payment from 777.
Panja’s warning that Everton must be careful what they wish for is also understandable, but it really is a case of anyone would be better than Moshiri right now.
Everton supporters are just desperate to see their club do well, and hopefully this investment will usher in the start of an exciting new era at Goodison Park if it does indeed go through.
In other Everton news, a journalist put Sean Dyche’s name forward in talk regarding the first Premier League manager to be sacked this season.