777 Partners finally disclose Everton takeover details to Premier League amid near-£10bn update
777 Partners has finally disclosed details to the Premier League over how it intends to complete the proposed £500million purchase of Everton, according to Matt Hughes.
The journalist provided the update in the print edition of the Daily Mail on Friday [3 November, page 74] and added the news will be a “relief” for Everton fans.
The American investment fund is undergoing various checks by the Premier League and Britain’s Financial Conduct Authority (FCA) after agreeing to purchase Farhad Moshiri’s full 94.1% stake in the club.
Hughes’ report read: “American private equity firm 777 Partners have told the Premier League they will use their own resources to complete the proposed £500million purchase of Everton rather than seek funding.
“The firm have begun disclosing details of the deal agreed with Farhad Moshiri to the Premier League, whose initial questions revolve around the source and sufficiency of their funding.
“777 claim to control assets worth almost £10billion worldwide through a complex structure of more than 60 companies involved in industries including debt financing, pay-day loans and aviation, as well as football.
“The commitment to be self-funding will be a relief to Everton fans as the club is already saddled with loans totalling more than £350m, although 777’s habit of being late in making payments in areas of their sports business has led to scepticism over their promises.”
Bottom line
This is a big milestone in 777’s proposed takeover of Everton, as concerns were recently raised that the deal could collapse entirely as the Miami-based company had yet to provide audited financial statements to the FCA [New York Times, 18 October].
On the face of it, this should mean 777 Partners’ takeover is a step closer to going through, although that does not necessarily mean all is rosy.
Having £10billion in assets is all well and good, but too many concerns have been raised by journalists and – more pertinently – supporters from other clubs in the American fund’s stable for Everton fans to get ahead of themselves.
The bottom line is there are question marks over how much money will be pumped into Everton, and exactly where this money is going to be coming from, even if it is technically self-funded.
Still, this is a step in the right direction as Moshiri’s tenure at Goodison Park slowly reaches its conclusion.
In other Everton news, Sean Dyche singled out an “exceptional” performer for praise following the midweek win over Burnley.