‘Huge’ 777 Partners losses not disclosed in Everton takeover update
777 Partners have not disclosed “huge” losses of £480million as they continue to look to complete their Everton takeover, according to Josimar.
The website reported on Monday (6 November) that the American investment firm lost almost $600million between June 2021 and June 2022 and these figures have not been submitted to regulators who are “probing” their proposed takeover of Everton.
In documents seen by the outlet, 777 Group, which is made up of 777 Partners and its “distinct sister company,” lost a total of £480million ($597m) which would cast doubt over whether they would be financially able to support its current sides while completing the takeover of the Toffees.
The losses appear to be a result of punishing debt repayments, with “interest expense” and “unrealised change in fair value of financial assets” accounting for a majority of the lost figures, but these emerging documents have not been passed into the British Financial Conduct Authority.
Worrying signs
There seem to have been red flags throughout this proposed takeover process with plenty of reasons for Everton supporters to be worried that their potential new owners may not have the Toffees’ best interest at heart if they complete their takeover.
While it is unknown if these latest figures will ultimately impact the club, it does seem worrying that 777 Partners left out such a big loss when submitting their figures to the FCA to get approval alongside the FA and the Premier League.
It is not a nominal amount of money that hasn’t been accounted for either, with losses of £480million a far cry away from a drop in the ocean. It could well be damaging to Everton and the clubs already under the ownership of 777 Partners.
The American firm has assured supporters throughout the process that they have the funds and ability to complete the takeover without any hiccups, but this latest news could suggest that is not the case and there may be a few more bumps in the road ahead.
You have to wonder whether or not 777 would actually be a better owner to oversee Everton’s future than the highly controversial Farhad Moshiri has been in the last few seasons. The grass isn’t always greener elsewhere.
In other Everton news, Ally McCoist and Andy Townsend have been sympathetic to Ashley Young after the Toffees’ defeat to Brighton