777 Partners may fail in Everton takeover bid as wait for approval continues amid £480m losses
It feels as though for weeks and months on end, Everton have been waiting to see whether or not 777 Partners will have their takeover bid approved.
Having agreed to a deal in principle to acquire Farad Moshiri’s 94.1 per cent stake in the Toffees, the American investment firm are currently being examined by the Financial Conduct Authority, the Premier League and the FA to decide whether they are fit owners.
If you believe 777’s viewpoint, sources close to the company suggest that they are confident a deal will be approved before the end of the year, with Josh Wander and Steven Pasko prepared to join the Goodison Park board once it is completed [BBC Sport, 9 November].
But judging by reports elsewhere, it may not be that simple, with suggestions that 777 has failed to submit documents that show roughly £480million worth of losses, that were not disclosed to the FCA [Josimar, 6 November].
These losses would throw into doubt whether or not the Miami-based firm would be financially capable of funding Everton. On top of this, it has been suggested that they may need to sell assets or look for further funding to “buy, recapitalise and invest” in Everton [The Esk, 9 November].
The suggestion is that these “impossible” financial tasks could see 777 Partner’s bid unravel in the future, with the high-interest rate model employed by the American company incredibly risky and posing a danger to the Toffees.
All of this has thrown 777’s suitability to take over Everton into doubt, with one source suggesting that there is still no sign of approval as of yet from the FA to suggest that the deal will be allowed to be completed [Bloomberg, 9 November].
It isn’t very often that potential new owners of a football club receive this much bad press before a takeover is even approved or completed and you have to wonder whether or not Everton supporters should even be hoping that Wander and Pasko’s acquisition is completed.
All the signs suggest that they are not financially equipped to see Everton thrive and return to their previous standing in the Premier League and the only people suggesting that they can achieve such, are associated with 777 Partners.
The last few years under Moshiri’s ownership have been bleak and it is natural for fans to pine for a change at the top of Goodison. But there is little evidence to suggest that this is a step in the right direction as opposed to a backwards one.
As the negative publicity surrounding 777 grows with each passing day, you have to wonder whether the FA will even allow the firm to acquire the majority share in the Toffees. There seem to be plenty of reasons in the press to suggest a deal shouldn’t be completed.
Whether or not the deal is completed, the next few weeks and months could be an incredibly tense period in the blue half of Merseyside.
In other Everton news, Chris Sutton has suggested that the Toffees’ clash with Crystal Palace stinks of a draw