777 Partners told ‘no’ as Everton takeover takes new twist on Sunday morning
Prospective Everton owners 777 Partners have been snubbed in their attempts to bring wealthy pair Andy Bell and George Downing into their project, according to Alan Nixon.
The newspaper journalist shared via his Patreon on Sunday morning (26 November) that the pair have around £80million in loans due to them as part of the project to build the Bramley-Moore Dock Stadium.
Bell, a pensions guru, and Downing, a property developer, told 777 “no” as they did not wish to become part of the Americans’ group of investors.
A possible cash injection
The reasons behind 777’s approach to Bell and Downing are undisclosed, but there is a hint that it could be a potential attempt for a cash injection, trying to convince more wealthy investors who already have a keen interest in Everton to get on board with their project.
As both investors have loans yet to be paid off by Everton in their assistance putting money towards the new stadium build, there is also the possibility that 777 are trying to find ways around paying off the large debts Everton owes.
If they were to get both lenders to join part of their group in the takeover bid, it would be safe to assume that any agreement between the parties would involve some sort of structured repayment or way around paying the full amounts owed to them.
A number of assumptions can be read into their attempts, but as the group have been told no by the duo of investors, whatever they were attempting to do has proved unsuccessful already.
In other Everton news, an update has emerged on the stadium naming rights.