Everton takeover: Growing concerns of unique public failure for 777 Partners
There are “growing concerns” that 777 Partners are going to be rejected by the Premier League in their attempt to become the new Everton owners, according to Josimar.
The Norwegian outlet reported on 7 December that the American company is feared to become the first ever to publicly fail to pass the Premier League’s newly “beefed up” fit and proper person test.
Former league chief executive Richard Scudamore has claimed previously that there have been a number of potential owners privately turned down, but after clubs unanimously approved changes to the ownership test back in March [The Athletic, 31 March] the Miami-based firm could be the first to fall foul in plain sight.
Since an agreement was signed between 777 Partners and Farhad Moshiri on 15 September for the transfer of ownership at Goodison Park the process has dragged on for close to three months, with the prospective new owners putting in around £20million-per-month in loans.
But the company, headed by Josh Wander and Steven Pasko, has now indicated it is unwilling to continue with such loans past the end of January if the takeover is not completed.
Dubious honour
Nobody, except perhaps Wander and Pasko themselves, know whether they can successfully meet the required criteria to satisfy the Premier League and the Financial Conduct Authority in order to takeover the club.
Some journalists have been adamant ever since 777 were first in the frame behind MSP Sports Capital nearly a year ago, and certainly since the buy-out was agreed with Moshiri, that they can’t.
In response the Americans have obviously denied this and expressed confidence in the process moving to completion, but it is starting to sound like even they may have some doubts.
Ultimately the matter is out of the club’s hands and is now between 777 and the authorities, but with suggestions that the former are unsatisfied by the wait and the latter are unsatisfied with the information provided it currently isn’t looking particularly positive.
And it seems that Everton have somehow again found themselves in position to be the example of the Premier League’s rules being strong enough.
It has widely been suggested that the profit and sustainability case that saw the club punished with 10 points deducted was influenced by the looming independent regulator.
So if 777 are rejected it would be another example the league could point to in its attempt to show it can manage itself, with the Toffees, rightly or wrongly, the club it effects above all.
Clearly if the American company isn’t capable of properly running the operation on Merseyside they shouldn’t be waved through, but it is going to leave Moshiri and the Toffees scrambling for an answer if this deal doesn’t get done.
In other Everton news, Sky Sports have been branded an “absolute disgrace” over their depiction of the club’s fans.