Paul Brown: 777 Partners must clear ‘big hurdle’ to complete Everton takeover deal
Paul Brown has claimed there is still a big hurdle for 777 Partners to clear before they can complete their takeover of Everton, despite passing the Financial Conduct Authority assessments.
The former Express journalist reported that despite having passed the initial stage of checks, the FCA have admitted their role in the takeover process is minor and they do not assess their eligibility to run a football club.
This suggests that the more football-focused checks 777 still have to undergo will not be quite as plain sailing as it appears to have been so far for the group, as insiders claim they didn’t think they would progress.
Speaking to GIVEMESPORT [28 December], Brown shared: “What hasn’t been explained yet is the fact that the FCA requested audited accounts from 777, but they weren’t able to provide them. We don’t know how they managed to get over that hurdle, but they have.
“I think people should bear in mind that the FCA did tell us that their role is pretty minor when it comes to getting the green light for takeovers like this. They’re focused on things like credit permissions, and they’re not really looking into how a football club would be run. It’s not really their remit.
“Although 777 have cleared a hurdle, it is a relatively minor one in the process. The big hurdle is Premier League approval, and various people have different opinions on which way that might go. But the last news that we had from inside the company was that they didn’t think this was all going to progress, so we shall see.”
Things still need to be cleared up
Just when it felt like there may finally be some positives to the 777 talks with the FCA approval, the deal has quickly been brought back into question with the news that that is just the first, and seemingly easiest, of a number of hurdles they will need to overcome.
There are several things that still need to be cleared up as far as fans are concerned, and whether or not they will be checked by the Premier League’s investigations is yet to be seen, but the level of worry some off-field issues have caused will need to be addressed.
For example, the current situation at 777-owned Vasco da Gama in Brazil where the group owe debts and have failed to make payments, with others made later than given deadlines, amid a FIFA transfer ban and further financial concerns.
Away from football, 777 have failed, or been late with payments to other business partners, casting a cloud over the eligibility and stability of their finances amid talks of another takeover at Everton.
In other Everton news, talkSPORT hosts have urged action after the defeat to Manchester City.