Everton takeover: High-profile businessman backs out of Goodison Park bid
A high-profile businessman backed out of a bid to takeover Everton having seen the total cost of the acquisition and the level of debt already at Goodison Park, according to Josimar.
The Norwegian outlet reported via their website on 9 January that another group of US investors who share the belief that 777’s bid is doomed to failure were also in the process of putting together an offer for Everton just before Christmas.
This group, which is already heavily invested in the sport, included a high-profile businessman who was willing to invest a substantial amount of money in the project at Goodison Park with his takeover allowing ownership of Everton football club to change hands.
However, the total cost of the acquisition and the level of debt already within the club caused this group to back away from any potential deal.
More and more doubts
777, who are still waiting for Premier League and FA approval, have just provided another injection of cash towards the Bramley-Moore stadium build and the monthly running costs that now takes their commitment over at Goodison to over £142m, but it doesn’t guarantee they will be taking full control.
Several questions have been raised over the American consortium’s ability to finance the deal and or lead Everton into a brand new era since they emerged as the likely parties to buy Farhad Moshiri’s controlling stake.
The ongoing delay in the Premier League and FA’s decision to approve 777 suggests there are some complicating factors at the very least, and the Americans certainly have not been far from complications this past year given their interests elsewhere.
The fact that alternative groups have had huge doubts over 777 Partners’ ability to win approval certainly suggests that doubts surrounding Josh Wander’s group won’t go away.
However, the debt at Goodison Park is indeed considerable and it is why there weren’t several bidders interested when the club was put up for sale.
If the prospective 777 takeover somehow dramatically fails, then Everton will certainly be embroiled in plenty of uncertainty than there is already as to who will be taking over.
A solution needs to emerge pretty quickly because the longer this approval decision takes, the more uncertain things get at the club. It’s no wonder why this unnamed group backed out of a potential bid.
In other Everton news, a double deal may be on the cards with a Premier League side to land the Toffees a “major” Sean Dyche target.