Everton takeover news as fresh 777 Partners Lawsuit could harm hopes of Premier League approval
Another new lawsuit levelled at prospective new Everton owners 777 Partners could harm their hopes of receiving Premier League approval for their takeover, according to The Athletic.
The outlet reported on its website on Monday (15 January) that investor Change Lending LLC has begun legal proceedings against the American-based firm citing damages of over £23.6million.
Charge Lending is the owner of The Change company which is a non-profit organisation that lends to low-income and low-wealth borrowers. In their deal with 777, they could make Everton’s potential owners buy back the preferred equity at the same price, plus any unpaid dividends, the Athletic report stated.
The online outlet said it is the third legal case levelled at 777 Partners, with litigation currently taking place in several US states over allegations of fraud and unpaid bills, allegations that the American firm has strongly denied.
Not a good look
Everton supporters understandably want Farhad Moshiri out of their club as soon as possible given the Toffees’ poor position both on and off the pitch.
But there has been plenty of controversy surrounding 777 Partners and it remains to be seen if they will get the green light to try and help the Toffees improve their financial standing.
The proposed takeover has been in the works for several months and the Premier League will clearly want strong assurances about 777’s viability to run the club successfully and sustainably, assurances that the club’s fanbase will want too before they get the keys to Goodison Park.
The wait looks set to go on to see whether or not the Toffees will be taken over by 777 Partners, but if these sorts of court cases keep popping up, it could damage the Miami-based investment firm’s hopes of getting a slice of the Premier League pie.
In other Everton news, Newcastle fancy signing Amadou Onana this January, but it would take a head-spinning offer to tempt the Toffees