Everton: Premier League send letter to 777 in new takeover twist as £400m message revealed
777 Partners have been told by the Premier League they must provide proof of access to more than £400million before their Everton takeover can be approved, according to Matt Hughes.
The Premier League wrote in a letter to the Toffees’ prospective owners last week that they are “minded to approve” a takeover provided a series of strict conditions are met.
Writing in the Daily Mail (23 March), Hughes revealed that 777 Partners have been asked by the Premier League to show they can pay a £150million loan which is owed to MSP capital, pay Moshiri’s asking price, fund operations for the remainder of the season and also ensure that the new stadium is completed.
These conditions are set to cost 777 well over £400million.
The American private equity firm has already invested more than £150million in loans since a deal was agreed with Farhad Moshiri last September, but the Premier League is demanding those loans be converted into equity.
Everton edging closer to a 777 Partners takeover decision at Goodison Park
Everton supporters will be desperate for a decision to be reached and an announcement to be made when it comes to a takeover at Goodison Park.
It has been an incredibly turbulent season on Merseyside and the club will just want some clarity one way or another, more than anything.
It is hard to blame the Premier League for being thorough when it comes to 777 Partners, especially considering the stories that have emerged in recent times, although these checks are now starting to drag on.
With a new stadium being built, points deductions left, right and centre and the threat of relegation still looming large, all the Toffees need is a little bit of stability.
New owners would go a long way in providing some of that stability, and with the Premier League now laying out their conditions, hopefully for Everton supporters, a takeover is now imminent.
In other Everton news, a doctor has provided an injury update on a player at the club after his international call-up.
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