Everton: 777 Partners change of heart would mean someone else has to foot £30m-a-month bill
Everton would be left in a precarious financial position should prospective new owners 777 Partners have a change of heart, with £30million monthly costs to cover, according to a report from The Times.
Farhad Moshiri’s efforts to sell his majority stake of 94.1 per cent to 777 has yet to go through despite the process beginning in September, with the Premier League’s stringent rules proving an obstacle.
Among the conditions imposed by the league is that the £158million loan taken out by Everton for their new stadium is repaid by 15 April.
Miami-based company 777 insist they will do so – but allegations of financial malpractice at the firm have cast doubts over their ability to follow through on their promise.
Should the prospective new owners fail to deliver, Everton would find themselves in serious trouble.
“What happens if 777 falls by the wayside is a multi-million-pound question,” the report read.
“So far it has provided about £180-200million in loans to cover the club’s monthly running costs. If it stops providing funds, someone else will have to write a £30million paycheque every four weeks for staff, player and stadium costs.”
Everton must not allow off-field drama to distract from their on-field task
The scale of the task facing Everton to avoid relegation is significant.
The Toffees find themselves in an advantageous position compared to their relegation rivals at present, with a four-point cushion between them and the bottom three and a game in hand on the trio of sides below them, but should a second points deduction be dished out for breaching the Premier League’s Profit and Sustainability Rules (PSR) – as is highly likely to be the case – the picture could suddenly look markedly different.
As such, every game and every point is vital for Everton, who must plan for the worst-case scenario or risk losing their top-flight status for the first time in the Premier League era.
The run-in Sean Dyche and his side are facing is as kind as they could have hoped for, with four home clashes against relegation rivals Brentford, Forest, Burnley and Sheffield United, as well as a trip to Luton Town.
Taking points off the teams around them could well be enough to stave off the drop, even after a second sanction – but their financial problems off the field may take even more effort to solve.
In other Everton news, a former Toffees defender has suggested Dyche could be relieved of his duties if performances do not improve.
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