Everton takeover: 777 deal on knife-edge hours ahead of late-night MSP Sports Capital deadline
The Everton takeover is now on a “knife edge” with just hours left before the deadline to pay back nearly £160million in loans to MSP Sports Capital, according to The Telegraph.
The paper reported via their website on 15 April that a source had clarified the money must be repaid by 5.00am the next morning UK time, corresponding with an midnight deadline on the US east coast, and as of late afternoon an agreement had still not been reached between the investors and 777 Partners.
The latter must repay the loan money to MSP, as well as local businessmen Andy Bell and George Downing, as one of the conditions specified to them by the Premier League last month in order to gain approval for their takeover, and have been in talks with their fellow American company, with negotiations tipped to “go down to the wire”.
The loan is secured against 51% of Farhad Moshiri’s stake in the club, allowing MSP to take majority control of the Toffees if the deadline passes without resolution.
End of Farhad Moshiri era could arrive in early hours of the morning
With the Monday 15 April deadline having arrived without a clear update on what the next step is, it might have been assumed that MSP had decided to allow an extension to their deadline, something 777 were reportedly seeking last week.
Whether no news is good news on this situation is highly debatable, with concerns over the suitability of 777 as the club’s new owners and their ability to fund operations on Merseyside, but equally significant worries over the source of further income for Everton if the Miami-based firm see their bid collapse.
It would appear from the latest update that the situation has still not yet been decided either way – in terms of the current attempted takeover falling through ahead of this deadline or being afford yet more time to get it done.
If an extension is granted, and the Premier League are happy to extend their own conditions along with it, that would just prolong the circumstances under which Sean Dyche and the players have attempting to operate, likely past the end of the season.
The cloud appears set to still be hanging over the side for their vital Premier League clash with Chelsea, which kicks off at 8.00pm, one way or another, and talks may go on late into the night with the prospect that Evertonians don’t discover the immediate fate of their club until waking up on Tuesday morning.
In other Everton news, a Toffees colossus has now been told he must leave the club this summer amid potential questions over his ambition.
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