Everton: Fresh 777 Partners controversy emerges just hours after Goodison takeover boost
A fresh controversy has now emerged for prospective Everton owners 777 Partners just hours after receiving a takeover boost at Goodison Park.
The Guardian reported on its website on Tuesday (16 April) that the US investment firm has been granted a last-minute extension to pay a £160million loan it owes.
A source close to the negotiations also told the newspaper that a deal has been agreed over money owed by the club to MSP Capital, as well as the businessmen Andy Bell and George Downing, but that the repayment of the debt is a condition of 777 completing its takeover at Goodison Park.
That was one bit of positive news for the group after there have been months of negative reports coming out questioning its suitability to take the reins on Merseyside.
But it wasn’t long before another concerning update emerged, this time in Brazil.
Concerns emerge for prospective Everton owners 777 Partners
Globo reported on its website on Tuesday that Pedrinho, the president of Vasco da Gama, one of the various clubs 777 owns a stake in, asked the American company for guarantees that it will deposit its financial contribution scheduled for September in a meeting on 12 April.
The Brazilian newspaper said the firm was surprised to receive the request after the Rio de Janeiro-based club expressed concerns about the “economic fragility” of the group.
It comes after there was a delay in its last payment contribution last year, forcing the Brazilian side’s lawyers to get in touch about the £41million it was obliged to pay in the contract agreement.
The money was eventually paid into Vasco’s accounts, but Globo revealed that they could have taken measures to recover 777’s 51 per cent shareholding and overall control of the club following the late payment.
It said the latest request for assurances over the upcoming deposit has been “poorly received” by the firm as it believes it shouldn’t have to provide any guarentees.
But the club have insisted that, because of the news circulating in the press about the company’s financial problems, they believe proof of liquidity and financial health is “necessary”.
777 Partners development doesn’t bode well for Everton takeover
This is another sticky situation 777 appears to have involved itself in, but this time its away from Goodison.
That probably won’t provide too much comfort for the Everton fans, though, given that it doesn’t bode well for the company taking over matters at their club.
There have long been questions asked about how it will initially be able to finance its takeover of the Toffees and then take the club forward following years of mismanagement under Farhad Moshiri.
It’s just another day of the negative stories overshadowing the positive news for 777.
Is the US firm really the answer for the Blues? The jury is surely out on that one.
In other Everton news, Pat Nevin has raged over a Toffees development as he shared a “ludicrous” Premier League admission.
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