Everton: New takeover problems may emerge at Goodison as 777 Partners begin fresh restructure
Everton supporters have spent much of the season waiting for new updates over 777 Partners’ takeover at Goodison Park, to little avail.
The American investment firm agreed on a deal to acquire Farhad Moshiri’s controlling stake in the Toffees in 2023 but is still waiting for Premier League approval with new stumbling blocks emerging each and every week.
One of the Premier League’s criteria for 777 to receive approval is the repayment of a £158million loan to MSP Sports Capital, but that repayment has now been delayed after the prospective owners arranged a new deadline.
777’s inability to repay that loan as originally planned has raised question marks over the company’s ability to fund a takeover of Sean Dyche’s side and a new update involving the firm has caused even more doubt.
According to reports, airline Bonza has called upon restructuring advisory KordaMentha for advice on the ongoing operations of the company amid instability at its private equity-based owner, 777 Partners [Financial Review, 18 April].
The airline isn’t in administration, but sources have suggested that a New York-based insurance group A-Cap, had provided a debt facility to 777.
That agreement has since been withdrawn as they had been directed to no longer provide finance to the airline by the Bermuda Monetary Authority because of complications arising from its investment in 777 Partners.
Will 777 Partners complete their takeover of Everton?
While this is completely unrelated to footballing matters, it is further evidence that 777 is not in a strong position financially as they continue to show the Premier League they are not prepared to take over Everton.
The Toffees’ prospective new owners have had a number of funding issues in the last few months with Vasco de Gama being handed a transfer ban by FIFA and London Lions being pulled from European competitions.
Hopefully, the Premier League will take note of this and keep closer tabs on the American firm, otherwise, this deal could be incredibly damaging to the Toffees in a footballing and business sense.
Now that administration has been all but ruled out until the end of the campaign at least, supporters will be hoping some more positive news emerges sooner rather than later.
In other Everton news, one pundit has suggested that the Toffees cannot afford to sack Dyche as a new “fear factor” verdict emerges
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