Everton takeover: Significant 777 Partners funding on cards amid stadium update
The 777 Partners will need to provide Everton with a “significant” sum in the coming weeks, according to the Liverpool Echo.
The news outlet claimed on 18 April that this money is needed to ensure that work continues on the new stadium at Bramley Moore Dock.
There are also payroll obligations to the staff and that needs to continue so there is an urgent need of a cash injection.
The report reads: “More time has been granted following talks between the two parties on Monday, but that time is ‘weeks not months’, according to 777 sources. The firm continues to state its confidence of achieving its goal of being the new owners of the football club.
“Up to now, 777 has been providing working capital to the club through debt financing, with the figure understood to currently stand at £160m, according to sources.
“Another significant sum will be required in the coming weeks in order to allow work on the stadium build at Bramley Moore Dock to continue unaffected, as well as continued payroll obligations.”
Everton faces challenges amid 777 Partners takeover uncertainty
Everton faces challenges due to the lack of clarity surrounding the takeover deal with 777 Partners.
The Miami-based firm has been financing the club’s working capital through debt, which currently stands at £160million and is expected to increase closer to the £200million mark.
One of the conditions of the Premier League’s approval involves the repayment of a £158million loan from MSP Sports Capital, which was due this week, but the repayment has been delayed, granting 777 Partners only a few weeks to fulfil their obligations.
Additionally, there are concerns about the financial commitments required to complete the new stadium at Bramley Moore Dock and maintain payroll obligations.
As 777 Partners has been granted more time to fulfil these financial obligations, there is uncertainty about whether the firm can meet the Premier League’s conditions and convert its debt into equity in a timely manner.
Until these issues are resolved, the future of the Toffees remains uncertain and fans are right to be on edge.
In other Everton news, a senior player may never start for the club again after the Chelsea loss and is now very likely to leave in June.
For more Everton news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.