777 Partners fail to make payment on time, severe consequences mooted for Everton
777 Partners have failed to pay a promised £20million to Everton, forcing the club to use its own money to meet payroll obligations, according to Josimar.
The news outlet reported on 30 April that, despite promises from 777 that the money would arrive on 29 April, it did not, meaning the club’s own money was used to meet payroll.
On top of that, money is owed to Laing O’Rourke in the next instalment of costs for the Bramley-Moore Dock stadium, and it is unclear whether the club can afford to pay them without 777’s backing.
It is said that failing to meet payroll would have potentially severe consequences for Everton and would attract the attention of the authorities.
Everton face severe consequences after 777 Partners failure
The deadline for the next instalments on the stadium is 30 April and it remains to be seen whether 777 will make their promised £20million payment in time or whether more pressure will mount on Everton to complete their obligations.
Failure to make payments on time is nothing new as far as 777 Partners are concerned. Multiple incidents in the past few months have seen them fail to meet payment obligations to MSP Capital and the British Basketball League despite promises made.
The group had previously been described as “erratic” in how they go about their business, but when that erratic behaviour could land the club in serious trouble with the authorities, it cannot simply be tolerated any longer.
With no funding going into the club from 777 as things stand, while they remain scrambling to pay off debts to MSP, concerns at the Premier League will surely skyrocket given the threat of the club being unable to meet payroll demands.
In other Everton news, a takeover update is now “close” after a new deadline.
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