777 Partners executives pass Premier League owners’ and directors’ test in Everton takeover bid
777 Partners have seen “multiple executives” successfully pass the Premier League’s owners’ and directors’ test as they attempt to takeover at Everton, an insider has told The Telegraph.
A report on the paper’s website (2 May) said that after the prospective new Toffees owners’ budget Australian airline, Bonza, went into voluntary administration at the beginning of the week the league was “likely” to look into the situation and could now require guarantees that none of the firm’s other companies are in trouble.
That comes as Bonza’s Canadian sister company Flair announced 777’s shares will be acquired by other investors, but sources close to Everton talks have told The Telegraph that the developments at the airlines will not negatively affect the bid to takeover the club.
To that end one source has insisted that a number of the top figures at the firm have already gained approval according to the league’s regulations.
777 Partners chiefs cleared for Everton ownership?
It is obviously an important hurdle to clear in their attempts to takeover on Merseyside but the suitability of the individuals involved in the bid doesn’t appear to have been the big issue during the months of delay.
The Premier League’s own explanation of the situation in a letter to the club’s Fan Advisory Board (3 April) suggested as much, when it pointed out that the bid would only be expressly rejected if a disqualifying event was discovered in the past of the directors involved, whereas a failure to provide proof of sufficient funding would simply result in more time being allowed to do so.
That would seem to make clear that Richard Masters’ office has no issue with Josh Wander and the like but are not convinced of the cash behind them.
But whether the developments at the airlines may now constitute an event that might disqualify anyone involved, such as 777 co-founder and Bonza board member Steven Pasko [Australian Financial Review], could potentially now become a valid question.
Even if it doesn’t, the fact that the money is apparently not available to keep the airline flying, just as it apparently wasn’t to pay 777’s PR advisors who have now cut ties, isn’t a great indicator of their chances of satisfying the Premier League when that had so far proven impossible.
It emerged earlier on 2 May that 777 were now in talks with the US a potential rescuer in GDA Luma Capital, who specialise in distressed debt, offering a potential route over the line for the flagging takeover.
But that news has itself been given short shrift in some quarters on the basis of how the would-be new Everton owners are not investible.
In other Everton news, a vital Goodison Park star has surprisingly considered his future at the club amid a possibility that his transfer may be forced on the Toffees.
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