777 Partners risk ‘huge’ as Everton takeover takes scary new twist with legal news
Tariq Panja has dropped a worrying 777 Partners claim after it emerged the prospective Everton owners are being sued for fraud.
The Miami-based investment agreed a deal to purchase Farhad Moshiri’s 94% stake in September, but are yet to receive authorisation from the Premier League to complete the deal as they are yet to provide proof of funds.
Since then several different issues regarding the company have emerged, and the latest news is that they took out a $350million (£278.9m) loan against assets they didn’t own which has resulted in a lawsuit being brought against them [Financial Times, 4 May].
And reacting to the news on his personal X account (4 May), The New York Times journalist Panja claimed the “contagion risk is huge” as it could boil over and affect the Toffees.
“Everton buyer 777 Partners accused of fraud over $600m loan, and operating like an elaborate “Ponzi scheme”, according to furious legal complaint by London based asset manager. (777 declined to comment),” he wrote.
“Now if all of this goes belly up, the contagion risk is huge. Why? Because football’s regulators (joke) have done nothing to regulate multi-club ownership. This company controls teams on three continents, which owe money to several others. So failure risk here is huge.
“If you’re wondering why 777 despite its many challenges is still forging ahead to try and buy Everton, the legal claim has this to say: Everton is just another asset to leverage for more loans. This is not about a football club, but collateral.”
Everton future at risk with 777 Partners at the helm
Everton are in a situation currently with their ownership where they don’t know if they’re coming or going, and most people just want to get Moshiri out of the club quickly.
But sometimes it’s better the devil you know than the devil you don’t, and if 777 Partners are to somehow get authorisation to keep the takeover alive then the Toffees could be at great risk.
Clearly the American company don’t have any interest in returning this football club to it’s once great standing, and instead just want to milk it for money and find a way to make themselves some extra change.
Everton are bigger and better than that, and fans especially don’t deserve to be dragged through the mud over this situation.
Reports suggest there are other parties interested in a deal so it’s time they come forward and make an actual offer to save the club before this gets any worse. If 777 Partners get control of the club, then Everton may be sitting ducks for trouble.
In other Everton news, Gary Neville has reacted to “scary” news as administration is mooted at Goodison Park.
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