Everton takeover may be off as 777 Partners Belgium assets to be seized
Two of potential Everton owners 777 Partners’ main creditors have instructed their lawyers to seize their assets in the United States, according to Philippe Auclair.
The Josimar journalist reported on 6 May that former owner Bruno Venanzi and shareholders of Standard’s stadium are the ones taking the initiative.
This comes amid the Miami-based investing firm facing several issues over being able to finance the takeover of the Toffees.
Auclair wrote on Twitter: “Multiple sources in Belgium telling us that 777 Partners’s two main creditors, former owner Bruno Venanzi and shareholders of Standard’s stadium have now instructed their lawyers to seek seizure of the US group’s assets in the country.”
Everton takeover unlikely to happen amid 777 Partners concerns
The seizure of assets is a serious step that indicates the creditors have lost confidence in 777 Partners’ ability to repay their debts.
This move could potentially freeze or even dismantle the group’s financial resources, making it extremely difficult for them to fulfil their financial obligations in the Everton takeover.
The Premier League has stringent financial regulations and requirements for prospective owners, which include proving the financial capability to invest in the club and its infrastructure.
Given the current situation, it seems highly unlikely that 777 Partners will be able to complete the takeover and there is legal action been taken as well.
The seizure of assets could significantly hinder their ability to meet the Premier League’s requirements and demonstrate the necessary financial stability.
Moreover, the legal actions and financial disputes may lead to further scrutiny and scepticism from the league, potentially jeopardising the approval of the takeover.
In other Everton news, an administration claim has emerged as the 777 Partners continue to botch the takeover.
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