New stumbling block may emerge in 777 Partners Everton takeover as another deadline missed
Everton supporters are still waiting to see whether or not 777 Partners will be able to complete their takeover at Goodison Park.
The Miami-based investment firm agreed on a deal to acquire Farhad Moshiri’s controlling stake in the Blues eight months ago but is still yet to receive approval from the Premier League to complete their takeover.
In recent weeks, new financial issues at the company have ensured that the Toffees’ takeover hangs in the balance with lawsuits being filed and assets reportedly set to be seized all around the globe.
Reports emerged from Philippe Auclair (6 May) that the Miami-based firm’s two main creditors former owner Bruno Venanzi and shareholders of Standard Liege’s stadium have instructed their lawyers to seek the seizure of 777’s assets in Belgium.
This comes only days after 777 Partners and co-founder Josh Wander were accused of operating a fraudulent scheme by London’s Leadenhall Capital Partners and Leadenhall Life Insurance Linked Investments Fund.
Will 777 Partners complete their takeover of Everton at Goodison Park?
It isn’t just in the sporting world that 777 has been financially struggling, however, with reports back in April suggesting the company’s budget airline Bonza had been forced to begin restructuring because of instability at 777 [Financial Review, 18 April].
The company had set a deadline of Wednesday (8 May) to begin operations again at the airline but reports now suggest services are unlikely to resume on time as the firm missed another deadline [ABC, 7 May].
After a meeting between stakeholders and administrators on Tuesday (7 May) it was revealed that the deadline to begin operations again had been extended by a further week.
While this is completely unrelated to football matters, it is just further evidence that the Miami-based company does not have the financial capabilities to be fit and proper owners at Everton football club.
Moshiri has remained committed to seeing a deal over the line with 777 despite all this growing controversy, but with alternative buyers waiting in the wings, the Toffees owner must look at his options.
Hopefully, some common sense will prevail after yet another deadline has been missed.
In other Everton news, Manchester United have identified an affordable transfer replacement for Jarrad Branthwaite
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