777 Partners make crisis management move as Everton takeover hangs by a thread
Prospective Everton buyers 777 Partners have appointed turnaround and crisis management experts after new legal developments at the company, according to the Financial Times.
The outlet reported on its website on Friday (10 May) that the Miami-based investment firm has appointed a team from B Riley Advisory Services to assist the company with various operational challenges.
B Riley Advisory Services work on restructuring and turnaround alongside forensic accounting and litigation support and their appointment at 777 Partners comes following a fresh lawsuit against the firm filed by Leadenhall Capital.
777 Partners and co-founder Josh Wander have been accused of operating a fraudulent scheme by London’s Leadenhall Capital Partners and Leadenhall Life Insurance Linked Investments Fund.
The allegation is that 777 and Wander pledged more than £279million in assets as collateral in a credit facility agreement, but those assets either did not exist or were not owned by Wander’s company.
Will 777 Partners complete their takeover of Everton at Goodison Park?
It has seemed as though in the last few days, 777’s bid to complete their takeover at Goodison Park has begun to fall apart in front of the Toffees’ eyes with more and more issues arising.
How a company that have appointed restructuring experts are expected to not only fund the purchase of a football club but then also financially support that team is beyond belief and it seems as though the wheels are falling off.
Throughout this process, Farhad Moshiri has remained committed to seeing this deal over the line but it now feels as though even the current Everton owner is waking up to realise an alternative buyer has to be found.
Hopefully, 777 will leave Goodison Park without making too big a mark. While the loans owed to the company will be an issue, most supporters will just be thankful to see their club not owned by such controversial figures.
In an ideal world, a new buyer would emerge sooner rather than later to save the Toffees from this financially precarious position.
In other Everton news, a new update has emerged surrounding Jordan Pickford’s future at Goodison Park
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