Kieran Maguire issues £1bn Everton revelation as 777 Partners botch takeover
Kieran Maguire believes that 777 Partners are unlikely to satisfy the financial hurdles to complete the Everton takeover.
The finance expert believes that the Premier League guidelines which include Farhad Moshiri writing off his debt, converting it into shares and also the repayment of the loans from MS, would all amount to over a billion.
That will make it too steep for the Miami-based investing firm given they’re already facing a financial crunch.
Maguire told Price of Football on 15 May: “I cannot see how 777 can satisfy the financial hurdles which have been set by the Premier League, one of which is Moshiri writing off all his debt, converting that into shares, repaying the loans from MSP, 777 converting their debt into equity, effectively strengthening the balance sheet by reducing the level of debt – which if you add up everything, probably exceeds a £1billion at present.”
Everton finally receive good news in takeover saga
The financial obstacles facing 777 Partners in their attempt to acquire the Toffees are significant as the cumulative amount required could exceed £1billion, a figure that 777 Partners may struggle to meet given their current financial constraints.
This development could be considered positive for the club as it could prevent a financially unstable entity from taking charge.
The Premier League’s stringent financial criteria demonstrate a commitment to ensuring the stability and viability of its clubs, which is beneficial for the long-term health of the league and its members.
It’s evident that the Toffees are looking for new owners and that Moshiri is hell-bent on selling to 777, given their agreement in 2023.
Hopefully, a new buyer will make their interest heard so that things can accelerate sooner rather than later.
In other Everton news, a claim has emerged on Saudi Arabia potentially completing the takeover ahead of the 777 Partners.
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