Premier League in ‘impossible’ position after Farhad Moshiri makes Everton takeover decision
Kieran Maguire slammed Everton owner Farhad Moshiri after he made a decision on 777 Partners that has left the Premier League in an “impossible position”.
Everton are set for further gridlock in takeover talks between Moshiri and the Premier League, after the current owner extended 777’s deadline to complete a buyout of the club.
The finance expert told The Price of Football podcast (16 May) that Moshiri’s decision to extend that deadline is pointless, as 777 have very little chance of satisfying the league’s owners and directors tests.
Maguire asked: “Have 777 been booted out? Earlier this week they reportedly had ‘a 0.1% chance’ (of completing the takeover), and then all of a sudden, Moshiri pipes up with ‘I’ve decided to extend the deadline until 31 May’.
“Why? 777’s reputation has been shot to pieces.”
He assessed the situation, saying: “The Premier League have been put in an impossible position. Four weeks ago they were minded to ‘approve the decision if certain conditions are achieved’, knowing full well that 777 had not got a cat in hell’s chance of satisfying those conditions.”
Why is Farhad Moshiri insisting that 777 Partners buy Everton?
Everton have been in takeover discussions with 777 Partners for over eight months now, yet the US investment group are yet to satisfy the Premier League’s owners’ and directors’ tests, leaving any chance of a buyout in limbo.
During this time, 777 have reportedly loaned the club over £158million to aid with the completion of their new stadium at Bramley-Moore Dock, and that amount would to converted to equity if the Miami-based firm can complete their takeover.
But, with the chances of that happening standing at “0.1%” according to Maguire, Moshiri’s persistence with 777 is restricting the chances of a third party, such as MSP Capital, stepping in to save the beleaguered club.
Moshiri likely hopes to see his debts in the club become shares and assets, hence the lack of willingness to look beyond 777 Partners until very recently, but having extended the deadline for a buyout to be completed, the signs are that the Everton owner isn’t giving up hope just yet.
In other Everton news, Richard Keys and Andy Gray have mooted a controversial reason for Sean Dyche being overlooked as manager of the year.
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