John Textor and Sixth Street Everton takeover update emerges as 777 Partners agreement ends
John Textor, Sixth Street or any other American investor will not take over Everton with their current debt issues, according to The Athletic.
The outlet reported online on Monday (3 June) that it is unlikely any “American white knight” will ride to the Toffees’ rescue following the collapse of 777 Partners’ takeover whilst they possess debts of almost £1billion.
Current Crystal Palace co-owner Textor has previously expressed his interest in acquiring the Toffees [The Athletic, 24 May], but he would first have to sell his stake at Selhurst Park before he could even begin working with the Blues.
Even if Everton are able to half their debt, it is expected that Textor will then be “too late to the party” to be the man to take over from Farhad Moshiri at Goodison Park.
Will John Textor complete Everton takeover after 777 Partners collapse at Goodison Park?
It is obvious that Everton are in dire straights right now when it comes to the financial side of the football club. The Toffees need a new owner as soon as possible and while that is clear, it doesn’t mean that it will suddenly happen.
777 Partners have helped this situation over the last few months with their financial support, but their takeover was doomed almost from the start and it could well have been a disaster had they received approval from the Premier League.
Textor does appear to be a better alternative, but as The Athletic’s report suggests, it seems incredibly unlikely that any businessman or company will be willing to take on a football club that owes so much money to so many people.
Almost £1billion worth of debt cannot just be immediately written off. Someone is going to have to manage that or administration could become a very current issue, which would only be more damaging for the club.
Hopefully, some will ride in like a white knight to save the Toffees sooner rather than later. At this moment in time, that doesn’t appear very likely, however.
In other Everton news, one talkSPORT host has insisted that three Toffees stars “will go” during the summer transfer window
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