Everton takeover blow as 777 Partners in grips of new crisis
Prospective new Everton owners 777 Partners have been plunged into a “new crisis” after their airline Bonza entered administration, according to The Guardian (30 April).
The Miami-based investment firm agreed on a deal to purchase the Toffees back in September, but have been unable to provide proof of funds to a satisfactory level for the Premier League to authorise their takeover.
They have loaned the club over £200m to help with the running costs since then, but there are severe question marks about their financial state and Bonza’s administration has plunged fresh doubt over whether they will be able to complete the deal, as they hope.
777 Partner Everton takeover disaster waiting to happen
It’s clear that Farhad Moshiri needs to leave Merseyside and the club alone going forward, but he shouldn’t be allowed to just throw the club to the biggest bidder even if it leaves the future in doubt.
777 Partners’ model is always to flip their assets for a profit, and while that could work on the football pitch if the right parts are in place, that doesn’t build towards long-term success on it.
It also is hard to envisage that path when their other clubs are all struggling financially and performance wise. With so many questions unanswered about their money, it begs the question why the Premier League haven’t pulled the plug on it.
With so much talk in recent months about PSR and FFP being in place to stop clubs going bust, this situation reeks of a disaster in the making if not dealt with properly.
777 Partners are in crisis and shouldn’t be allowed to spend even more money to buy more assets when they can’t afford to deal with the things they already own. If Everton aren’t careful, they may end up in a similar place in the near future.
In other Everton news, Sean Dyche and Kevin Thelwell are already working on summer transfers with one star’s future up for debate.
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