Paperwork update emerges as £550m Everton takeover stalls amid 777 Partners issues
777 Partners’ takeover of Everton has hit the rocks because they can’t provide proof of where the money for the deal is coming from, reports talkSPORT.
The Miami-based investment firm agreed a £550m deal with Farhad Moshiri and are currently in the 12-week process of getting cleared by the Premier League to take over the running of the Toffees.
But major question marks have emerged about where the funds are coming from for the deal and until they provide the FCA and Premier League with proof, they’re not expected to receive approval to complete the deal.
“A source familiar with the sale process told talkSPORT: “Without the correct financial information it is hard to work out where the money is coming from. I’d imagine that is the basis of the FCA issue.”
“Without approval from the FCA, 777 Partners, who have declined to comment, will not pass the Premier League’s recently beefed-up owners and directors test,” they wrote.
“It is a nightmare scenario for Everton who are already being investigated for FFP breaches that could lead to a potential points deduction and are in the process of building a new stadium at Bramley Moore Dock.
“Unless those documents are provided, the government backed regulator will not approve the sale.”
Good
There have been so many near-misses in recent years across the country of poor owners who almost ran their clubs out of business, and people always questioned how the FA were able to let it get so far.
It seems that the Premier League have really upped their levels when it comes to this type of situation, and while Everton fans are desperate to get Moshiri out quickly this is certainly not at the expense of the long-term future of Everton.
That means Moshiri can’t just sell to the highest bidder and forget all about it, because 777 Partners have to prove they’re able to hold up their end of the deal and not put Everton in a hole to do it.
If they can do that, then it’s great for the club that we can start to move on from this disastrous era. But we’d all rather this deal collapse and the era continue a bit longer if they can’t.
It’s going to be an interesting time over the next few months to see how this goes, but at least it seems like the authorities actually care on this occasion.
In other Everton news, takeover on the brink of collapse as new issues emerge.