In an ongoing battle to secure the financial boost of new owners, a fresh report has issued an update on Everton and 777 Partners' potential agreement, amid the Premier League's Owners' and Directors' test.
Everton takeover news
777 Partners – a Miami-based private investment company – initially reached an agreement with Everton over a takeover back in September, but are yet to be given a green light from the Premier League due to a number of concerns.
Current owner Farhad Moshiri expressed his delight at the time, saying: "The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
"The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced private equity firms, specialist sports investors or state-backed companies and funds."
Now in March, however, Moshiri is still yet to see a resolution to the takeover and remains in control at Goodison Park, where the Toffees were charged for breaching Financial Fair Play rules for a second time earlier this season. And the latest reports haven't exactly provided a positive update over the potential takeover.
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According to the Financial Times, 777's Everton takeover is set to unravel. The report said: "A Bermudian financial structure used by the Miami-based bidder for Everton Football Club to funnel money invested for widows and orphans into the sport has begun to unravel.”
Given that 777 Partners have reportedly already invested as much as over £160m in Everton, meanwhile, the Toffees could face a nervous wait to see what exactly happens to that loan should the takeover fail to take place. The last thing that those at Goodison Park need is more debt to pay off in the coming months.
Everton face worrying wait
By this point, there's no doubt that Moshiri would have been hoping to have the takeover approved, but the fact that the Premier League are still questioning the Miami-based firm six months after the initial agreement doesn't exactly suggest there's a positive outcome to arrive. And that may even be for the best for the Toffees.
According to Josimir, a document has shown that 777 Partners owed a total of $3.6bn to creditors in the summer of 2023. Meanwhile, Philippe Auclair and Paul Brown also reported that a credit rating agency has slashed the rating of one of the main sources of 777's financing, leading to even more doubts over their credibility.
With that said, it looks set to be an interesting few months in Merseyside, as Everton look to stay afloat on the pitch and receive the financial boost to ensure that they survive away from it. Whether 777 Partners are the ones to ensure that however, remains to be seen.
