Farhad Moshiri agreed to sell his majority stake last year but the deal has not yet progressed to completion
In light of concerns over whether the American investment fund has the necessary funds and the potential that their takeover may be in jeopardy, 777 Partners has requested further time to finalize their agreement to purchase Everton.
The Premier League had stated that the £158 million loan must be repaid if the Miami-based business’s takeover of the Merseyside club is to proceed. The corporation has now asked for an extension of this deadline.
The deadline for 777 to pay MSP Sports Capital and the Liverpool businessmen George Downing and Andy Bell was set for next Monday; however, they asked for an extension, causing a delay that raises questions about whether the buyout can go forward.
Farhad Moshiri, the majority shareholder of Everton, consented in September to sell 777 his 94.1 percent share in the team. The Financial Conduct Authority gave its clearance in December, and the parties initially anticipated that the sale would close by the end of 2023.
The Premier League has stated that, subject to a number of requirements being satisfied, including paying back the debt to MSP, Bell, and Downing, they would be inclined to approve the takeover.
777, who were founded by Josh Wander and Steve Pasko, have reportedly talked to lenders in bids to secure the funding to pay off the loan, including the American credit provider Blue Sky Capital. 777 have loaned Everton, who needed money to build their new stadium at Bramley-Moore Dock, almost £200m which the Premier League have asked them to turn into equity in the club.
In recent years, 777 have acquired stakes in clubs including Hertha Berlin, Standard Liega, Vasco da Gama, Sevilla and Genoa but there have been reports American regulators have pushed insurers to cut their exposure to 777.
Meanwhile, Everton, who recently announced a loss of £89m for the 2022-23 financial year, have suffered a second points deduction of the season after being found guilty of failing Financial Fair Play twice. The relegation-threatened club have now been deducted eight points and seem likely to remain in limbo for a while longer as they wait to discover if their takeover can proceed.
