Everton owner Farhad Moshiri will meet with a key stakeholder group next week amid the latest developments in the protracted 777 Partners takeover saga.
The Miami-based investment fund’s bid to take over the club is now all but dead, with the Premier League refusing to ratify the deal amid doubts about their ability to fund the club.
However, Moshiri has given 777 Partners until the end of the month to prove that their financial situation is strong enough to take over the Toffees.
The group had already lent Everton around £200m as part of the acquisition process and Alan Myers has now reported via Twitter that another £8m payment has also been issued on top of that.
The debacle has not reflected well on Everton, 777 Partners or the Premier League. But one group has emerged with their reputation enhanced.
Moshiri to meet with Everton supporters
The excellent Everton Fan Advisory Board has issued a statement that outlined that they had requested an “urgent meeting” with Moshiri, which the British-Iranian billionaire would attend next week.
The FAB, an independent body with a direct line to the club board, said it wanted clarification on the 777 Partners talks, as well as on what will happen when the club is forced to explore alternative options.
“We believe it is important that fans are given the facts, rather than speculation and we are therefore sharing what we have been told,” the statement read
“A share purchase agreement is currently in place, which gives 777 Partners the opportunity to acquire a majority shareholding in the Club and this lasts until 31 May.
“The Club has confirmed, however, that plans are also in place to progress alternative scenarios, should the acquisition by 777 Partners not complete.
“777 Partners has so far made loans to the Club of $200m, which includes a $10m payment, to support the new stadium build, which was received this week.
“Should the 777 acquisition complete, a significant portion of the loan will be converted into equity in the Club.”
What next in the Everton takeover saga? MSP Sports Capital and GDA Luma Capital
Among the other groups considering a takeover is MSP Sports Capital, a US investment company who have an option to buy a controlling stake as part of an earlier £160m funding package for the club.
The group is a serious and credible investor who has previously shown concrete interest in both Everton and Tottenham. They would be an attractive option if and when the 777 deal officially falls through.
Meanwhile, Everton have a stadium project to finance. They are due to move into the Bramley Moore Dock stadium at the start of the 2025-26 season.
They have this week been offer a £150m loan from New York-based private equity firm GDA Luma Capital, but there is no indication at this stage that the group wants equity in the club in return.
No other parties have made their interest in the club public as yet, but US property tycoon Maciek Kaminski and special purpose acquisition firm LAMF Global Ventures Corp have previously been linked.
And in news that might excite Everton supporters, it has also been reported that a Qatari sovereign wealth fund has also been contacted regarding a possible deal.
