777 Partners takeover bid of Everton to be rejected by the Premier League
There are indications that 777 Partners is “losing hope” regarding the approval of their takeover of Everton by the Premier League, as per sources reported by Football Insider. The US group have been awaiting Premier League approval for over 17 weeks after reaching an agreement to purchase Farhad Moshiri’s 94 percent stake in the club […]
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There are indications that 777 Partners is “losing hope” regarding the approval of their takeover of Everton by the Premier League, as per sources reported by Football Insider.
The US group have been awaiting Premier League approval for over 17 weeks after reaching an agreement to purchase Farhad Moshiri’s 94 percent stake in the club back in September.
During the prolonged approval process, 777 Partners have provided £142 million in loans to Everton, contributing to operating costs and stadium construction fees. The most recent financial support from 777 Partners to Everton came on January 8, in the form of a new £40 million loan.
With the Premier League yet to make a decision on the pending takeover, well-placed sources have informed Football Insider that 777 Partners are “rapidly losing hope” of the deal being finalised. In the event of a rejection, two other parties from the US have reportedly set aside funds in preparation for a takeover bid.
The Premier League have reportedly expressed concern over the source of funding for 777 Partners following several complications in recent months. One of 777’s owned clubs, Vasco da Gama, faced a transfer ban in October for failing to pay owed transfer fees of approximately £5 million. Additionally, the US group was reportedly reluctant in paying a £900,000 fee owed to the British Basketball League.
In addition to the concerns, 777 Partners are reportedly facing lawsuits from a group of aircraft lessors over $30 million (£23.5 million) in unpaid fees. While publicly maintaining confidence about completing the takeover, a report from Josimar on January 9 mentioned that sources within the company are now described as ‘pessimistic’.
The post 777 Partners takeover bid of Everton to be rejected by the Premier League appeared first on CaughtOffside.