777 Partners get loan extension as Everton takeover in last lap
Everton’s proposed ownership change inches closer to finally being completed thanks to a new development. 777 Partners previously agreed to purchase Farhad Moshiri’s 94% of the Merseyside club way back in September. While deals regarding Premier League teams typically do not drag on for such a long period, this particular situation is quite different from others.
Fellow Premier League clubs almost immediately raised concerns over 777’s pending takeover of Everton. This mostly had to do with the firm’s ventures with other soccer clubs. The American group also currently owns majority stakes in Genoa, Standard Liège, Red Star, Hertha BSC, and Vasco da Gama. The latter club previously received a transfer ban by FIFA.
Just weeks after the aforementioned agreement, it was revealed that 777 Partners did not provide necessary financial documents to a British regulator. The regulator, the Financial Conduct Authority, must review the group’s finances before allowing the deal to advance. Financial Conduct Authority then submits its opinions on the issue to the Premier League.
777 Partners must repay the loan before finishing the Everton deal
Despite the series of problems, the deal is now seemingly heading to the home stretch. Premier League officials recently asserted that 777’s agreement with Moshiri can near completion if the firm repays a $200 million loan. As a result, the American group asked for more time to pay off this massive debt.
Although they initially waited for a ruling on the request, 777 Partners have now received an extension for the repayment. According to sources at The Guardian, this extra time is thought to be weeks, not months. Repaying the debt is one of the final stipulations for the firm to complete for the deal to finally finish.
The various delays in the official takeover have made many at Everton worry about the club’s future. Continuing to stall could very well mean that the historic club may face filing for administration. This would likely call for yet another points deduction, potentially their third of the season. Nevertheless, Toffees fans will hope 777 Partners can quickly pay off these huge loans.
Everton fans had hoped for more qualified, stable ownership
The recent news regarding 777 Partners comes just a day after Everton suffered their biggest defeat of the 2023/24 season. Chelsea dominated the Toffees in west London and ultimately won the match by a scoreline of 6-0. The heavy defeat throws more uncertainty over the club’s ability to remain in the Premier League. Everton currently sits 16th in the table, just two points from the relegation zone.
777 Partners taking over at Everton may not thrill Toffee supporters. Nevertheless, supporters will still surely be somewhat happy to see Moshiri exit their beloved club. All parties involved just want the ongoing ordeal to finish as soon as possible. However, a more qualified investor would have undoubtedly already been in place by now. Having a final agreement finish before the end of the 2023/24 season would certainly be the best-case scenario for those involved.
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