April 13, 2024

777 Partners now ‘unlikely’ to pass Premier League checks over Everton takeover

Everton prospective owners 777 Partners are yet to finalise a deal to complete a takeover of the club, and journalist Paul Brown has now provided a major update to GIVEMESPORT, suggesting that it could soon collapse.

In September, Everton officially announced that 777 Partners had agreed a deal to acquire all of Farhad Moshiri’s shares. There has been plenty of concerns surrounding the investment group, and we’re yet to see the takeover fully completed as 777 Partners’ deal is subject to approval from the Premier League, FA and the Financial Conduct Authority.

Some Evertonians have regularly protested for Moshiri to leave his position after overseeing a disastrous period for the club, but finding the right owner to come in and steady the ship is just as important. The Toffees were recently hit with the biggest sanction in Premier League history after receiving a 10-point deduction for breaching financial rules, so it’s safe to say it’s going to be a tough job for any new owner.

777 Partners have encountered problems

It’s now been almost two months since it was announced that 777 Partners had agreed a deal to take over Everton. Various reports have suggested that the investment group have encountered complications with their takeover, and talkSPORT have claimed that there are doubts over whether they are able to finance the deal.

Journalist Brown previously told GIVEMESPORT that the takeover is ‘fraught with difficulty’ for 777 Partners, with being able to provide the correct documentation for the regulatory bodies to sign off a deal becoming a bit of a problem for ‘various reasons’. A report from Josimar Football has also claimed that 777 Partners have drafted in David Dein to help gain control of the club with the investment group believing he will be key in helping gain approval from the Premier League.

Former Everton chief executive Keith Wyness has also revealed to Football Insider that multiple investors are ready to save the club if a deal with 777 Partners collapses. Wyness also suggested that these certain groups aren’t going to rush in and try and out-bid or battle with 777 Partners and will stay patient…

“The serious, qualified buyers will sit and watch and try and get the club at a lower price. That’s how businesses become very successful. Particularly the American investors. There’s no need to rush in at the moment – why would you? With the 777 situation, the points deduction – why would you rush in? If you’re sensible then you sit and wait.”

Everton fans at Goodison Park will undoubtedly want this situation over with as the club is currently surrounded with uncertainty. With the points deduction, potential relegation, and pending takeover, the players and staff have a lot on their plate at the moment.

Paul Brown update

Brown has now provided a major update on Everton’s potential takeover. The respected journalist suggests that 777 Partners are now unlikely to pass the Premier League’s fit and proper person test. The reporter adds that they claim they’ve submitted all the relevant documentation to the authorities, but his sources have claimed that there is a problem. Speaking to GIVEMESPORT, Brown said…

“I’m hearing that 777 Partners are now unlikely to pass the Premier League’s fit and proper person test. They say they’ve submitted all the relevant documents, but my sources tell me that there is a problem. You have to remember that there are also multiple very serious lawsuits going through the US courts right now involving this company. The question to ask is, does anybody really believe that the Premier League wants to run the risk of passing these guys only for a US court to deliver a verdict against 777 Partners in one of these cases?”

Everton face a further deduction

A report from The Times has recently suggested that Everton could face a further points deduction this season. The article claims that any new breach of the Premier League’s profit and sustainability rules should be dealt with by the end of May, meaning a punishment could come this campaign.

Hopefully, for the sake of Everton, they have managed to solve their financial troubles to an extend there their more recent losses aren’t at the same level of previous years, which inevitably lead to receiving a points deduction. In the last few years, Everton have spent significantly less on new signings than we’ve usually seen under Moshiri, so it would be difficult for them to produce substantial losses when they submit their accounts.

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