April 15, 2024

Prospective Everton owners 777 Partners have responded to claims that they weren’t willing to continue funding the football club beyond the end of December amid ongoing uncertainty over the approval of their takeover.

A report by the Daily Mail on Tuesday had claimed that the Toffees face being at risk of administration following a delay in 777 Partners’ takeover of the club. The Premier League remain some way from completing due diligence on the proposed takeover after current owner Farhad Moshiri agreed a deal in September, it has been said.

It had been hoped that the takeover would be approved by Christmas but no news of completion has left supporters frustrated. 777 have loaned Everton over £100million for operating costs but have previously made it clear of their intentions not to keep the funding up after the New Year.

The report states that a decision would not be made until the New Year, throwing the club into potential financial chaos. It’s said that the delay in their takeover could lead to 777 Partners withdrawing their current levels of funding, potentially leading to the club entering administration.

However, according to our sister title, Liverpool Echo, 777 Partners have claimed there has been no such communication from the Premier League about not receiving a decision on the takeover before the end of 2023.

It is worth stating that the firm won’t provide working capital indefinitely, although the current arrangement that is in place to the end of January could be extended.

Goodison Park

Everton are awaiting Premier League approval for completion of the 777 Partners takeover

Since agreeing to acquire 94.1% of the Merseyside outfit, 777 Partners have faced scrutiny over the funding for the deal and where it has come from. There has also been significant doubt over the business plan moving forward after a troubling period at Goodison Park.

According to Liverpool Echo, the American firm remains confident of achieving the necessary approval, although they are not privy to the current status of the decision making process or its likelihood of success, with a final decision to be communicated once all checks have been completed.

777 Partners sporting director Johannes Spors and his team were present at Goodison Park for both the wins over Newcastle United at Chelsea in the past seven days, with further dialogue held with Everton sporting director Kevin Thelwell.

Arsenal, Chelsea and Tottenham Hotspur will continue to watch the situation with interest after the decision from the Premier League to hand Everton a points deduction and what it may mean for top flight clubs going forward.

Leave a Reply

Your email address will not be published. Required fields are marked *