The Esk has admitted that the chances of Everton entering administration are growing on “a weekly basis”, as they await a takeover from 777 Partners.
The American investment firm have agreed on a deal to acquire Farhad Moshiri’s 94.1 per cent stake in the Toffees, however, they are still awaiting approval from the Premier League to be able to complete their takeover at Goodison Park.
In the meantime, 777 are supporting the club with loans, but the Everton financial expert believes that the prospect of the Toffees entering administration is growing continuously while the takeover is delayed.
Speaking on The Toffee Blues YouTube channel (24 January) they said: “The problem for Everton and the problem for 777 is that the longer this process goes on, the greater the amount of debt Everton take on board, some of which is being provided by 777 themselves.
“But also the prospect of Everton going into administration and being in a far worse position than we are currently grow on a weekly basis and it’s not helping us the fact that the 777 situation is not resolved.”
There has been little indication from the Premier League that 777 Partners are even close to getting approval to complete their takeover and that will come as very worrying news to Everton supporters.
The Miami-based firm is supporting the Toffees financially through loans, however that will ultimately mean that should this deal fall through, Everton will owe 777 Partners a huge amount of money which will only add to their existing debt.
That likely makes it even harder for a different prospective owner to come in and takeover the Toffees as they will have to take on this debt. All in all, this is yet another incredibly worrying update coming out of the Goodison Park boardroom.
Hopefully, supporters will hear an update from the club on this deal sooner rather than later as currently, they are the people being left in the dark over this entire situation.