Everton

777 Partners respond to doubts over Everton takeover

By Andrew Delaney, Reporter | 18 October 2023

Everton's prospective owners 777 Partners claim that the takeover process is still ongoing despite earlier reports claiming it was in danger of collapsing.

Everton's prospective owners 777 Partners have responded to claims that their takeover of the club is in danger of falling through.

The US-based investment firm agreed a deal to buy Farhad Moshiri's majority stake in the club last month.

Everton are set to be next in line of a number of clubs currently under the 777 umbrella, as they also have stakes in Genoa, Sevilla, Hertha Berlin, Standard Liege and Vasco de Gama.

However, doubts have started to creep in about whether 777 have the resources on hand to complete the purchase.

The New York Times claimed early on Wednesday morning that the takeover was under threat of collapsing.

The report stated that 777 are struggling to provide crucial information about how they are planning to finance the deal, putting it in jeopardy.

It is believed the group have been asked why they cannot provide audited statements dated after 2020, something which is usually one of the routine processes when a deal such as this is being completed.

Shamoon Hafez of BBC Sport claims reports that the deal is in danger of collapsing are wide of the mark though, but the firm has increased their loans to Everton to £40m in order to pay the club's wages this month.

Hafez contradicts the earlier reports, stating that the 12-week process of the takeover checks is ongoing and talks are continuing with the Financial Conduct Authority as 777 have provided the requested information.

Everton's current owner Farhad Moshiri is set to receive around £140m from the sale, a huge loss based on what he paid for the club, but ultimately a positive outcome given Everton's dire financial situation.

777 were quick to respond to the allegations, and released a statement on Wednesday afternoon stating: "We have submitted all relevant documentation to the FCA in line with their requests.

"The regulatory processes in relation to the proposed acquisition of Everton need to be allowed the proper time and space to run their course in private." the statement continued.

With 777 providing another additional loan to Everton too, when encompassing all the loans Everton owe to different banks, investment groups and from deals agreed over the building of the new Bramley-Moore Dock Stadium, Everton are now over £400m in deficit.

The most recent loan was of £20m, and the Telegraph claims that Everton could owe up to £60m to 777 alone by the time that the takeover application process is completed.