Everton takeover: Alternative buyers could 'move very quickly' as 777 Partners concerns build

Former Everton chief executive Keith Wyness reckons alternative buyers for the club “could move very quickly to hijack 777” as the Miami-based investment firm’s protracted attempts to gain approval for their proposed purchase.

Everton announced back on September 15 that their majority shareholder Farhad Moshiri has signed an agreement with 777 Partners to acquire his full 94.1% stake in the club and that closing of the transaction was expected to occur in the fourth quarter of 2023. Almost eight months on however, Josh Wander’s company are yet to get the deal over the line in terms of satisfying the Premier League board who would grant them the green light.

777 have held discussions with GDA Luma Capital, a private equity firm specialising in distressed debt with the New York-based firm describing itself as providing “capital solutions” to companies facing “complex financial and operational challenges.” In what was a week of financial strife for 777, they also had an Australian budget airline they own, Bonza, enter voluntary administration.

Wyness, who was CEO at Goodison Park between 2004-08, insists he can see a way through the current 777 stumbling blocks though and favours one of the other interested parties who the ECHO understands are waiting in the wings and have encouraged to present their alternative vision for Everton. He told Football Insider’s Inside Track podcast: “777 could come up with something at the last minute, they’ve been known to do it.

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“Anything can happen in finance, and it’s a very fast-moving situation. They’re not completely out of the picture, but they’ve now had a very long time to get it right and you’ve got to think that they won’t be able to get it over the line.

“Any group coming in to hijack the deal will have to get a handle on the debt situation, they will have to know how much money is forecast to come in – and how much money is required to finish the stadium.

“The good news is that the stadium is in a very advanced stage. It should be finished by the end of this year, with test events taking place to get it ready for the 2025/26 season.

“It’s going to be a case of debt restructuring, and trying to get it spread over the next 10 years rather than two or three. I think it can be done, and I can see a way through it.

“If new suitors have been looking at that data from Deloitte, then they could move very quickly to hijack 777. Let’s hope that’s the case.”