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Everton takeover deal under question as 777 Partners request loan repayment extension
777 Partners have asked for more time to complete their deal to buy Everton amid questions if the American investment fund have the money required and the possibility their takeover could be under threat.
The Miami-based company have requested an extension to a deadline to repay a loan of £158m – which the Premier League had said needed to be paid if their buyout of the Merseyside club is to go ahead.
777 owe MSP Sports Capital and the Liverpool businessmen George Downing and Andy Bell and the deadline to pay was supposed to be next Monday until they requested an extension in a delay that creates doubt if the buyout can proceed.
Everton majority shareholder Farhad Moshiri agreed in September to sell his 94.1 percent stake in the club to 777 in a deal they initially hoped would go through by the end of 2023 while the Financial Conduct Authority granted their approval in December.
The Premier League recently said they were minded to approve the takeover providing various conditions were met, including repaying the loan to MSP, Bell and Downing.
777, who were founded by Josh Wander and Steve Pasko, have reportedly talked to lenders in bids to secure the funding to pay off the loan, including the American credit provider Blue Sky Capital. 777 have loaned Everton, who needed money to build their new stadium at Bramley-Moore Dock, almost £200m which the Premier League have asked them to turn into equity in the club.
In recent years, 777 have acquired stakes in clubs including Hertha Berlin, Standard Liega, Vasco da Gama, Sevilla and Genoa but there have been reports American regulators have pushed insurers to cut their exposure to 777.
Meanwhile, Everton, who recently announced a loss of £89m for the 2022-23 financial year, have suffered a second points deduction of the season after being found guilty of failing Financial Fair Play twice. The relegation-threatened club have now been deducted eight points and seem likely to remain in limbo for a while longer as they wait to discover if their takeover can proceed.
