Everton’s potential owners, 777 Partners, are continuing to invest in the team.
Everton’s proposed new owners, 777 Partners, have been consistently injecting money into the club despite not having Premier League approval, and journalist Paul Brown has told GIVEMESPORT that this has become a serious issue at Goodison Park.
Farhad Moshiri, Everton’s current owner, agreed in September to transfer his 94.1% ownership to 777 Partners, with the deal likely to be completed by the end of 2023. However, we are now in February, and the contract has yet to be fully ratified by the proper authorities.
While 777 Partners received approval from the Financial Conduct Authority in December, which is a positive development for their takeover bid at Goodison Park, there are still additional hurdles to overcome before Josh Wander and his consortium are officially announced as the Merseyside club’s owners, including Premier League approval.
777 Partners puts money into Everton
The Times revealed in October that 777 Partners had financed Everton £40 million, more than doubling their initial investment in the club nearer the time it was announced that they had agreed to take control at Goodison Park. Fast forward to February, and the Miami-based investment group has committed to financing another £30 million to the Merseyside club, bringing their total to more over £190 million.
The Toffees did not spend a single pound during the January transfer window, which is understandable given the circumstances. Not only is the takeover scenario ongoing, but the Premier League has also charged the Merseyside club with two breaches of financial laws. Everton will have to be cautious, especially as they will owe 777 Partners about £200 million if their deal to buy the club falls through.
Journalist Brown earlier told GIVEMESPORT that 777 Partners is now ‘pessimistic’ about their chances of completing the takeover. Brown has also stated that, despite the Toffees being smacked with a second penalty by the Premier League, which might result in a points deduction, another investment company is waiting in the wings in case the deal with 777 Partners fails.
The money being thrown into the club isn’t even aiding Everton on the pitch, since they failed to acquire a new player in January. Worryingly, it appears that the money is being used to keep the lights on at Goodison Park.
Paul Brown: Everton’s debt is’very severe’
Brown has stated that there is no indication that the 777 Partners transaction with Everton will be completed, implying that the club’s debt to the investment firm will need to be repaid. According to the journalist, Everton’s debt problem is currently becoming a’very serious matter’. Speaking to GIVEMESPORT, Brown stated…
“It’s difficult to determine how much money they need to spend until they know what fines they’re going to face. So the bigger issue for Everton is that all this loan money is still coming in from 777 Partners, who are no closer to taking over the club. We do not know the terms of the loans. We don’t know what the interest rates are, but all of the money will have to be paid back at some time if this takeover fails. There is currently no indication that this will happen. Finally, this simply adds to the club’s debt, which is already a major issue. The last thing Everton needs right now is debt.
