01/04/2024 6comments  |  Jump to last

The financial health of Everton's would-be buyers, 777 Partners, continues to be a cause of concern, with regulators in  Utah and South Carolina moving to force insurer A-Cap to further cut their exposure to the Florida-based private equity firm 777 Partners.

That's according to a memo seen by the Financial Times who report that the A-Cap group have $2.9bn invested in "entities related to 777" who are still waiting on approval from the Premier League for their proposed buy-out of the Blues.

A-Cap are said to have been 777's chief source of funds during their programme of buying up majority interest in a stable of football clubs around the world, with Everton, as a Premier League team, potentially the jewel in their crown.

However, A-Cap recently cut their exposure to 777 Re, a Bermuda-based reinsurance entity and this move by two US states looks set to see them retrench further from the parent firm, 777 Partners, co-founded  by Josh Wander and Steve Pasko. 

Article continues below video content


777 Partners have extended around £200m in loan provisions since agreeing to buy out Farhad Moshiri's 94.1% stake back in September and received word a fortnight ago that the Premier League were "minded to approve" the takeover but only if certain stringent conditions are met.

In a recent statement, 777 insisted they had the means to complete the buy-out:

“As it relates to the proposed acquisition of Everton FC, 777 Partners is confident in its ability to fund both the transaction and the club’s three-year business plan, the details of which it has provided to the Premier League as part of its ongoing process of regulatory approval.”

 

Reader Comments (6)

Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer ()


Pat Kelly
1 Posted 01/04/2024 at 17:03:27
What genius decided that 'stable' was the appropriate collective noun for football clubs?
Brent Stephens
2 Posted 01/04/2024 at 17:22:05
Things looking darker by the day for 777 Partners. Is there nothing positive about this outfit?

At the same time things looking brighter for MSP via Blythe Capital (should they choose to accept the challenge!).

Charles Ward
3 Posted 01/04/2024 at 17:26:17
If they do accept the challenge, will the tape self-destruct in five minutes? Cue the Mission Impossible theme.

Actually, 'Mission Impossible' is a good description of our financial mess.

Simon Harrison
4 Posted 01/04/2024 at 17:31:37
Charles, every post I've read from you today has made me smile, keep them keeping, mon ami...

Good wishes, Charles.

Paul Birmingham
5 Posted 01/04/2024 at 17:37:37
Dammed if we do or don't, but if the MSP possibility could gain momentum, then would this be a better and realistic option for Everton's future?
Jerome Shields
6 Posted 02/04/2024 at 06:30:35
According to Moshiri, or whoever is pulling his strings, 777 Partners are the only game in town. He has given them exclusive rights. MSP have pulled out having done their due diligence .Moshiri is confident that the deal will go ahead.

Everton need to make a substantial profit of over £10M to avoid being referred to a third Commission in this financial year, 2023-24. There appears to be no cutbacks in the adm operations in the 2022-23 accounts, having in the previous in year, 2021-22, cut back on playing operations.

Add Your Comments

In order to post a comment, you need to be logged in as a registered user of the site.

» Log in now

Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site.


How to get rid of these ads and support TW

© ToffeeWeb