14/05/2024 1comment  |  Jump to last

The Everton Fan Advisory Board have issued a fresh statement regarding the status of 777 Partners' long-running takeover bid ahead of their meeting with majority shareholder, Farhad Moshiri, next week.

Based on a response to a recent letter to interim Chief Executive Officer, Colin Chong, the FAB confirm media reports from earlier today stating that a share purchase agreement remains in place, "which gives 777 Partners the opportunity to acquire a majority shareholding in the Club and this lasts until 31 May."

The FAB statement continues: "The Club has confirmed, however, that plans are also in place to progress alternative scenarios, should the acquisition by 777 Partners not complete.

"777 Partners has so far made loans to the Club of $200m, which includes a $10m payment, to support the new stadium build, which was received this week. Should the 777 acquisition complete, a significant portion of the loan will be converted into equity in the Club."

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777 and Moshiri initially signed the purchase and sale agreement last September but in order to complete the deal, the Florida firm has to satisfy four conditions set by the Premier League, none of which they have yet met.

Quotes sourced from @EFC_FanAdvisory

Reader Comments (1)

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Michael Kenrick
1 Posted 15/05/2024 at 15:52:01
A portion of this statement caught my eye and Christine Foster also spotted it on another thread:

"I note also that there appears to be a watering down of the debt to equity agreement that now refers to a significant portion of the debt – rather than all – being converted to equity shares in the update from Colin Chong."

Perhaps this indicates that the ongoing funding of day-to-day expenses and construction costs has now surpassed some presumed limit set in the agreement for conversion of 777 Partners loans to equity when they are able to finalise the takeover of the club?

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