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Premier League set to rule on 777 Partners’ takeover next week

15/03/2024 18comments  |  Jump to last

A decision from the Premier League board on whether to accept 777 Partners’ prospective takeover of Everton is set to be made next week according to reports.

Meetings between 777 Partners and the Premier League took place last week, resulting in final questions being put to the prospective Everton owners.

Further meetings were supposedly held at the start of this week before the matter was sent to the Premier League board to make the final decision. 

One issue has been the complex nature of 777 Partners’ business interests, which has made the league’s due diligence process longer than usual as it investigates the company.

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The Financial Conduct Authority has given its approval for the deal and the Football Association also passed it but the Premier League have sought more information over the firm's ability to fund the Club going forward.

777 Partners have invested £190m into Everton to help with the day-to-day running of the club. If the takeover does not receive Premier League approval, the club would need to repay the loans, although 777 would not be at the front of the queue of creditors.

Original Source: The Guardian  

Reader Comments (18)

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Paul Hewitt
1 Posted 15/03/2024 at 11:30:39
A lot of media outlets saying a decision on the 777 deal will finally be known next week.
Stephen Davies
2 Posted 15/03/2024 at 12:22:40
Brian Wilkinson
3 Posted 15/03/2024 at 22:18:33
The dragging on with the new owners' decision, then the current PSR being scrapped at the end of the season is enough to make anyone paranoid.

Over the last couple of seasons, we sold Richarlison and then Gordon, both to teams that would be pushing the Top 6.

Now, with no new owners and the non-event January window has forced the Premier League into a change, yet again they know top teams will be in for Branthwaite and Onana. If no new owner is in place, chances are one or both will be sold, not to benefit Everton, but to make those top teams even stronger, while weakening other clubs.

I would not be surprised if 777 Parrtners get turned down so that the chances of Everton then having to wait for any other investors to show their hand and then wait again for approval from the Premier League will take them well past the summer transfer window.

But let's remember 777 Partners may have a first refusal where no other bidders can discuss talk of a takeover until after the Premier League's decision on 777 Partners, and maybe the reason we have not heard about anyone waiting in the wings.

Either way, I will be surprised if we have new owners that will allow us to keep our players from being sold. I have a feeling we will have a fire sale, then probably get approved or new owners a day after the summer transfer window closes.

Stephen Williams
4 Posted 16/03/2024 at 11:35:49
I'm getting more than a little exasperated with the description of the £190M (if indeed that's the right number) being to fund ‘day to day running costs'.

Surely that just can't be right and is more than disingenuous.
If it were, as the money has been advanced for the last say 6 months, we would be running at something close to an annual loss of £380M. That would blow P&S tolerances out of the water.

It's much more likely that the majority of the funding is for the new stadium, with a much smaller element to fund more modest operating losses.

Mark Taylor
5 Posted 16/03/2024 at 14:09:09
Stephen @4,

'Day to day costs' is a poor descriptor. It implies 'operating costs' and as you rightly say, our operating costs are not that much higher than our income, if indeed they are now higher.

Might be clearer if they described it as 'cashflow requirements', which are obviously going to be high when spending on major infrastructure like a stadium.

Paul Birmingham
6 Posted 16/03/2024 at 16:29:23
The sooner a decision is made, the better for all concerned.

At the moment, Everton are screwed if they don't get approval; even if they do get approval, I think it's a false dawn. 777 Partners don't appear to have any trust and carry it seems loads of existing burdens.

Hopefully a legit buyer with loads of money is out there biding their time…

James Flynn
7 Posted 16/03/2024 at 23:41:17
Yes, the way the £190M is described, it reads as if it took the £190M to run the day-to-day over the last 6 months, which can't be anywhere close to correct.

There was a report last August that what finally closed MSP's bid for 25% of the Club was R&MF's demand for monies thought to be in the high 10s of millions (£80-85M?). MSP rejects this and drops out. 777 Partners jump back in.

They, too, had to cut a deal with R&MF, which was announced the same day as the Moshiri's deal with 777 Partners was.

I'd guess the larger part of this reported £190M went to R&MF.

Jerome Shields
8 Posted 18/03/2024 at 06:30:19
A fateful decision if ever there was one.Moshiri has made a habit of getting involved with people you would not be caught dead with.
Mark Ryan
9 Posted 18/03/2024 at 18:45:09
I'm hoping it's a no for 777 Partners.
Paul Hewitt
10 Posted 19/03/2024 at 16:57:41
Been told a new owner to be announced soon.

And not 777 Partners.

Duncan McDine
11 Posted 19/03/2024 at 17:30:18
Heard that too, Paul... and finally it sounds like we have some "above board" genuine business people taking Everton forward.

Reports suggest that the people involved in the consortium have/had major involvement in the multi-billion US corporations: Boeing, Theranos, Enron and Peregrine.

What could possibly go wrong?

Andy Crooks
12 Posted 19/03/2024 at 17:40:00
Who told you, Paul? Will it put your life in danger to reveal your source!
Paul Hewitt
13 Posted 19/03/2024 at 17:46:31
Wonder if Tony has heard anything?
Stephen Davies
14 Posted 19/03/2024 at 18:07:59
Rumours today that 777 Deal has collapsed.
Don't shoot the Messenger
Charles Ward
15 Posted 19/03/2024 at 18:09:32
Jerome, a few of the people in Moshiri's circle have been found dead — plane crashes… poison… tripping down the stairs.
Paul Hewitt
16 Posted 19/03/2024 at 18:15:41
Stephen, that's true apparently. But new owners expect soon.

Like I said earlier, I got a message off a mate I've known for a while. He lives down south now. Not heard from him for a while so for him to text me, he certainly wouldn't make it up. I've asked how he knows but no response yet.

Tony Abrahams
17 Posted 19/03/2024 at 18:45:43
I've heard nothing today, Paul, but I've been hearing enough over the last couple of weeks, that something is definitely in the pipeline.

Towards the end of the month, towards the end of the month, I have probably been saying it in my sleep because it's definitely never far from my thoughts.

Ari Sigurgeirsson
19 Posted 27/03/2024 at 21:19:46
Never ending story?

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