The proposed date for Everton’s takeover has reportedly been pushed back. Prospective Everton buyer 777 Partners, a Miami-based investment firm that owns sports assets, is scrambling to raise hundreds of millions of pounds to fund the deal. The company had initially aimed to complete the takeover by the end of this week, but the date has now been reportedly pushed back to the end of next month. They have informed the Premier League and other stakeholders of this change.
777 Partners is attempting to buy Everton from its current owner Farhad Moshiri. The firm is reportedly seeking funds to finance the takeover and has requested an extension to a repayment deadline for a loan of nearly £160 million owed to MSP Capital, Andy Bell, and George Downing. The Premier League has given preliminary approval for the purchase but has set conditions for 777 to meet, including depositing £60 million into an escrow account for use by Everton and converting around £160 million in loans into equity. Additionally, the Premier League wants evidence that 777 has access to sufficient funds to help Everton complete the construction of a new stadium on Bramley-Moore Dock.
Farhad Moshiri, the current owner, has invested significant funds into Everton, but the club has faced a challenging season, with two separate points deductions for breaches of the Premier League’s financial regulations. These deductions have left Everton 16th in the table, just two points above the relegation zone.