777 Partners nears conclusion on Everton takeover

Almost seven months on from a deal being agreed between Farhad Moshiri and 777 Partners for the latter to acquire Everton , the coming days will likely see some sort of conclusion. Miami-based investment firm 777 Partners had been waiting on approval from the Premier League to complete the takeover of the Toffees, providing some £180m in interest-bearing loans to the club to provide working capital to continue on the club’s new stadium at Bramley Moore Dock and for payroll obligations to be met.

777 Partners found themselves and some of their business interests placed under scrutiny after the move to acquire Everton, with reports emerging of a string of legal cases, some alleging non-payment of monies owed. READ MORE: Everton are trapped in a spiral of misery and the Premier League appears unwilling to let them escape READ MORE: Everton takeover: 777 Partners saga faces pivotal week as MSP Sports Capital deadline nears Last month, with the Everton situation reaching a critical level, with debt mounting, the Premier League were ‘minded’ to approve 777 as new owners, but only if four conditions were met. Those conditions were that 777 loans to the club had to be converted into equity; funds were required in an escrow account to meet financial obligations for the remainder of the season; proof of funding for stadium completion arrived; and a £158m loan was repaid to MSP Sports Capita

Source: News Formal (newsformal.com)

Everton Takeover 777 Partners Premier League Loans Stadium Development

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