Everton suitor asks for extra time in bid to complete takeover deal
The US group bidding to take control of Everton FC has asked for extra time to get the deal over the line.
It has been reported, by Sky News, that Florida-based 777 Partners has requested the extension in a bid to secure the funding to complete the deal, which it estimates could happen by the end of next month.
Reports claim that 777 has been bankrolling the club since last September when it was named by the club’s majority shareholder, British Iranian Farhad Moshiri, as the preferred partner to buy out his 94% stake.
It is estimated that the Miami organisation has pumped around £160m into the Blues in loans after Moshiri’s apparent decision to cease funding the club.
The last regulatory obstacle to the takeover is that the Premier League declares 777 Partners ‘fit and proper’ owners.
This is, reportedly, imminent, with the rider that 777 shows it has the funds to complete the deal – Moshiri is claimed to be asking £500m for his stake – can prove it can pay for the completion of the club’s new £760m Bramley-Moore Dock stadium, deposits £60m into an escrow account for use by the club, and it converts the loans it has already made to Everton into equity..
Reports claim 777 is asking for an extension to the repayment deadline of a loan of around £160m from existing club creditors, MSP Capital, AJ Bell founder, Andy Bell, and Liverpool property developer, George Downing, which is due by next Monday.
There still remains doubt over 777’s ability to complete the takeover of the struggling Premier League club.
It has approached a number of potential lenders, including Blue Owl Capital, a US-based private credit provider.
Everton is struggling both on and off the field.
Last week it announced results for the 2022-23 period in which it lost almost £80m, its sixth consecutive financial loss.
And it sits two places above the relegation zone following its second points deduction by the Premier League for breaching PRS (Profit and Sustainability Rules) rules.
Last November it was deducted 10 points, reduced to six in February this year on appeal. And last week it was docked a further two points, testimony to the cavalier stewardship of Moshiri since he took control of the club in 2016.
