Fresh doubts have emerged over 777 Partners’ ability to fund a takeover of Everton after it was late in making a loan payment of around £15million to the Premier League club.
Fresh doubts have emerged over 777 Partners’ ability to fund a takeover of Everton after it was late in making a loan payment of around £15million to the Premier League club. Miami-based 777 has been providing Everton with funding to cover working capital and new stadium costs since agreeing a takeover deal with the club’s majority shareholder Farhad Moshiri in September.
That has become a major stumbling block, with 777 and MSP having agreed a temporary extension, amounting to “weeks rather than months” according to those familiar with the situation, in a bid to get the deal over the line. MSP’s deal with Moshiri contains a clause where it could assume a 51 per cent shareholding in the club should he or his proxies — in this case, 777 — default on the terms of the loan.
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