Everton’s takeover faces setback with new timeline after latest points deduction in football.
The proposed date for Everton’s takeover has reportedly been pushed back (Image: Getty)
Prospective Everton buyer 777 Partners has reportedly pushed back its target date for completing a deal to buy the Premier League club. It is claimed that the company, which owns a number of sports assets, is ‘scrambling’ to raise hundreds of millions of pounds in order to fund the deal.
777 had initially hoped to complete the takeover by the end of this week. However, that date has now reportedly been pushed back to the end of next month.
The Miami-based investment firm has reportedly informed the Premier League and other key stakeholders of its move to push back the targeted completion date. 777 is attempting to buy Everton from its current owner Farhad Moshiri.
According to Sky News, 777 is scrambling for hundreds of millions of pounds to help it fund the takeover. In addition, it has reportedly asked for an extension to a repayment deadline for a loan of nearly £160million.
The money is said to be owed to MSP Capital, Andy Bell, a prominent Merseyside-based businessman, and George Downing. The £160m is due to be paid next Monday.
The Premier League has approved 777’s purchase of Everton in principle but have given the company a number of conditions they must meet before the deal is given a formal green light. 777 must deposit £60m into an escrow account for use by Everton.
It must also convert around £160m in loans it has made to Everton into equity. The Premier League also wants evidence that 777 has access to funds sufficient enough to help the Toffees complete the construction of a new stadium on Bramley-Moore Dock.
British-Iranian businessman Moshiri has owned Everton since February 2016 and has ploughed £750m into the club. However, Everton have endured a difficult season and have been given two separate points deductions for breaches of the Premier League’s profit and sustainability regulations.
A 10-point penalty was imposed earlier this season, although that was later reduced to six upon appeal. A further two points were deducted last week, leaving Sean Dyche’s side 16th in the top-flight and only two points above the relegation zone.
