Everton’s £550 million takeover by 777 Partners may fall through due to concerns about their financing, as they missed a key deadline, reports talkSPORT.
The American-based company failed to provide up-to-date financial records as required by the Financial Conduct Authority (FCA).
According to talkSPORT, an insider familiar with the sale process stated, “Without the correct financial information, it is hard to know where the money is coming from. I’d imagine that is the basis of the FCA issue.”
Without FCA approval, 777 Partners cannot pass the Premier League’s owners and directors test, creating a worrisome situation for Everton.
The club is already under investigation for financial fair play (FFP) rule violations, which could result in point deductions. In addition, they’re also in the midst of constructing a new stadium at Bramley Moore Dock.
777 Partners had previously agreed to buy Everton for £550 million from owner Farhad Moshiri, but without the necessary documents, the government-backed regulator won’t approve the sale.
BREAKING: #EFC’s £550m takeover is in danger of falling through over doubts about how prospective new owners 777 Partners are financing the deal.
– talkSPORT sources understand
🚨 More ☞ https://t.co/dHUPYxfGXK pic.twitter.com/1rtqSqw86v
— talkSPORT (@talkSPORT) October 18, 2023
RELATED: When Was The Last Time Everton Beat Liverpool?
Founded in 2015, 777 Partners is an American private investment firm spanning sports teams, insurance, entertainment, and aviation. They own seven other football clubs, including Sevilla in Spain, Genoa in Italy and Standard Liege in Belgium.
Josh Wander, co-founder of 777 Partners, will also undergo scrutiny through the Premier League’s owners’ and directors’ test due to a 2003 arrest for cocaine trafficking. The arrest came during his time as a student at the University of Florida.
Even before these concerns materialised, Everton supporters were already skeptical about 777 Partners’ financial capabilities and their track record in managing other clubs. If the Premier League upholds its strict standards, the chances of the Everton takeover getting over the line seem dim.
Everton return to Premier League action on Saturday in the Merseyside derby against Liverpool.
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