Everton: 777 Partners takeover now facing 'delay' at Goodison Park

In partnership with

GiveMeSport

·25 September 2023

Everton: 777 Partners takeover now facing 'delay' at Goodison Park

Everton reached an agreement with 777 Partners earlier in the month, and journalist Paul Brown has provided an update from inside the club, while speaking to GIVEMESPORT.

Play Video

OneFootball Videos

Investment in the club is certainly necessary as the Toffees look to fix their precarious financial situation.

Everton takeover news - 777 Latest

Everton officially announced earlier in September that 777 Partners had signed an agreement to acquire Farhad Moshiri's 94.1% stake in the club. Although it seems that the Merseyside club have now secured the investment they need to go forward, the statement confirms that there's still work to be done before 777 Partners take over...

"Closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority. Out of respect for this process, 777 Partners will not be providing any further comment during this period of regulatory review."

Investment and change at Everton is needed after years of mismanagement, which has led to the Premier League announcing earlier in the year that they had referred an alleged breach of the League’s Profitability and Sustainability Rules to an independent commissioner. It's certainly not a surprise considering the vast amount of money the Toffees have spent alongside failing year after year on the pitch.

777 Partners will have to change the philosophy and vision of the club to avoid continuously making the same mistakes, and offloading players who aren't contributing at Goodison Park but are happy to take home a hefty wage would be an excellent start for the investment group.

There's quite a lot for the Premier League to look into - Paul Brown

It could be a long process before the Premier League and relevant authorities grant 777 Partners permission to finalise a deal at Goodison Park. Realistically, with the new stadium being built, the Toffees need investment as soon as possible in order to help with the day-to-day running of the club.

Brown has suggested that existing lenders will demand repayment of loans if a deal does go through with 777. The journalist adds that questions have been asked of some of their businesses and the lawsuits they're involved in, so the process could still take a long time. Speaking to GIVEMESPORT, Brown said...

"Yeah, there isn't a lot I can share really. I know this is in the hands of the regulators now and I know that questions have been asked already about some of their businesses and about some of the lawsuits they're involved in. I think that process is going to take quite a lot of time. So, Everton fans probably shouldn't be expecting a verdict or anything close to a verdict for several weeks, I mean, there could be quite a delay in this because there's quite a lot for the Premier League to look into. Everything else seems to be in place. They've clearly raised some money from somewhere. It's hard to say how much and it's hard to know whether that is going to cover paying off the existing lenders who it's understood would both demand repayment if the deal goes through. But there's a lot of things up in the air still. So I think I think we're in for quite a wait."

Will 777 Partners get Premier League approval for Everton?

777 Partners have passed all checks in Italy, Belgium, France, Brazil, and Germany so far. The investment group owns stakes in Genoa, Standard Liege, Red Star, Vasco da Gama, Hertha BSC, so you'd imagine the checks the Premier League will go through will just be a formality.

Considering they were able to get approval in countries all around the world, it seems unlikely that the Premier League will find faults and decide to block their investment in Everton. 777 have endured mixed spells with the clubs they invest in, but there's no doubt that acquiring a majority stake in Everton is a huge statement and by far the biggest deal they've ever done.