Everton are still waiting for 777 Partners to finally complete their takeover nearly eight months after an exclusivity agreement was reached.
The Premier League are clearly attempting to vet the potential new owners thoroughly to avoid any possible issues further down the line.
It’s believed sources close to the Miami-based investment firm are optimistic about a deal being concluded, which is expected to be finalised in April.
The Premier League are reportedly “minded” to approve the potential takeover if certain conditions are set.
Two weeks have passed since news of the authorities warming to the idea emerged, and football finance expert Kieran Maguire has shared the latest on whether further progress has been made.
Kieran Maguire shares the latest on 777 Partners Everton takeover
Maguire has been the man to go to when explaining Everton’s financial situation. After the club’s accounts were released, he attempted to share why they weren’t announced earlier.
“I think the club might have been thinking that the deal could have been signed and sealed by the 31st of March; therefore, the new owners could have signed off the accounts on that particular date,” he explained on the Price of Football Podcast.
Maguire went on to share a concerning update on 777’s recent progress. “There is still no progress with regard to 777,” he added.
“The reason why other parties are not allowed to get involved is because there’s an exclusivity deal signed by Farhad Moshiri. 777 have been paying the bills.”
What conditions have been set by the Premier League on 777 Partners?
777’s reputation is far from glowing. Instances at other ventures represent cause for concern: late payments at Standard Liege and reduced funding in their British Basketball investment are just two areas that have been highlighted.
It’s believed strict conditions have now been set on the Miami-based firm if they wish to complete their takeover of the club. These include the conversion of loans totalling £150million into equity, funds into an escrow account to keep the club stable for the remainder of the season, proof of funding to complete the new stadium, and repayment of MSP’s £158million loan by mid-April.
A conclusion is desperately required before the end of the season. For once, Everton need to be heading into pre-season with optimism instead of the uncertainty of the past two seasons.