Everton are still in the midst of one of football’s most protracted takeover sagas of all time, born of 777 Partners’ sprawling deficiencies and the Premier League’s unrelenting spinelessness.
These two parties have combined all season to try and derail Sean Dyche’s survival campaign, and his work in navigating such choppy waters is supremely admirable.
However, even with safety assured, the horrors on the takeover front are far from over.
In fact, the worst is seemingly still yet to come…
777 Partners suffer fresh takeover hit
This fresh damning report comes courtesy of the Financial Times, in which 777 Partners’ latest dodgy dealings have been unveiled.
Having been caught up in a slew of questionable lawsuits across the eight-month spell that has been their takeover bid, this arguably seems one of the most damning, as a guilty verdict would see them officially recognised as a fraudulent organisation.
However, in the eyes of many Evertonians, that is already how they are viewed.
Journalist Samuel Agini writes: ‘777 Partners has been accused by one of its lenders of a fraud running into hundreds of millions of dollars, in the latest setback for the Miami-based investment firm’s attempted takeover of Everton Football Club.
‘According to the lawsuit, which was filed in a federal court in New York on Friday, 777 owes more than $600mn in debt to London asset manager Leadenhall Capital and Leadenhall Life, a related investment company.’
Everton are even name-dropped in the lawsuit: ‘The lawsuit portrayed Everton as “the latest shiny object of Wander’s fraudulent scheme”. It alleged that Wander’s strategy has been based on “using debt to acquire new assets that he can then use as collateral for more debt, which he then fails to timely pay off, in a seemingly never-ending cycle of ‘robbing Peter to pay Paul’.”‘
The Premier League have let Everton become reliant on 777 Partners
Realistically, this is a takeover deal that should have been scuppered many, many months ago.
It was clear to see from the outset that they were not going to have enough to pass the Premier League’s fit and proper owner’s test, with their desperate scramble for funds and their endless loans a stark indicator of this.
And yet, the division still inexplicably allowed this Miami-based investment firm to ingrain itself within the Toffees, forcing them to now become reliant on these magical loans which somehow keep appearing.
This has made it so Everton only really has two options: be taken over by 777 Partners, or face going into administration when they inevitably cannot pay back the £200m+ loans accumulated.
It has been a business masterclass from Josh Wander and his team, but one that has used poisonous and nefarious tactics to win the day.
And all the while, the Premier League has stood by and watched it happen, boasting the power to enact meaningful change, but without the strength of character to use it.
They are just as culpable as 777 Partners are in this mess, but after the season endured, it is no surprise to see the Premier League pitted against one of their very own inhabitants.