Everton thought they had finally taken a step in the right direction when 777 Partners agreed a takeover deal worth a reported £500m with Farhad Moshiri back in September, only for the wait to go on for the potential new owners to receive approval from the Premier League. Now, former club chief executive Keith Wyness has claimed that the Toffees could be left with another "headache".
Everton takeover news
After reaching an agreement to buy the club, 777 reportedly supplied Everton with £200m in loans to help cover costs, with the club's total debt now apparently standing as high as £1bn in what could quickly turn into a disaster.
In an ideal world, the Premier League will approve their takeover and Everton will be in a financial position to both avoid Financial Fair Play issues and climb the table of England's top flight in the process.
Those at Goodison Park aren't exactly the Premier League's biggest fans, of course, having already been hit with a 10-point deduction for breaking FFP rules earlier this season, before being hit with a second charge, awaiting punishment. Their appeal could yet reverse the deduction, but it remains to be seen if that will be the case.
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If the Premier League do reject 777 Partners' proposed takeover of Everton, meanwhile, it could leave the Merseyside club in further trouble. Reports claim that 777 would immediately recall their £200m in loans to deal the Toffees a major blow.
Speaking about the issue, Wyness – Everton's CEO from 2004 to 2009 and now part of a football consultancy – told Football Insider's Insider Track podcast: "The longer this process goes on, the worse the problems appear to be for 777. There is a problem there.
“It’s a double-edged sword because the length of this decision has also prevented Everton from engaging with any other potential buyers. That’s giving Everton another headache.
"It’s hard to know the impact of these loans given to the club by 777 without knowing all the details. But the amount of debt is increasing and that isn’t good. Certainly, any new owner would have to come in and look at paying some of the creditors.
"It’s getting very close to the edge now. I think there are still people waiting in the wings, and my opinion is that Everton is still a great prize – particularly with the new stadium.”
Why are 777 Partners yet to gain approval?
Now five months after they initially agreed a deal to buy Everton, 777 Partners continue to face a frustrating wait for approval from the Premier League. But, Paul Brown and Philippe Auclair's deeper dive into the proposed new Everton owners for Josimar Football may reveal why the process is taking so long.
Brown and Auclair claim that 777 need Everton more than the club need the new owners, with the company propped up by A-Cap – a risk solution and service provide run by Kenneth King, who is alleged of playing a part in complex and massive fraud in a civil lawsuit in the USA.
King's companies are reportedly under investigation by US regulators for suspected breaches of financial rules. And given that those same companies have supposedly been propping 777 up, questions are rightly being asked of their suitability to take over a Premier League club.