Everton’s prospective owners 777Partners will lend Toffees another £30m… despite vowing to stop funding the club unless the Premier League approved their takeover
- Everton’s future owners have loaned more than £190 million to the club
- The last loan is taken out on the condition that a takeover is imminent
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Everton’s prospective new owners, 777Partners, have pledged to loan them a further £30 million this month, taking their total investment in the club to more than £190 million.
The latest loan has been agreed on the condition that a Premier League decision on the proposed takeover of 777 is imminent, although that cannot be guaranteed. CEO Richard Masters told a parliamentary committee a fortnight ago that an outcome was still several weeks away.
777 are lending Everton the money to cover wages and provide funding for the new stadium, although the fact that they have to do this will raise further questions about the state of the club’s finances.
Premier League clubs receive a significant portion of their annual television revenue from the competition in January and February, so under normal circumstances such additional funding would not be necessary.
777 appear to have changed their approach to Everton as before Christmas sources at the US private equity firm claimed that, having already loaned the club more than £100 million since reaching a purchase deal with Farhad Moshiri in September, they would not continue to fund the New York Times. Year.
Everton’s prospective new owners, 777Partners, have agreed to lend them a further £30m
Everton majority shareholder Farhad Moshiri reached a purchase agreement with 777Partners in September
777 Partners have since loaned Everton more than £190 million (pictured – 777 managing partner Josh Wander)
The loans appear to be part of a risky strategy by 777 as they are unsecured and the company would join a long list of creditors at Goodison Park if their takeover is not approved.
In addition to the £190 million that will be owed to 777 Everton, there are also large debts to other investment companies, with £200 million owed to Image & Media Rights and £140 owed to MSP Sports Capital.
The club’s sale price to 777 is unknown and will depend on which division Sean Dyche’s side play in next season, but with their debts in excess of £500 million, their liabilities could exceed the club’s valuation.
777 and Everton declined to comment.