Everton

Everton

Premier League • England

Everton takeover: 777 Partners overcome major hurdle with timeline on Premier League approval revealed

777 Partners' takeover of Everton is on track to be completed by the summer transfer window

777 Partners' takeover of Everton is on track to be completed by the summer transfer window

TEAMtalk can exclusively reveal that American firm 777 Partners have taken a big step towards completing their takeover of Everton. 

777 sources have confirmed that they have now passed the Premier League’s Owners’ and Directors Test on the basis that they pay back an outstanding loan to MSP Sports Capital.

MSP and two Liverpool-based businessmen Andy Bell and George Downing loaned Everton £158m, which was due to be returned on Monday this week.

A short-term extension of the loan – taken out by majority shareholder Farhad Moshiri but which 777 have to pay if their takeover is to proceed – has been agreed in principle.

TEAMtalk can exclusively confirm that once this loan is paid off, 777’s long-awaited takeover of Everton will be allowed to proceed. The expectation is for everything to be completed around May, ready for the summer window.

777 talk Hertha Berlin, Genoa, Standard Liege

Various media outlets have highlighted the fact that clubs in 777 Partners’ portfolio have had mixed success.

TEAMtalk has been informed by the American firm that they acknowledge that things have not always been easy. 777 say that the situations have all been different, they were all clubs who were ‘financially distressed.’

Therefore, they had to focus on restructuring debt and improving financial performance – something that will certainly be needed at Everton.

At German side Hertha Berlin, they say that they “don’t have as much control as they would like” and “haven’t been able to make the changes they would like there,” hindered by the German rules on ownership.

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777 believe that they have done a good job with Italian club Genoa, however, who were promoted back into the Serie A last season under their stewardship.

The firm say that they have improved the value of several players. For example, Genoa signed Radu Dragusin from Juventus for just €5m (£4.3m) last summer.

The defender was then sold to Tottenham in January for £26.7m – bringing in some much-needed profit for the Serie A side.

There has been a dispute between 777 and Genoa’s previous owners, though, which in their eyes has overshadowed the good work they’ve done there.

777 have missed payments on occasion at Standard Liege, but they have since been paid. They claim that they are battling against the financial mismanagement of previous owners and have lifted the carpet at the Belgian side to find many skeletons.

Prospective Everton owners vow to back Kevin Thelwell 

777 sources have told TEAMtalk that dealing with clubs in financial distress is their “speciality” and they are “confident they can deal with what Everton will throw at them.”

The firm, led by CEO Josh Wander, intend to back the Toffees’ sporting director Kevin Thelwell and are hoping to strengthen the side this summer.

They do concede that the sale of key players such as Amadou Onana, Jarrad Branthwaite and Jordan Pickford may be required to balance the books, however.

777 are well aware of Everton’s ongoing problems with the Premier League’s profit and sustainability rules and will do what it takes in order to avoid another points deduction.

They also say that they will put a big focus on improving the Merseyside club’s academy, insisting that it will be utilised “correctly” and and hope to have more homegrown talent break into the first team.

Everton’s management of new stadium build is ‘untenable’

777 have received criticism from several outlets in recent weeks, but they claim that a lot of these stories are due to “other potential buyers poking the nest.”

The firm are not expecting an imminent announcement from the Premier League but as mentioned, are confident that the takeover will be finalised around May time.

They have told TEAMtalk that they are “open to other investors joining the 777 model.”

777 also believe that the way Everton’s new stadium at Bramley Moore Dock has been financed up until now is “untenable” and are actively looking to find new ways to manage that correctly.

Everton will “not be a closed shop” once they take control of the club and they aim to build their income and sustainability in the years.

777 remain “calm” about the takeover situation and despite all the outside noise, are on track to complete the takeover of Everton by the summer transfer window.

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