Premier League “minded to approve” 777 Partners takeover of Everton

The Premier League have sent a letter to prospective Everton owners 777 Partners saying they are “minded to approve” their takeover of the club.

 

Current owner Farhad Moshiri agreed a deal to sell the club to the US-based firm last September, but gaining approval from the FA, Premier League and the Financial Conduct Authority has yet to come.

 

There have been numerous stumbling blocks which have prevented the takeover from being completed quicker, with doubts being raised as to whether the firm has the money to back Everton.

 

However, this latest announcement comes as the most definitive yet that the takeover could actually go through.

 

The green light is not ready to be given just yet though, as 777 still needs to meet a number of stringent conditions before the takeover can go through, as well as being approved by an independent oversight committee.

 

A letter written by the Premier League states they are willing to accept the takeover, but still want assurances about the source of their money, their ability to both back the club financially, and to complete the financing of Everton’s new waterfront stadium.

 

With Moshiri stepping back from his role as owner despite still technically running the club, 777 have had to prop up the club with loans in order to keep the lights on at Everton.

 

The club’s enormous costs have seen the firm loan Everton almost £200m since their agreement with Moshiri back in September.

 

 

The firm has stated that they will be unwilling to continue providing these loans beyond March, stressing the importance of coming to a conclusion around their proposed takeover.

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Josh Wander, the founder and main figurehead of 777, has been present at numerous Everton home games since the agreement was reached with Moshiri.

 

Both Wander, and fellow partner Steve Pasko, held talks recently with the Premier League, who wanted assurances that they could fund Everton for at least the next three years.

 

Everton’s precarious financial and ownership situation has not been helped by the fact they have been charged twice for breaching the Premier League’s Profitability and Sustainability rules.

 

A six-point penalty – reduced from 10 – has already been handed out to Everton, with another punishment set to be decided in the coming weeks, increasing the likelihood of the Toffees suffering relegation this season.

 

Everton return to action after two weekends off with a trip to Bournemouth next Saturday, and will enter the fixture four points clear of trouble.

 

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  1. who is responsible for club's fate as 777 decision nears.........

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