Farhad Moshiri’s pending sale of Everton to 777 Partners may very well be under threat. The Merseyside club recently announced that Moshiri struck a deal to sell the team to the new American investment group. The agreement came after months of negotiations between the two sides. While a deal is in place, an official takeover can’t happen until it has approval from the Premier League.
Mail Sport is now claiming that several English top-flight clubs have concerns about Everton’s potential new owners. According to the news outlet, these teams have questions regarding 777’s funding for the deal. The American firm agreed to pay Moshiri around $620 million for the majority stake in Everton.
Potential new owners have not disclosed how they will pay for Everton
777 Partners have gained their financial status in a multitude of ways. This includes pay-day loans, structured settlement businesses, and investing in budget airlines. Nevertheless, the first two avenues of income were based on extremely low interest rates in the United States. Current rates are now, however, significantly higher. The COVID-19 pandemic hit the aviation industry hard.
Along with financial concerns, these Premier League clubs are also troubled with legal issues surrounding 777 Partners. There have been a plethora of allegations against the American firm and co-founder Josh Wander. However, the company claims that these issues surround some of 777’s sister companies and do not involve Wander specifically.
777 was late making a $1 billion payment to partners at the British Basketball League (BBL). Eventually, the group sent the funds. Still, this was a month late. This, in turn, caused the BBL to also miss a financial deadline to creditors.
The Premier League will not be able to officially provide feedback regarding the concerns at a meeting with the clubs on Thursday. The league has yet to receive the official terms of the deal between Moshiri and 777 Partners.
FFP issues compound club’s current sticky situation
To complicate Everton’s future even further, the club is also facing serious consequences over Financial Fair Play (FFP). The Premier League has yet to make an official ruling on the issue, but the Toffees face a possible points deduction. Everton could be in trouble should they be docked significant points. The club has managed to collect just one point so far this season and may likely face relegation should they receive a major penalty.
Along with possible relegation, Everton may also face further financial difficulties should the Premier League sanction the club. Leicester City, Leeds, and Southampton all threatened the Toffees with a lawsuit should they avoid relegation last season. The trio of teams was eventually relegated despite the allegations toward Everton.
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