Everton ‘administration’ claims rubbished; 777 Partners takeover ‘still on track’ to be completed

Harry Watkinson
777 Partners co-founder Josh Wander shakes hands with Everton majority shareholder Farhad Moshiri
777 Partners co-founder Josh Wander shakes hands with Everton majority shareholder Farhad Moshiri

A recent report has claimed that Everton ‘could go into administration next month,’ amid rumours that their takeover by 777 Partners could fall through.

The American firm reached an agreement with Everton’s majority shareholder Farhad Moshiri in September to purchase his 94.1% stake in the club for £550m.

777’s co-founder Josh Wander stated at the time that he is “humbled by the opportunity to become part of the Everton family” but the takeover process has not gone smoothly.

According to Daily Mail journalist Matt Hughes, the Premier League has indicated that the takeover ‘has no chance of approval before the end of December,’ which could leave the Merseyside club at risk of administration, which carries with it the threat of a nine-point deduction.

777 have loaned Everton over £100m for operating costs over the past few months, but have Hughes claims that they will not continue to do so if the takeover isn’t completed by Christmas.

He writes ‘the Premier League are still some way from completing due diligence on their proposed takeover’ as it stands.

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However, according to our friends at TEAMtalk, Hughes’ report is wide of the mark and 777 has received no indication that the Premier League won’t approve the takeover.

They state that the agreement ‘remains on track’ to be completed, with senior Everton officials confident that the £550m deal will go through.

It’s also worth noting that several other interested parties are waiting in the wings to purchase the Merseyside club, who will have a new state-of-the-art stadium on the banks of the River Mersey next season.

TEAMtalk sources state that 777 officials also remain confident of the takeover being completed and that they will indeed receive Premier League approval before the New Year.

The Liverpool Echo have backed up TEAMtalk’s claims today, writing that ‘777 Partners have committed to fund working capital through to at least the end of January’ and ‘they have not received any communication from the Premier League about not receiving a decision on the takeover before the end of the year.’

Therefore, Evertonians must take the Daily Mail’s administration claims with a pinch of salt, with the threat of administration not as apparent as they make out.

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