Everton bring in ‘insolvency advisers’ amid troubling fresh update over 777 takeover

Joe Williams
Everton corner flag
The corner flag at Goodison Park.

Everton have brought in insolvency advisers amid fresh doubts over the takeover of the Premier League club by 777 Partners, according to reports.

At the end of March, Toffees owner Farhad Moshiri urged Toffees fans to “bear with us” as the protracted sale of the club entered “the home straight”.

The Toffees’ Fan Advisory Board (FAB) wrote to Moshiri, prospective owners 777 Partners and the Premier League seeking answers, with the takeover appearing to have stalled since it was first agreed last September.

Fans also asked for clarification on what would happen if the deal does not proceed, but Moshiri and 777 replied to assure them the takeover will go ahead and that the delay was down to the Premier League’s “approval process”.

The FAB posted both letters from Moshiri and 777 managing partner Josh Wander on X and said they were still waiting for the Premier League’s reply.

“We have received responses to 2 of the 3 letters we sent on Monday. Our letter to the PL was delayed due to technical issues on our side,” the FAB said.

UNIQUE TO F365: Mediawatch | Mailbox | Winners & Losers | Bespoke Prem tables

“The PL has committed to replying next week. We will comment on all 3 responses more fully once we have received and digested them all.”

Moshiri, who first invested in Everton in 2016, said he remains “confident” 777 are the right partners to take control of the Premier League club.

He said: “Securing the complete financing of the new stadium remains a priority and I can assure you from personal experience that 777 have met every ask that we have made of them to date.

“Now I completely understand the frustration that the Premier League approval process has taken longer than was originally expected.

“It is not ideal, but we must respect the Premier League’s process and hope that it is something that we must live with for only a little longer.

“We fully respect all our regulatory bodies, work closely and constructively with them, and please bear with us whilst we are in the home straight.

“I can also assure you that as soon as there is something definitive to say that we will share with you immediately.”

MORE ON EVERTON FROM F365
👉 Every Premier League club’s most improved player features six England hopefuls and Ben White
👉 Premier League stats: Man Utd star most key passes; Raya star nearing Golden Glove win

Wander said 777 had expected to complete the takeover in around three months when it was announced a deal was close to completion in September.

“None of us thought that this process would take over six months, as opposed to 12-14 weeks, as was our expectation,” Wander said.

“I look forward to answering your questions to the extent we are able, but I want to manage your expectations that we can’t do so prior to the transaction concluding, in line with the advice we have received with respect to the ongoing regulatory processes.

“However, all of us at 777 Partners – myself included – remain committed to having a productive working relationship with the FAB and other organised fan groups once we are owners of Everton FC.”

But The Guardian have now claimed that Everton are ‘calling in a leading firm of restructuring and insolvency advisers, raising further questions about the proposed takeover of the Premier League club by 777 Partners.’

And The Guardian explain that 777 partners are ‘experiencing further financial difficulties’ as well as Everton waiting on £15m-worth of loans from the group.

‘The move comes as the club are believed to still be waiting for a further £15m of loans that 777 had pledged to provide Everton with during April, according to one 777 source.

‘The latest loan would have taken the amount the club had borrowed from the American firm to more than £200m during the seven months since it was announced it would acquire Everton.’

The report adds:

‘The developments raise further questions regarding whether 777 will be able to complete its takeover of Everton – and how the club will be funded until the end of the season.

‘When companies fall into financial difficulties, directors are required to take professional advice and closely monitor a business’s finances to ensure that they are not trading while insolvent.

‘The Guardian understands that Teneo – a global financial advisory firm with a large insolvency division – has been approached to advise Everton and its directors.’

📣 TO THE COMMENTS! Give your view on Everton’s latest takeover situation. Join the debate here.