Everton takeover: 777 Partners extension request explained as critical £158m deadline nears

Prospective Everton owners 777 Partners are to formally request an extension to a deadline where they have to pay a major club creditor as part of the Premier League’s conditions of approval.

The Miami-based investment firm agreed to purchase Farhad Moshiri’s 94.1 per cent stake in the club back in September. But seven months on the deal has still not been ratified by the Premier League via its owners and directors test.

777 Partners, which owns a number of football teams across the globe including Genoa and Standard Liege, has provided some £180million in funding for working capital to Everton to ensure the construction of the club’s new stadium at Bramley Moore Dock could continue, as well as payroll obligations be met. However, a deal that they had hoped would be concluded before the end of 2023 now faces rumbling on into May 2024.

777 Partners in race to meet Premier League conditions as critical date nears

Everton trapped in spiral of misery and Premier League appears unwilling to let them escape

Last month the Premier League informed 777 that they would be granted approval if they could meet four criteria: those conditions were that 777 loans to the club had to be converted into equity; funds were required in an escrow account to meet financial obligations for the remainder of the season; proof of funding for stadium completion arrived; and a £158m loan was repaid to MSP Sports Capital.

MSP Sports Capital was in talks early last year with Moshiri over a £150m convertible debt deal, where they would provide capital with the option to convert it into 25% equity at a later date. But that deal never materialised as planned as another major creditor, Rights and Media Funding Limited, objected to the dilution of the