Everton takeover: 777 Partners handed new blow by US regulators

Potential new Everton owners 777 Partners have been handed another blow after state authorities in the US sought to press five insurance companies to reduce their exposure to the Miami-based firm.

Since agreeing to acquire Farhad Moshiri’s full 94.1% shareholding in Everton back in September, 777 Partners’ bid to take control at the beleaguered Toffees has been stuck in limbo as it waits for approval from the Premier League that it has passed its owners and directors test.

The company already has approval from the Financial Conduct Authority, but without Premier League approval the deal will not go ahead, despite the fact that the firm has loaned Everton some £180m to aid working capital since September, largely related to the club meeting construction finance obligations and payroll.

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A decision is expected imminently after it emerged that the Premier League had given ‘conditional approval’ for a deal, albeit one that would only arrive if 777 met a number of strict caveats.

The firm has faced a number of legal issues in the US through its portfolio of companies, including in the aviation industry, with the most recent being brought by Obra Capital in a New York court.

The latest, however, first reported by the Financial Times, relates to five insurance companies that state regulators in Utah and South Carolina deem to have too much exposure to 777 Partners.

The regulators say the move highlights their states’ efforts to safeguard the financial interests of individuals depending on annuities and insurance products, particularly retirees, widows, and orphans.

The five