A financial director of a football club once told me that the moment you start missing payments you no longer get the benefit of the the doubt. Whether that is players or suppliers, when the bills are due but they aren’t met, then relationships can evaporate in an instant; the trust just vanishes into thin air.
We are now almost seven months on from 777 Partners agreeing to acquire Farhad Moshiri’s 94.1% shareholding in Everton. In that time, the Miami-based firm has provided some £200m in working capital via interest-bearing loans, but still they have not satisfied what has been asked of them by the Premier League.
Last month the Premier League granted 777 ‘conditional approval’ in an attempt to try and reach a swift conclusion to the matter with some security attached.
Everton takeover in real doubt as 777 Partners-owned firm enters administration and advisors left unpaid
Inside Everton's perfect week as frank Sean Dyche talks and surreal messages spark turnaround
Those conditions were: that 777 loans to the club be converted into equity; funds required in an escrow account to meet financial obligations for the remainder of the season; proof of funding for the new stadium completion; and a £158m loan to be repaid to MSP Sports Capital.
That loan repayment was the first big test, but claiming the turnaround was too short, 777 Partners requested an extension, which MSP reluctantly agreed to.
Football allows us to escape each week. That little moment in time when, whatever happens in our lives during the week, our attention, and minds, are solely focused on what happens on the pitch. You win some, you lose some, but you know that it will be there for you to cheer for, shout at, love, and loathe for the remainder of your
Read on liverpoolecho.co.uk