Everton takeover: Farhad Moshiri stance on 777 Partners deal after claims over new buyers

Farhad Moshiri is ‘continuing to work towards completion’ with 777 Partners for the sale of Everton, despite discussions with alternative funding sources having been explored.

The Miami-based investment firm had agreed to acquire Moshiri’s 94/1% shareholding in the Toffees which he has held since 2016, back in September, but the deal has been held up for the last seven months with 777 still yet to clear the necessary hurdles to pass the Premier League’s owners and directors test due to questions over the firm’s financing.

A breakthrough looked to have been reached last month when the Premier League granted ‘conditional approval’ to the deal on the proviso that 777 met four conditions. Those conditions were that 777 loans, of which are likely to come to just shy of £200m when the next working capital commitment is required in the coming weeks, to the club have to be converted into equity; funds are 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.

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777 were granted an extension to the maturity date of the MSP loan, which was a week ago, but that extension is ‘weeks not months’ according to sources. 777 sources claim that the firm was confident of clearing the necessary hurdles to complete the deal.

On Monday (April 22) a Bloomberg report claimed that Everton’s financial advisor Deloitte had been tasked with finding alternative avenues of funding, while a New York Times report went one step further by suggesting