Everton takeover moves step closer as 777 Partners granted loan extension

American investment firm 777 Partners have moved a step closer to completing a takeover of Everton after an extension was granted to pay a loan back to a major club creditor.

A deadline of midnight tonight EST (5am UK time) had been looming, with the repayment of a £158m loan to MSP Sports Capital one of the four conditions set out by the Premier League as part of its conditional approval for the Miami-based firm to complete its acquisition of the club.

Sources have informed the ECHO that an agreement in principle has been reached between 777 Partners and MSP to allow 777 to settle the loan which Farhad Moshiri had taken out with New York-based MSP to help fund construction of the new stadium at Bramley Moore Dock.

Everton player ratings as four abysmal in disgraceful Chelsea hammering

Everton are in danger of losing one thing they need now more than ever after Chelsea embarrassment

While the exact details of the agreement are not known, the extension is understood to be ‘weeks not months’, with 777 confident of meeting the requirements set out by the Premier League as part of its owners and directors test.

Last month the Premier League informed 777 Partners that they would only be granted approval to acquire Moshiri’s 94.1% shareholding and take control of Everton, a deal agreed some seven months ago, if they could meet four criteria. They are: that 777 loans 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.