Everton takeover update as 777 Partners and MSP Sports Capital reach crucial day

Prospective Everton owners 777 Partners remain in negotiations with one of the club's biggest creditors over the settlement of a loan required for the US group to take over at Goodison Park.

The Miami-based firm has been attempting to reach a resolution with MSP Sports Capital since last week. And today is the deadline for the repayment of a £158m sum owed to MSP as part of conditions set out by the Premier League.

Last month the Premier League informed 777 Partners that they would only be granted approval to acquire Farhad Moshiri’s 94.1% shareholding and take control of Everton 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.

Gary Lineker names clubs he 'suspects' Premier League will want relegated as Everton resume fight

I expected to make Everton transfer before Sean Dyche decision changed my life

While sources claimed that three of the four conditions could be met by Friday last week, on Thursday, 777 requested an extension to the repayment of the loan to MSP, with the sticking point being that time frame between conditional approval and the maturity of the loan was deemed to be too short at three weeks by 777.

Last week sources told the ECHO that MSP were reluctant to provide additional time for the loan to be repaid, although with the security on the debt being against Moshiri’s Blue Heaven Holdings Limited - the company that owns Everton - the New York-based firm could take a controlling interest in the event of a default of the loan repayment.

However, the appeal of