777 Partners takeover bid of Everton to be rejected by the Premier League

According to sources cited by Football Insider, there are signs that 777 Partners is “losing hope” that the Premier League will approve their takeover of Everton.

The US group reached an agreement to buy Farhad Moshiri’s 94 percent ownership in the club back in September, but they have been waiting for Premier League clearance for more than 17 weeks.

During the prolonged approval process, 777 Partners have provided £142 million in loans to Everton, contributing to operating costs and stadium construction fees. The most recent financial support from 777 Partners to Everton came on January 8, in the form of a new £40 million loan.

As the Premier League has not yet made a judgment about the proposed takeover, Football Insider has been informed by reliable sources that 777 Partners are “rapidly losing hope” that the deal will be completed. Two other US parties have apparently put money aside for a takeover effort in case their bid is rejected.

The Premier League have reportedly expressed concern over the source of funding for 777 Partners following several complications in recent months. One of 777’s owned clubs, Vasco da Gama, faced a transfer ban in October for failing to pay owed transfer fees of approximately £5 million. Additionally, the US group was reportedly reluctant in paying a £900,000 fee owed to the British Basketball League.

A number of aircraft lessors are allegedly suing 777 Partners for almost $30 million (£23.5 million) in unpaid payments, adding to the already serious issues. Although publicly expressing confidence in finishing the transaction, insiders within the company are now characterized as “pessimistic,” according to a Josesimar story from January 9.

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