Exclusive: Kieran Maguire says 777 ‘strategy’ could become ‘incredibly messy’ for Everton.
Football financial specialist Kieran Maguire has provided insight into the circumstances underlying 777 loans in an exclusive interview with Everton News.
In recent weeks, Everton’s potential new owners, 777 Partners, have come under heavy criticism as word of their lawsuits has spread.
In the midst of all of this, 777 has been lending Everton money—even before their takeover has been approved.
Something like this has the potential to get complicated and cause major issues.
We chatted with author of The Price of Football and football finance specialist Kieran Maguire to get more information about these loans.
Kieran Maguire on 777 Partners loans
Maguire voiced his worries to us on Tuesday on Everton taking out a loan from 777.
“If stories are true, 777 have lent Everton somewhere between £60 million and £190 million,” he clarified. It’s unclear where
those loans came from. They might be unsecured, which would put 777 far down the list in the event that something bad were
to happen to Everton, but it also means that the club has grown more and more dependent on 777 to cover its monthly expenses
for operating expenses, wages, and running costs, as well as the ongoing payments owed for Bramley-Moore Dock.
He went on to say that he believed this might be 777’s cunning plan.
“This might be a part of 777’s plan to effectively paint Everton as a toxic target for acquisition by anybody else—after all, who
wants to buy a new company with a substantial debt load of £200 million from someone who might demand it back right away?”
Therefore, should 777’s attempt to purchase the Goodison Park club falter, Everton may find itself in difficulties.
Maguire warns of ‘messy’ situation
Maguire went on to discuss potential outcomes in the event that the takeover failed.
It’s a highly intricate situation. I believe 777 would file an appeal if the Premier League rejects the takeover, and if that appeal is unsuccessful, one can only imagine what they would try to do with the money they advanced to Everton.
“The club wouldn’t have the money to pay them back, so things would get really messy from there.”
Many Everton fans will undoubtedly be afraid of this, and if a professional like Maguire is worried about it, then it’s something that must be taken into account.
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