Everton: 777 CFO resigns as takeover announcement due, business may now be complicated.
According to Semafor Business, 777 Partners’ CFO has left as the company’s bid for Everton nears completion.
On February 16, Liz Hoffman announced on the outlet’s website that Damien Alfalla had stepped down as CFO of the US-based corporation, to be replaced by Brett Kaufmann.
The move comes as 777 has been keeping the Toffees afloat with millions in loans as their plan to buy out Farhad Moshiri awaits approval from regulators, having previously agreed in September.
With the company reportedly having to sell assets to fund Everton amid various suggestions of difficulties within their business
portfolio, Hoffman suggests Alfalla has had a “tough job” in trying to keep the “cash burning” and “deal making” operation
running, while his replacement by an outsider is mooted to potentially “complicate 777’s ability to keep its money machine spinning”.
CFO resigns at 777 Partners with Everton takeover bid pending
With Everton expected to discover the outcome of the acquisition proposal by the end of the month and the FA claimed to have already decided to let it forward [Telegraph, 15 February], the timing of this action becomes crucial.
If Josh Wander and company are about to take over, it doesn’t seem very beneficial for such a crucial figure in the business to have left right before it happens.
Recent revelations have raised concerns about financial troubles in their portfolio, as well as at other football clubs.
So the figure purportedly in charge of keeping all the plates spinning appears to be jumping ship, which is certain to raise some concerns among those who believe 777 are not the proper owners for Everton.
The corporation has openly stated that they expect to complete the transaction, so if that happens, it would be a significant victory for them in the face of substantial skepticism, and Alfalla’s departure might be completely coincidental.
In any case, the Toffees faithful will be hoping that a huge change at this point does not jeopardize the club’s intended operation when it begins.
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