Report: Premier League decision over 777 Partners due within a fortnight

Report: Premier League decision over 777 Partners due within a fortnight

777 Partners should soon hear from the Premier League regarding the timing of a verdict over whether they have passed the Owners and Directors Test and can proceed with their takeover of Everton FC.According to The Telegraph, the Miami-based investment firm were expecting to be contacted by the League this week, with a final decision to come by the end of the month.

The club’s current majority shareholder and de facto owner, Farhad Moshiri, agreed to sell his 94.1% stake in the Blues to 777 Partners last September in what was reported by the same newspaper to be a complex deal based heavily on the club’s performance in the interim and which division the team will be playing next season.The proposed purchase has since been muddied by an independent commission’s decision to recommend that the Premier League deduct Everton 10 points, a historic penalty that has left the club fighting relegation for a third successive season, and the referral of the Blues by the League to a second commission for further breaches of Profitability and Sustainability Rules (PSR).

Everton could hear the outcome of their appeal of the first PSR charge and their 10-point sanction any day now (the news in November came on a Friday afternoon), with the verdict of that panel set to have significant ramifications both for the Toffees’ second commission hearing and Nottingam Forest’s first.The East Midlands club were charged along with Everton in January for a breach of PSR, with their first commission expected to take place in March. Under new directives, the decision from that panel and any resulting appeals must be concluded by the end of May this year.

While 777 Partners have waited to hear from the Premier League to see if they have passed the Owners and Directors Test, the company have furnished Everton with around £180m in loans to keep the funding of the new stadium at Bramley-Moore Dock and, by extension, its construction on track for completion by the end of the year.Should their attempted takeover go through, founding partners Josh Wander and Steve Pasko will seek to convert that debt into equity and then begin the process of restructuring the club’s other outstanding debt with chief creditors Rights & Media Funding, Metro Bank and, perhaps, MSP Sports Capital.

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