Sources: Days away from a £200 million “disaster” choice for Everton.
Football Insider has been informed by sources that 777 Partners plans to promptly recall the majority of its £190 million loans to Everton in the event that the Premier League rejects their takeover offer.
In September, the US consortium signed a £500 million deal to acquire the majority of Farhad Moshiri’s shares in the Merseyside club.
They are still awaiting permission from the Premier League, though, as worries over their financial source intensify.
The decision about acceptance or rejection of the buyout is anticipated before the end of February, as stated by The Telegraph.
777 Partners has provided Everton with several loan agreements to help with running costs and fees related to their stadium construction while they wait for Premier League permission.
Football Insider first reported in September that 777 had added a “recall clause” to their original £100 million loan, which may be activated if they disapprove of the new owners.
If the deal is denied, 777 Partners will leave Everton with a £190 million headache.
According to The Daily Mail, 777 plans to lend the Toffees a further £30 million this month, bringing the total amount due to more over £190 million.
If the Premier League rejects 777 Partners’ takeover offer at the end of the month, sources close to the company have informed Football Insider that they will seek immediate loan repayment.
Under Moshiri, Everton would have a “disastrous” amount of debt to pay off while they still had to find money for everyday expenses.
On the other hand, Moshiri would be open to negotiations with other parties if the takeover was rejected.
According to reports, more US organizations have been monitoring the takeover agreement in case it falls through.
In other news, the worrying Everton “problem” of “Moshiri has gone AWOL” has Kerry Maguire perplexed.
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