Everton: 777 CFO quits just before takeover news is expected; this could make business more difficult.
As the company’s efforts to acquire Everton seem to be reaching a breaking point, 777 Partners’ chief financial officer has left, according to Semifor Business.
On February 16, Liz Hoffman announced on the outlet’s website that Brett Kaufmann had taken over as the US-based company’s CFO in lieu of Damien Alfalla.
The move comes as 777, who originally agreed to a deal in September, has been using millions in loans to keep the Toffees viable as their ongoing bid to buy out Farhad Moshiri awaits approval from regulators.
Hoffman claims that Alfalla has had a “tough job” trying to keep the “cash burning” and “deal making” operation running, and that his replacement by an outsider may “complicate 777’s ability to keep its money machine spinning.” The company reportedly had to sell assets to fund Everton amid various suggestions of difficulties within their business portfolio.
CFO leaves 777 Partners while Everton’s acquisition offer is still pending
The timing of this action appears quite significant, as Everton is apparently expected to find out the result of the takeover proposal by the end of the month, and the FA is rumored to have already agreed to allow it to proceed [Telegraph, 15 February].
It doesn’t seem very beneficial for such a crucial member of the team to have left right before Josh Wander and company take over, if that is indeed the case.
In recent months, a number of reports have surfaced indicating financial problems in their portfolio, including at other football clubs.
It is therefore inevitable that those who insist that 777 are not the rightful owners of Everton will view the figure who is presumably in charge of keeping everything spinning with some anxiety.
The corporation has consistently stated in public that it expects to complete the transaction, so it is obvious that if it is going to happen, it would be a significant victory for them in the face of significant doubts, and Alfalla’s departure might just be coincidence.
In any case, the Toffees supporters will have to trust that a significant alteration at this point doesn’t jeopardize the club’s intended future, if and when it starts.
Jamie Carragher has made demands on the reason behind the postponement of Everton’s appeal verdict over their points deduction.
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