‘Greatest concern’ regarding 777 Partners has now been relieved after new details came to light.
777 Partners’ purchase of Everton has already entered its sixth month, with the Premier League still to grant clearance.
Over the past few of weeks, there has been back and forth over the news provided about the US-based investment organization.
The Premier League approval decision is make or break. The governing body has faced enough of criticism recently and is ensuring they properly vet 777 Partners before their potential takeover.
Evertonians shouldn’t expect a decision this week, regardless of the meetings scheduled between the prospective new owners and the Premier League.
Per The Telegraph: “A decision on the outcome of the league’s toughened owners’ and directors’ test can be ruled out for at least another week, sources tell Telegraph Sport. More meetings are anticipated between the top tier and the Miami-based investment firm in the coming days to clarify outstanding questions face-to-face.
“A decision on the outcome of the league’s toughened owners’ and directors’ test can be ruled out for at least another week, sources tell Telegraph Sport. More meetings are anticipated between the top tier and the Miami-based investment firm in the coming days to clarify outstanding questions face-to-face.”
The fundamental concern lays around 777 Partners’ funding source, with reports suggesting a significant source is going to be cut off.
Furthermore, the Premier League is surely looking at the portfolio of clubs controlled. Under 777’s watch, Genoa was issued a one-point deduction, while Standard Liege has been subject to a transfer embargo due to late payments.
The latter is of concern. Football finance expert Kieran Maguire argued the Belgian team were a “red flag” and that the Premier League are justified to do adequate due diligence.
However, in the Liverpool Echo’s most recent report on Everton’s takeover, they have calmed some anxieties.
Everton takeover fears eased.
The Echo have echoed 777’s stance on the late payments to Standard Liege.
“Perhaps of greatest concern has been the late payment of some wages at Standard for each of the last three months,” they wrote.
“The problem underpinning the late payment in February is said to have been due to a dispute linked to the previous ownership that meant club accounts were subject to a precautionary seizure.
“The position of 777 is that this was an issue that had nothing to do with the group but which it quickly resolved.”
This does read as slightly more good news, since we have always been painting a pretty dark image of the Belgian club’s financial predicament.
Keeping a careful eye on how Liege operates moving forward could reveal how things would evolve at Goodison Park if 777 Partners obtain Premier League certification.
All Everton fans ask for is clarity about the situation; the sooner a decision is made, the better.
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