Following the release of a new, shocking report, former Everton manager Keith Wyness stated he is still “extremely concerned” about 777 Partners’ capacity to purchase the team.
The 66-year-old, who ran a football consultancy advising elite clubs after serving as CEO at Goodison Park from 2004 to 2009, stated the buzz surrounding the Toffees’ buyout is “unlike any takeover bid I’ve seen” in an interview with Football Insider’s Inside Track podcast.
According to a recent Josemaria report dated March 5, 2023, 777 Partners owes creditors a grand total of $3.6 billion by the summer of 2023.
Additionally, it was said that the US-based investors owed approximately $145 million in delayed debt-related payments.
Although 777 and Farhad Moshiri reached an agreement to purchase Everton in September, they have been awaiting Premier League clearance for almost half a year.
Everton twist astonishes: “I’ve never seen anything like this.”
They have given the Toffees loans totaling about £200 million since September to assist with operating expenses and stadium development expenditures.
Wyness stated on Football Insider’s Insider Track podcast: “777 Partners reportedly possessed $3.6 billion in debt at the time of their Everton takeover proposal.
“That’s a significant figure, and it’s really alarming.”
“There’s a lot of talk about the proposal and several media stories about 777’s financial problems.
According to a recent article by The Financial Times, the funding is coming apart. 777 was likened as a house of cards in a lawsuit.
Naturally, the reports raise concerns. Although 777 is still making its case for approval, the buzz surrounding this takeover offer is not like anything I’ve seen before.
Is it true that without fire, there can be no smoke?
“777 assert that it is, claiming that the noise is the result of special interests. It’s difficult, though, to accept that at face value after reading so many insightful reports from knowledgeable financial writers.
It seems that 777’s financial structure is flawed structurally.
“They are still adamant that they will be accepted, but the Premier League needs to make sure that their rejection of them was justified because a litigious company like 777 will undoubtedly take legal action.”
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