Multi-club ownership puts teams in jeopardy, and Everton might be one of them.
The planned acquisition of Everton by 777 would make them the latest team to control several clubs – Can 777 be trusted, and how safe are such groups’ teams?
The potential purchase of Everton by 777 Partners, a Miami-based business with interests in a variety of sports teams as well as other industries such as aviation, private finance, and credit services, has raised many eyebrows in England.
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The purchase of Everton suffers a delay as possible new owners undergo a protracted examination.
Everton owner Farhad Moshiri wants to leave Goodison Park, but possible bidders 777 Partners are said to be embroiled in legal processes.
Farhad Moshiri’s expectations for a quick deal on Everton’s future ownership have been dashed as possible bidders, 777 Partners, face a protracted inquiry to guarantee Premier League ownership criteria are satisfied.
The owner of Goodison Park has been in negotiations with the American investment firm, which already has investments in teams throughout the world, including Hertha Berlin, Genoa, Vasco da Gama in Brazil, Sevilla, Standard Liege in Belgium, and Paris club Red Star.
However, new Premier League regulations allow them the authority to halt transactions if owners are being investigated for specific offenses, including fraud.
And it is known that 777 is still subject to current processes claiming such offenses, despite the company’s vehement denial of the unfounded charges.
Furthermore, the Premier League demands convincing confirmation of funds for any takeover, which Moshiri is said to desire roughly £500 million for the club.
Several substantial debts must be repaid, as well as finance for the new stadium’s construction; the cost might total £900 million.
And, while 777 is still actively pursuing funds from various parties in order to make their investment in the English team, it is believed that they have not yet done so.
It opens the door to any agreement between the US-based investment firm dragging on for several months, if not into 2024, with the Premier League bound by their new regulations to investigate thoroughly.
Moshiri is said to be hopeful of reaching an agreement to sell his 92% ownership in Everton, and there have been rumors that an announcement is on the way, but that now appears exceedingly improbable given the timetable of any Premier League inquiries.
Everton fans demonstrated against Moshiri’s ownership on many times last season, as the team flirted with relegation before escaping on the penultimate day of the season.
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Moshiri took control in 2016 and has invested over £750 million in the player team, although Everton have been in decline for several years, edging closer and closer to the relegation zone.
The boardroom changed during the summer, with CEO Denise Barrett-Baxendale among those who left, while chairman Bill Kenwright stays on an interim board at Moshiri’s request.
Everton are yet to win this season and have only one point from their opening four games, with undefeated Arsenal visiting this weekend.
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