Premier League outfit Everton’s financial future could be in huge doubt if a takeover by US-based investment firm 777 Partners is not approved.
As reported by Soccer Times earlier this month, the Miami-based investment platform had reached an agreement with unpopular owner Farhad Moshiri regarding a full takeover of the Toffees.
Everton’s takeover in serious doubt
According to The Guardian, however, the club’s debt and cashflow problems have continued to mount since Moshiri stopped propping up the club with a recent loan from 777 Partners taking the total of outstanding loans above $425m.
Interest on those loans is also understood to be costing the club more than $36m a year.
The Miami-based company requires approval from the Premier League, the Football Association, and The UK Financial Conduct Authority to become Everton’s owners.
777 Partners remain confident, in public at least, and have started a dialogue with Everton fan groups to try to ease supporter concerns about the takeover.
However, debts, added to the rising cost of Everton’s new stadium on Bramley Dock Moore- which is set to go over budget by $325- means 777 must provide proof of funds for the takeover, stadium, debt, and the club’s running costs.