Farhad Moshiri has granted 777 Partners until the end of the month to complete their Everton takeover – but the club have confirmed for the first time plans are in place to progress “alternative scenarios” if the buyout collapses.
Despite having doubts about their ability to complete the deal, which were reported by i last week, Everton’s majority shareholder Moshiri has extended the sales purchase agreement with 777 until May 31.
In theory that gives 777 – who are beset by legal troubles and called in a debt restructuring adviser last week – another fortnight to try and satisfy the conditions placed on them by the Premier League in order to pass the deal. Everton insiders believe the takeover still remains “unlikely” given how many issues they face but an additional payment of £8m to help fund the new stadium at Bramley-Moore Dock was made last week.
And it is telling Everton’s CEO Colin Chong has written to the club’s fan advisory board (FAB) to confirm “plans are in place to progress alternative scenarios” if the buyout falls through. Negotiating a deal with MSP Sports Capital, one of the club’s major creditors, is thought to be one of those.
The FAB – who have called for Everton to break off talks with 777 – will also meet with Moshiri next week to seek urgent answers on the future of the club.
In a statement issued on Tuesday night, the FAB set out details of Chong’s letter – which confirmed for the first time the state of play with the takeover.
“A share purchase agreement is currently in place, which gives 777 Partners the opportunity to acquire a majority shareholding in the club and this lasts until 31 May,” it read.
“The club has confirmed, however, that plans are also in place to progress alternative scenarios, should the acquisition by 777 Partners not complete.
“777 Partners has so far made loans to the club of $200m, which includes a $10m payment, to support the new stadium build, which was received this week.
“Should the 777 acquisition complete, a significant portion of the loan will be converted into equity in the club.
“Mr Chong also took the opportunity to thank supporters for their patience and support over recent months and has committed to providing further updates, both through its official communications channels and through structured dialogue with the FAB.
“Our statement last week made clear what we think needs to happen to find the right owners for our club and our position hasn’t changed.”
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