Premier League club Everton’s prospective buyer, 777 Partners, has "been given more time" to try to repay the majority of a $196.6M loan and proceed with their takeover of the club. Everton owner Farhad Moshiri negotiated the extension with MSP Sports Capital on behalf of 777 before a deadline yesterday. The exact terms of the extension have not been disclosed, but it is "likely to cover weeks rather than months." Moshiri agreed to sell his 94.1% shareholding to 777 Partners last September, but the buyout "has become a drawn-out saga because of concerns over whether the Americans can fund the Goodison Park club in the long-term" (London TIMES, 4/16).
777 is also now owed more than $199M in loans "paid to prop up the club" after it agreed to buy out Moshiri for $622M. Pulling the plug on funding that will see Everton through to the end of the month "would need someone else to step up to avert the threat of administration and a nine-point deduction" that could see them relegated after they were docked eight points for breaking financial rules. Everton were already facing a wait until the season ends before any takeover by 777, which is "scrambling" to raise hundreds of millions of dollars to fund the purchase (London TELEGRAPH, 4/16).
