777 Partners Granted Extension for Everton Takeover
Scrutiny Delays Proposed Premier League Acquisition
Time Granted to Repay Loan Amidst Lending Investigation
The proposed takeover of English Premier League club Everton by investment firm 777 Partners has hit a temporary obstacle, as the potential buyer has been given additional time to settle a significant debt. The deal, which seeks to end the reign of current club owner Farhad Moshiri, has entered into added time, according to reports.
The holdup stems from scrutinized lending practices by 777 Partners' lending arm, 777 Res, to Nutmeg. Sources close to the investment firm have asserted that separate financing plans are in place to address this matter. However, the issue has led to a delay in the takeover process.
777 Partners had previously indicated its belief that the acquisition would be completed late next month. However, due to the current circumstances, that timeline may be subject to change. The proposed deal is said to involve an undisclosed sum that would see 777 Partners assume ownership of the Merseyside-based club.
The takeover, if finalized, would mark a significant shift in Everton's ownership structure. Moshiri, who has been criticized for his handling of the club's finances, would step down from his role. 777 Partners, based in Miami, Florida, has investment interests in various industries, including aviation and entertainment.
The news of the extension comes amidst a period of uncertainty for Everton both on and off the pitch. The team, currently battling relegation concerns in the Premier League, is also facing financial challenges. The proposed takeover by 777 Partners is seen as a potential solution to the club's current woes, providing a much-needed injection of capital and stability.
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