What 777 Partners must now do to complete Everton takeover

[ad_1]

Having acquired a majority stake in Everton back in 2016, Farhad Moshiri’s tumultuous time as owner of the club is nearing its end.

On Friday morning it was announced that Miami-based firm 777 Partners had agreed a deal with Moshiri to acquire his 94% shareholding in Everton, with talks having reached a positive conclusion for both parties after weeks of dialogue.




But there is still some road left to travel yet before 777 – who operate a multi-club portfolio through their ownership of other teams such as Genoa, Vasco da Gama, Red Star FC, Hertha Berlin and Standard Liege – take control of the Blues and bring an end to Moshiri’s time at Goodison Park.

The deal – where the finances involved in the acquisition have not been disclosed – now has to clear a number of hurdles before change is effected, with regulatory approval needed from the Premier League, the Football Association and the Financial Conduct Authority.

READ MORE: 777 Partners have clear first priority to give Everton supporters takeover clarity they need

READ MORE: 777 Partners should make one overdue addition to new Everton stadium

Ahead of any takeover deal being ratified, 777 Partners – who were founded in 2015 by Joshua Wander and Steven Pasko – will have to pass the Premier League’s ‘fit and proper persons test’, which will assess the suitability of their company directors to take control. That test will have to be satisfied with regards to the proof of funds for the transaction, as well as having to see a workable business plan for the next 12 months, and the financing required to underpin that.

777 have, in recent months, been the subject of scrutiny after allegations around some aspects of their previous business practice came to light in an article published by the investigative journalism website Josimar. Those allegations, which include fraud and failure to pay debts, have been refuted by 777, with a statement provided to the Telegraph earlier this month stating that “all cases cited have either been closed, dismissed or are being contested as baseless.”

[ad_2]

Source link