The Premier League is reportedly set to engage in discussions with representatives from 777 Partners as the Miami-based investment firm’s bid to acquire Everton approaches the six-month mark.
According to Paul Joyce of The Times, these face-to-face meetings are expected to be the final phase in the evaluation process, providing the League with an opportunity to directly address any inquiries regarding 777’s suitability to own and manage the club.
As part of the Owners’ and Directors’ Test, the Premier League has already requested detailed information regarding 777’s financial backing and its long-term plans to sustain Everton financially over the next three years. Concerns have arisen over the firm’s financial stability, business practices, and management of other football clubs within its portfolio.
Recent reports suggest that 777 Partners has grown impatient with the length of the Premier League’s deliberations, with claims by Matt Hughes of the Daily Mail indicating that the deadline for the transaction between 777 Partners and Farhad Moshiri, set forth in the agreement reached last September, has lapsed.
Despite providing Everton with substantial financial support, amounting to £190 million in loans and optional provisions, 777 Partners continues to grapple with legal and financial challenges in the United States. Their Bermuda-based reinsurance arm, 777 Re, recently faced a downgrade in its financial rating, while reports from Norwegian investigative publication Josimar suggest that 777 Partners heavily relies on A-CAP for funding its football operations at high interest rates.
Additionally, A-CAP’s founder Kenneth King revealed in a webinar that his firm plans to reduce its capital exposure to 777 Re to zero following the credit rating downgrade.
The delay in the acquisition of Everton appears to stem from the Premier League’s requirement for audited accounts to assess 777’s ability to finance the takeover and sustain the club’s operations moving forward.