777 Partners move one step closer to buying Everton

777 Partners has cleared a massive hurdle in their attempt to purchase a majority stake in Everton. The investment firm previously agreed to buy 94% of the club from current owner Farhad Moshiri back in September. The deal, however, hit several snags in the following months.

Multiple red flags quickly popped up regarding the financial standing of 777 Partners since their intentions to purchase the Merseyside club. One of the main issues was that the American firm reportedly failed to submit necessary paperwork to a British regulator. This regulator, the Financial Conduct Authority, has to approve 777’s finances for the deal to complete.

Not only did 777 Partners apparently not submit certain paperwork, but they also failed to report significant losses. It was reported back in November that the company lost almost $600 million between June 2021 and June 2022. The aforementioned regulators were reportedly not made aware of this massive reduction in funds.

British regulator finally approves 777’s takeover of club

Nevertheless, ToffeeWeb is now claiming that the Financial Conduct Authority has given their official approval of 777 Partners. This is obviously a significant step in the group’s intentions to take over Everton. The firm, however, can not complete their purchase of the club just yet.

While the news is certainly good for the Americans, the Premier League still has to give their approval in the deal. Reports out of England suggest that the top flight division will continue taking their time in reviewing the pending agreement. 777 Partners won’t learn the Premier League’s final decision on the deal until early 2024.

Despite the deal not yet official, 777 Partners has been providing Moshiri and Everton loans since September. In fact, the American group gave their potential new club around $125 million earlier this fall. The loan was to ease current financial concerns at the club. Moshiri and Everton apparently needed help paying for operating costs and player wages.

There were previous suggestions that 777 Partners was getting tired of waiting on the regulator and Premier League to make their final decision regarding the deal. In turn, the firm would not continue loaning the club more money entering the new year. However, this is apparently now not the case and 777 Partners looks set to provide the Toffees financial support heading into January.

Everton looking to escape relegation despite penalty

The Toffees have been riding high on the pitch since receiving the unprecedented 10-point deduction in November. Everton initially sank to 19th in the English top flight table following the penalty and a loss to Manchester United. However, the club has since followed up with four consecutive victories in league play. In fact, they have yet to allow a goal since the United defeat.

It would be extremely unlikely for a club already near the bottom of the table to avoid relegation after receiving such a points deduction. Many assumed the penalty would essentially be the final nail in the coffin for the club. Nevertheless, the punishment has, instead, seemed to galvanize the team. News of the potential change of ownership will only give the Toffees an extra boost in moral.

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