Everton are not currently in danger of administration - despite there being possible delays to their proposed takeover.
Sean Dyche's side are enjoying a good season on the pitch, winning seven of their 16 Premier League fixtures to date. Yet they're struggling off it. The Toffees were handed a 10-point deduction last month for breaching the Premier League's financial rules.
Victories, including the recent 2-0 win against Chelsea, have pulled Everton four points clear of the relegation zone. But reports on Tuesday suggested the team could receive a new nine-point deduction by entering administration in the New Year.
Everton's prospective buyers 777 Partners agreed a takeover deal with current owner Farhad Moshiri in September and have since loaned the club between £80million and £100m for operating costs. Yet there are now fears the takeover will be delayed further.
According to reports, 777 Partners are reluctant to keep on bankrolling Everton if they don't have control of the club soon. It's feared the club could be plunged into administration in the New Year if that funding is pulled. Yet Mirror Football understands that is unlikely to happen, putting fans at ease.
Premier League odds and betting tips
The American private equity firm were happy to provide Everton with loans in the hope a decision on their takeover bid would be made before Christmas. Yet a source from the Premier League has told the Daily Mail they are still doing their due diligence.
The Premier League must ratify all proposed takeovers via their Owners' and Directors' Test for them to proceed. It's proving challenging for the Premier League to make a decision due to the complex nature of 777 Partners' set up, according to reports.
More than 60 companies are involved in 777 Partners' structure, including those from insurance, aviation and sport. The Premier League want to establish the source of the firm's funds. The delay is worrying, as Moshiri has reportedly stopped funding the club. Yet there's nothing to suggest Moshiri will refuse to start funding the club again if 777 Partners pull out.
Everton are building a new stadium at Bramley-Moore Dock (Getty Images)What's your thoughts on Everton's takeover? Let us know in the comments below!
And a source close to 777 Partners has told the Liverpool ECHO they haven't received any communication from the Premier League about not receiving a decision until the New Year. The ECHO also claim 777 Partners are still committed to funding Everton.
It's believed Everton's prospective buyers will continue funding the Toffees until at least end of January, easing those administration fears for now. It's claimed they are also willing to extend that funding if necessary.
Everton's financial situation is made even more complex by the building over their new stadium on Bramley-Moore Dock. The 52,888-seater arena is set to open next year and will be used as a stadium for Euro 2028. Yet construction will stop if their funds dry up.
Mirror Football have contacted 777 Partners and the Premier League for comment. Everton will not be commenting on the matter.
Read more similar news:
Comments:
comments powered by Disqus
