Everton appear to have staved off the immediate risk of administration with an extension granted on a loan repayment which could prove crucial to 777 Partners' takeover, it has been claimed.
The proposed buyers have been in talks for much of the 2023-24 season after Everton owner Farhad Moshiri announced a deal had been reached in September. Despite the agreement, the takeover has yet to fully get over the line.
It had earlier been reported that an extension over the repayment of a £160million loan was first required, with the takeover in jeopardy as a result. The initial deadline for the repayment was Monday night in the United States, just hours after the Merseyside club's Premier League defeat to Chelsea.
If the deadline was not met, there was potential for those involved with the club to look for new bidders. Administration was also reported to be a risk, with Everton potentially facing an automatic points deduction as a result, but there appears to be a reprieve for the time being.
According to The Telegraph, the extension was granted "hours" before the deadline of midnight in the US (5am Tuesday morning UK time). The same publication indicates the extension is a matter of "weeks not months".
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777 are said to still be working on raising the hundreds of millions required to complete their purchase of the club. The Telegraph also makes reference to an ultimatum handed to the potential new owners by the Premier League, including a requirement to repay the £160m loan.
The ultimatum also requires the group to deposit £60m into an escrow account for use by the club and convert loans it has itself made into equity. 777 will also be required to proves it has access to the funds required to complete the construction of Everton's new stadium, which is hoped to be ready in time for the 2025-26 season.
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Farhad Moshiri's sale of Everton has yet to be completed (Getty Images)All of this comes against the backdrop of points deductions relating to the Premier League's Profit and Sustainability regulations. After seeing an earlier 10-point deduction reduced to six on appeal, the club are contesting a further two-point penalty.
"I can only imagine running the football club isn't an easy business," manager Sean Dyche said ahead of his team's 6-0 defeat at Chelsea. “I don't imagine it's a simple process. It's taking more time, that's how it goes. I'm not involved in that side of things. The rest is a wait and see situation."
"Similar to the last - unexpected in the sense we thought it was dealt with," he said of the second points deduction. "The club will be looking into an appeal. What's done is done, the league table changes. We're confident that it won't change again this season.
"Front foot feel is old an adage but a fair one. Last time we had a knock everyone pulled together. The badge is more important than anything. The restart is Chelsea, a positive reaction to the news is important. The time for fault and blame has gone, we're past that. What's done is done."
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