09 May 2024 , 10:08
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Everton owner Farhad Moshiri has been engaged in crisis talks with potential buyers 777 Partners as a deadline to repay a £158m looms. it has been claimed.
A deal to sell the club to the American group was first announced in September 2023. However, there are still obstacles to overcome if a takeover is to be completed, amid questions around the buyers' capabilities.
Requests had been made to secure an extension on the repayment of a loan, which Moshiri took out with MSP Capital, Andy Bell and George Downing. This extension was granted, but the new deadline is just weeks away.
The takeover was placed in further doubt at the end of April, amid reports an airline owned by 777 Partners had been placed into voluntary administration. And now, details of recent talks have come to light.
The Times reports that Moshiri is seriously considering terminating the current agreement. The same publication reports that he has held two days of talks with representatives for the prospective buyers in London
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The potential buyers have yet to meet the Premier League's conditions for the takeover, more than nine months after the deal was initially announced. The latest talks come against the background of legal action in the United States, while 777's budget airline Bonza has ceased operations.
Leadenhall Capital Partners brought a case against 777 in a New York court, with court documents alleging a "pattern of contractual breaches and fraud”. At the time of writing, the most recent announcement in the 'newswire' section of 777's website concerns the September agreement with Everton.
Everton fans have made their frustrations clear (Alex Livesey/Getty Images)Everton's fan advisory board are set for talks with Moshiri 'in the third week of May'. Ahead of these planned conversations, though, they issued a statement responding to the current state of play.
“The ongoing confusion and lack of transparency cannot continue," the statement read. "Each party must recognise its role in sullying the reputation of one of the most storied clubs in English football history and appreciated that all the rumour and speculation is causing extremely high levels of anxiety and concern to the club’s greatest assets, the fans.
"In summary, the FAB demands: Farhad Moshiri - recognise that now is the time for other bidders to be offered the opportunity to acquire Everton Football Club.
“777 - recognise that your inability to bring the funding necessary to consummate the original deal and the growing reputational damage you are incurring with lawsuit after lawsuit makes you unsustainable owners of EFC, and The Premier League - recognise that it is time for you to live up to your responsibilities (as defined by the owners’ and directors’ test by your own rulebook) by rejecting 777 Partners in order to allow discussions with more suitable owners of our great club.”
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