In a desperate new twist, Farhad Moshiri agrees to an embarrassing Everton sell for almost little money up advance.
Farhad Moshiri’s desperate desire to sell Everton has led to an agreement with 777 Partners that provides “virtually no money up front.”
Moshiri has been attempting to sell the Blues for some time because he has been unable to raise financing to help pay for the new stadium at Bramley-Moore Dock since the UK Government sanctioned former business partner Alisher Usmanov as a result of Russia’s invasion of Ukraine.
Everton have just about survived two Premier League relegation battles, saw off three managers, and had to work their way around Financial Fair Play difficulties throughout this time.
It’s simply the tip of the iceberg in terms of Everton’s problems, and while some fans are delighted about the proposed takeover by Miami-based investment group 777 Partners, there’s really nothing to cheer about.
According to a story published on Saturday (17 September) by the Daily Mail, Moshiri is so keen to sell Everton Football Club that he has agreed to sell his 94.1 percent stake for significantly less than the £500 million he first sought.
Even more desperate, Moshiri has agreed to a deal with 777 in which he will “receive virtually no money up front.”
The agreement with 777 is said to pay for Everton through performance-related terms, such as avoiding relegation to the Championship this season.
What’s even more perplexing about Moshiri’s contract is that he appears to have agreed to it with 777 despite the Americans’ inability to fund it.
“A source close to the US-based investors told this paper that they had negotiated a series of clauses rather than large up-front payments,” according to the Daily Mail.
“The source also expressed serious doubts about 777 Capital Partners’ ability to purchase the club from Moshiri, pay off the club’s debts, and complete construction of the club’s Bramley-Moore stadium.”
If MSP Sports Capital and Image & Media Rights do not approve of new Everton owners, they have the right to call in loans worth £350 million, and the Mail says that MSP might consider doing so.
There is an ever-expanding list of fees, debts, and stipulations that just make this 777 takeover untenable.
In other Everton news, Bill Kenwright’s long-awaited departure is finally a certainty.
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