Following Farhad Moshiri’s deal with 777 Partners, a number of Premier League owners are said to be concerned about the source of money for 777 Partners’ prospective purchase of Everton.
A number of Premier League owners are concerned about Everton’s potential acquisition by US private investment firm 777 Partners. The owners are expected to address the issue at the club’s first summit meeting of the season on Thursday.
The concern is supposed to derive from the unknown source of 777’s money for their reported £500 million purchase of the club. And owners are concerned about the Premier League’s possible reputational damage, given that the company is now involved in various court issues in the United States.
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The matter is set to be discussed informally at a meeting of Premier League owners and executives in London, according to the Daily Mail. Although it is not believed to be on the agenda, the Premier League will be unable to provide any advise to teams on Thursday because Everton and 777 have yet to disclose the specifics of the arrangement.
Despite club owners’ reservations, they will not be able to vote against the takeover because the Premier League will make the final decision.
Many owners and clubs were opposed to the Saudi Arabia Public Investment Fund’s ownership of Newcastle United, but the league had the final say. It is known that 777 intends to use their own funds rather than borrow from others.
However, given that the investment group owns 60 companies, determining the source of their takeover money may be difficult. To complicate matters further, the Premier League has apparently informally admitted that completing due diligence on the takeover may take months, potentially leaving the Goodison Park club in the lurch in the interim.
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