Former Everton chief Keith Wyness has welcomed the perfect timing of the Premier League ultimatum which could see the 777 Partners takeover finally reach completion.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – suggested the proposal from the league would see the Toffees’ finances restored to a “reasonable state”.
The Premier League have reportedly written to US-based investors 777 Partners to inform them they are minded to approve their takeover – but have imposed several conditions before the deal can go through.
According to investigative outlet Josimar (23 March), 777 must convert more than £300million worth of loans into equity and provide proof of funding for the stadium – as well as funds for this season’s running costs – before the deal is approved.
They struck a £500million takeover agreement with chairman Farhad Moshiri in September, but concerns over their sources of funding have delayed Premier League approval.
The ultimatum from top-flight chiefs now gives the Miami-based group the chance to prove they are serious about owning Everton.
Wyness told Football Insider‘s Insider Track podcast: “I think the conditions mentioned do give Everton a lot of breathing space.
“It sorts out the debt, it gets the stadium built, and it ensures the club operationally through this season and next season.
That would push us into the new stadium opening, and that would bring much better revenues – about £50million more a year.
“This would be a good solution – if 777 Partners can meet those conditions.
I think it would be enough to get Everton back into a reasonable state. The £300million reduction in debt would do a lot for them.
“We’ll see how it goes.”
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