Just as Everton’s takeover seemed to be winding to its conclusion, a fresh twist has emerged to throw the entire situation into doubt again.
777 Partners had been questioned with immense scrutiny well before this process had dragged on for as long as it had done, but this latest setback is unlikely to win them any further supporters.
After all, with each new delay they only serve to undermine their financial position, and cast uncertainty over their capability as custodians of a football club.
Now, ironically enough, this Everton takeover has actually been taken out of their hands.
777 Partners suffer new loan setback
Not too long ago, the Premier League had set 777 Partners a set of four conditions which had to be met before they were granted their takeover.
Were they to complete them, the division had actually even offered conditional acceptance.
And yet, with one of the outstanding issues being to pay back MSP Capital’s £160m loan before next Monday, their efforts to delay that deadline highlight their lack of liquidity, and now puts the outcome in this new organisation’s hands.
Sky Sports sought to cover this, and specifically wrote: ‘City sources said on Wednesday that 777 had also requested in recent days an extension to a repayment deadline for a loan of nearly £160m.
‘The money is owed to MSP Capital and the prominent Merseyside businessmen Andy Bell – founder of the investment platform AJ Bell – and George Downing, and is due to be repaid by next Monday.’
Everton takeover takes new twist
So, with such an overwhelming wave of fresh doubt now pouring over 777 Partners, it must be supremely frustrating to see that no longer are things in their hands.
They are officially at the mercy of MSP, and should they refuse to grant them a loan extension then they will have failed in completing the conditions laid out ahead of them.
Now, in an interesting turn of events, the company awaiting their repayment actually have the option to convert that loan into equity, which would then put them in the driving seat to own Everton.
Everton v Burnley – Premier League
Photo by Tony McArdleEverton FC via Getty Images
In a truly baffling turn of events, the Toffees could see their potential new owners swapped out at the eleventh hour, and it all hinges on what Evertonians Andy Bell and George Downing see fit as the best way to proceed.
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