Everton Sale to 777 Partners Faces Hurdles Amid Financial Questions
Struggling Premier League club Everton’s sale to 777 Partners has hit a roadblock as the US investment fund has failed to provide audited financial statements to the British regulator, according to the New York Times.
The Financial Conduct Authority (FCA) of Britain has requested 777 Partners to submit the necessary financials. Failure to comply or provide an acceptable explanation could jeopardize the takeover, as reported by the NYT, citing sources familiar with the matter.
However, a Reuters source has stated that the deal is still in progress and has not stalled. “We have submitted all relevant documentation to the FCA in line with their requests, and indicative timings,” said a spokesperson for 777 Partners in an email to Reuters.
The FCA has declined to comment on the situation.
Last month, Everton was acquired by 777 Partners in a deal valued at over £550 million ($669.79 million). The agreement involved the purchase of British-Iranian billionaire Farhad Moshiri’s 94.1% stake in the club.
Financial Struggles and Club Portfolio
Everton has reported losses for the fifth consecutive year, with a staggering £44.7 million loss for the 2021-22 season. The total accumulated loss over this period exceeds £430 million.
777 Partners, a firm with an extensive club portfolio, owns Italian side Genoa and Belgian team Standard Liege. Additionally, they hold stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.
The current situation leaves Everton fans and football enthusiasts eagerly awaiting further updates on the outcome of the sale. The future of the club hangs in the balance as the financial questions surrounding 777 Partners remain unresolved.