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Saturday, April 13, 2024

Everton takeover awaits crucial meeting between 777 Partners and Premier League

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777 Partners are set to meet the Premier League this week to try and satisfy them they are suitable owners of Everton and hope to complete their takeover in March.

The Premier League recently sent the American investment firm some further questions which they hope to be able to answer face to face, although no time has yet been arranged.

However, no decision can be made at the meeting if 777 pass the owners’ and directors’ test.

An independent oversight panel of barristers will need to review the Premier League’s subsequent decision to check they have followed due process. It took around a week for Sir Jim Ratcliffe and Ineos for their recent investment in Manchester United.

777 agreed to buy majority shareholder Farhad Moshiri’s 94.1 per cent stake in Everton in September and initially hoped to complete the deal by the end of 2023.

They received approval from the Financial Conduct Authority in December while the FA also gave their assent. However, the Premier League have had a series of questions about 777, who also have stakes in a range of clubs, including Genoa, Sevilla, Hertha Berlin, Standard Liege and Vasco da Gama.

There has been criticism of 777’s ownership of some of their other clubs but the Miami-based firm have loaned Everton £190m money to build their new stadium at Bramley-Moore Dock.

Everton also face a second charge for failing Profitability and Sustainability Rules. They were deducted 10 points but that was reduced to six on appeal last week.

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