Delays and Optimism: Everton's Prospective New Owners Await Premier League Approval

Introduction

Everton's prospective new owners are currently addressing queries from the Premier League, with the board approval still pending. The club had anticipated a decision on the directors and owners' test by the end of February, but the league recently requested additional information from 777 Partners. While outstanding demands are being dealt with, it remains uncertain whether Everton is on track to secure a decision in the near future.

Background

In September, 777 Partners agreed to purchase owner Farhad Moshiri's 94% stake in Everton. As part of the deal, the American investment firm has already provided £30 million in funding, bringing the total loan to £180 million. However, the completion of the deal has faced delays, and the Financial Conduct Authority's clearance in December did not guarantee immediate approval from the Premier League.

Recent Developments

777 Partners has recently reassured its staff about its finances following the departure of Damien Alfalla as chief financial officer. Co-founders Josh Wander and Steve Pasko announced that Brett Kaufman would be stepping into the role of CFO, expressing confidence in the company's future growth. Meanwhile, Everton is awaiting the outcome of an appeal against a 10-point deduction and is also facing charges of financial breaches.

Outlook

Despite the delays, there is still optimism that the deal between Everton and 777 Partners will be finalized. While concerns were raised about allegations involving one of 777's subsidiaries, 777Re, sources close to the company have clarified that the reinsurer is under administrative control as part of an industry reorganization in Bermuda. This development does not impact the funding of the Everton deal. The Premier League's directors and owners' test has become more stringent in recent years, but resolving the Everton situation is now a top priority. The investment in Manchester United by Sir Jim Ratcliffe was cleared within eight weeks, highlighting the need for a timely decision in Everton's case.

Conclusion

Everton's prospective new owners are diligently addressing queries from the Premier League as they await board approval. The completion of the deal with 777 Partners has faced delays, but there is still optimism that it will be finalized. Everton is also dealing with an appeal against a 10-point deduction and charges of financial breaches. The outcome of the directors and owners' test is crucial for the club, and resolving the situation is now a top priority for the Premier League.