The goal of American private investment firm 777 Partners is to acquire Premier League team Everton, who are being investigated for possible Financial Fair Play violations.
Due to the buyers’ failure to reach a critical deadline, Everton’s proposed takeover is in danger of failing, which is extremely concerning for the supporters.
Owner Farhad Moshiri is being begged by supporters to sell after making a number of bad transfers. Since Moshiri purchased a share in the team in 2016, Everton has invested more than £750 million in players; however, throughout the previous two seasons, they have faced relegation twice.
The Toffees are investing millions of pounds on a new 52,888-seat stadium at Bramley-Moore Dock, but they also risk a punishment of points for allegedly breaking Financial Fair Play (FFP) regulations. The goal is for the ground to open the following year.
Moshiri has reached an agreement to sell the Merseyside club to American private investment firm 777 Partners for £550 million. However, there are rumors that 777 Partners and the Financial Conduct Authority (FCA) are entangled in a significant disagreement that could undermine the acquisition.
That’s according to The Sun. New Premier League rules mean 777 Partners, who are run by Josh Wander, will need to get the FCA’s approval before a takeover can be approved. It’s claimed Wander hasn’t provided audited financial statements to the FCA.
The takeover won’t be approved until Wander hands over the documents. That will make Everton fans even more worried, with the Premier League opening an inquiry into their alleged FFP breaches next week, putting them in danger of a points deduction.
All Premier League clubs approved a new owners’ and directors’ test in March that involves FCA approval. As reported by The New York Times, the Premier League, Football Association and FCA are all “unsatisfied” with 777 Partners’ financial statements.
Everton stated to The New York Times: “Out of respect for the process, 777 Partners will not be commenting on the ongoing regulatory approval process for its proposed acquisition of Everton FC.” Everton has also been contacted by Mirror Football for a response.
777 Partners, according to Moshiri, are “the right people” to lead Everton forward. He stated to Sky Sports: “The more time that I have spent with the 777 team, the more my confidence increases that we have found the right people to take the club forward in the modern era.”
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