Everton have been hit with a 10-point deduction after being found guilty of a Premier League financial breach
Even after the team was given a 10-point deduction today, American company 777 Partners is not going to back down from their possible acquisition of Everton.
The Toffees had been charged by the Premier League for one alleged infraction back in March, so they had been anxiously awaiting word on what, if any, penalty they would receive if found guilty of violating profit and sustainability standards.
An impartial commission heard the case, and this afternoon the results were made available to the public. After being found guilty, the Blues were fined 10 points; however, they plan to appeal the penalty.
While the independent commission was recently meeting in London, 777 Partners, an investment firm based in Miami, which was interested in purchasing Everton, was in the process of obtaining regulatory approval from the Premier League, Football Association, and Financial Conduct Authority. This process involves 777 providing evidence of funds, a feasible business plan, and passing several tests to establish their eligibility as the club’s new owners.
In September, 777 Partners reached an agreement to purchase Farhad Moshiri’s 94.1% stake in Everton, with an assurance that they will also finance the balance of the stadium construction at Bramley-Moore Dock. Loans have already been given by 777 Partners to help the club’s short-term cash flow.
777 Partners has been prepared for the independent commission’s findings and today’s punishment; sources recently informed the ECHO that all possible outcomes, including fines and potential point deductions, were disclosed during the due diligence phase and were “priced in” to the acquisition of the club.
However, 777 Partners’ final payment, should they be successful in purchasing the club, might now be subject to alter. The outcome of that specific element is still unknown.
Everton Football Club issued the following statement on Friday afternoon: “We are both startled and disappointed by the Premier League’s commission’s judgement.
“The club feels that the sporting sentence issued by the commission is completely unfair and unjustified. The team has already informed the Premier League of its plan to appeal the ruling. The club’s case will now be heard by an Appeal Board that has been constituted in accordance with Premier League regulations, and the appeal procedure will begin immediately.”
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