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May 9 – Everton majority owner Farhad Moshiri has held emergency meetings with prospective buyer 777 Partners to determine whether their agreed £500 million+ takeover will go-ahead, according to media reports.
Moshiri, who is desperate to exit his Everton ownership, agreed to sell his 94% stake to 777 Partners eight months ago in a deal that was expected to close by Christmas.
Doubts existed over whether 777 Partners could finance the deal alongside a host of other financial commitments in its football portfolio. However, the Miami-based investment firm has already loaned Everton £200 million.
The fear that the deal would not complete has led Moshiri to instruct insolvency specialists Teneo to take the club back to market.
777 Partners’ difficulties were compounded last week with news of a lawsuit filed in a federal court in New York.
777 owes more than $600 million to two London-based asset management companies, Leadenhall Capital and Leadenhall Life. The two London companies allege that 777 Partners used $350 million of assets that either were not controlled by the Miami-based firm or which “did not exist”.
The filing alleges that: “To induce Leadenhall to fund their operation, (Josh) Wander (777 Partners co-owner), along with his group of alter ego entities, “pledged” over $350 million in assets as collateral to Leadenhall, knowing all along that the assets either did not exist, were not actually owned by Wander’s entities, or had already been pledged to another lender.”
The hits have just kept coming for 777 Partners which either owns or has stakes in Genoa in Italy, Standard Liege in Belgium, Red Star FC in France, Vasco de Gama in Brazil and Herta BSC in Germany.
On Monday Belgian press reported Standard Liege’s players had not been paid for April and would not receive payment until the end of the season. Fans at Red Star have called for 777 Partners to exit the club, while Vasco da Gama claim that 777 Partners have not paid…
Source link : https://www.insideworldfootball.com/2024/05/09/desperate-moshiri-holds-urgent-talks-cash-strapped-777-partners-everton-sale/
Author : Paul Nicholson
Publish date : 2024-05-09 06:22:50
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