Digimagaz.com – Everton Football Club has received a substantial loan payment amounting to tens of millions of pounds from prospective new owners, 777 Partners, following their recent agreement to purchase the majority stake in the club from current owner Farhad Moshiri.
The Miami-based investment firm, 777 Partners, struck a deal on Friday to acquire Moshiri’s 94% ownership stake in the club. While the exact amount of the loan payment has not been disclosed, it is expected to provide a much-needed boost to Everton’s short-term working capital and the ongoing construction of the Bramley-Moore Dock stadium project.
The infusion of funds comes at a crucial time for the club, which has reported financial losses for five consecutive years and faces potential costs of up to £760 million for the construction of their new stadium. The loan from 777 Partners is seen as a lifeline for Everton, helping them meet their financial obligations as they continue to push forward with their stadium development plans.
However, the completion of the takeover deal is still pending approval from various regulatory bodies, including the Premier League, the Football Association, and the Financial Conduct Authority. Premier League regulations prohibit new owners from investing directly in a club until all necessary approvals are granted.
In response to this development, Everton, acting on behalf of 777 Partners, has informed their Fan Advisory Board and Shareholders Association that the prospective new owners intend to engage with them and the wider fanbase once the timing is deemed appropriate.
The impending takeover by 777 Partners marks the potential end of Farhad Moshiri’s tumultuous tenure as the club’s owner. Moshiri, a British-Iranian businessman, first invested in Everton in 2016 but has faced considerable criticism from fans in recent years. Supporters organized protests before some home games last season, demanding changes in the club’s leadership.
As of now, Everton finds themselves in the 18th position in the Premier League, having failed to secure a victory in any of their five league matches this season. Their next challenge awaits them in the form of a trip to face Brentford on Saturday.
The loan from 777 Partners offers a glimmer of hope for Everton, both in terms of their immediate financial stability and their ambitious stadium project, as the club looks to turn the page on a challenging period in its history and usher in a new era under potential new ownership.