The Eveton Fan Advisory Board have published the response they have received from Premier League CEO, Richard Masters, to their recent letter seeking clarity over the decision-making process regarding 777 Partners’ proposed takeover of the Club.
FAB Chair, Dave Kelly, wrote to the League, Farhad Moshiri and 777 Partners expressing the representative body’s concern at both the length of time it was taking for the buyout proposal to be vetted, the lack of communication from the Everton hierarchy, and the uncertainty that has created among the fanbase.
Moshiri replied to say that he was confident the situation was “in the home straight” and now Masters has addressed key questions the FAB has around the Premier League Board’s deliberation process.
“We fully recognise the uncertainty that a proposed takeover of a Club can cause amongst its fanbase,” Masters wrote. “We also understand how, in the present case, the time that the process is taking has compounded that uncertainty. The Board … takes its responsibilities under the League’s Owners’ and Directors’ Test (OADT) extremely seriously.
“If the Board finds that it is not satisfied with the source and sufficiency of the funding, it remains open to the proposed investor to remedy that by, for example, securing new funding that does satisfy the Board. There is no time bar in the Rules for this but the purchase may not be completed unless and until the Board is satisfied.”
Masters summarised the process by concluding:
“[I]f an individual or company that wishes to purchase a Club is subject to a ‘Disqualifying Event’, they will be rejected. However, if the Board is not satisfied with the source and sufficiency of the funding behind the purchaser, that purchaser has the opportunity to address the concern. While the Rules provide no deadline for the latter, in practice it of course remains open to the incumbent owner to move on to seek alternative investment elsewhere.”
Moshiri agreed to sell his 94.1% stake in Everton to Florida-based 777 Partners on 15 September last year but both parties are approaching the seven-month mark without a decision having been made by the League either way.
777 met with the Premier League last month to answer specific questions and have since been informed by letter that the takeover would be approved providing certain conditions were met.