“The good news for 777 Partners is that the Premier League is finally “minded to approve” their bid to purchase Everton. The bad news is the four conditions they need to meet to make it happen,” write Paul Brown and Philippe Auclair for Josimar.
“So is this good news or bad for 777 Partners? At face value, it would appear to represent progress after months of waiting in which the group has been beset by financial problems on all sides. It is contesting a growing number of debt recovery lawsuits in multiple jurisdictions in the USA and UK. Its Bermuda-based reinsurer 777re, a major source of funding for acquisitions and subsidiaries, has been put into administrative control pending the results of a regulatory investigation.
And its biggest backer, A-CAP’s Kenneth King – who is under investigation himself by insurance regulators in the US – has announced publicly that he is exiting his relationship with that reinsurer. But dig a little deeper and you see that while this development concerning the Premier League would appear to open a window for 777 Partners to finally move forward with the purchase of Everton, it actually leaves them racing against time to meet a set of conditions so stringent that sources both inside and outside the company believe they cannot be satisfied.”