The financial health of Everton's would-be buyers, 777 Partners, continues to be a cause of concern, with regulators in Utah and South Carolina moving to force insurer A-Cap to further cut their exposure to the Florida-based private equity firm 777 Partners.
That's according to a memo seen by the Financial Times who report that the A-Cap group have $2.9bn invested in "entities related to 777" who are still waiting on approval from the Premier League for their proposed buy-out of the Blues.
A-Cap are said to have been 777's chief source of funds during their programme of buying up majority interest in a stable of football clubs around the world, with Everton, as a Premier League team, potentially the jewel in their crown.
However, A-Cap recently cut their exposure to 777 Re, a Bermuda-based reinsurance entity and this move by two US states looks set to see them retrench further from the parent firm, 777 Partners, co-founded by Josh Wander and Steve Pasko.
777 Partners have extended around £200m in loan provisions since agreeing to buy out Farhad Moshiri's 94.1% stake back in September and received word a fortnight ago that the Premier League were "minded to approve" the takeover but only if certain stringent conditions are met.
In a recent statement, 777 insisted they had the means to complete the buy-out:
“As it relates to the proposed acquisition of Everton FC, 777 Partners is confident in its ability to fund both the transaction and the club’s three-year business plan, the details of which it has provided to the Premier League as part of its ongoing process of regulatory approval.”
Reader Comments (6)
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2 Posted 01/04/2024 at 17:22:05
At the same time things looking brighter for MSP via Blythe Capital (should they choose to accept the challenge!).
3 Posted 01/04/2024 at 17:26:17
Actually, 'Mission Impossible' is a good description of our financial mess.
4 Posted 01/04/2024 at 17:31:37
Good wishes, Charles.
5 Posted 01/04/2024 at 17:37:37
6 Posted 02/04/2024 at 06:30:35
Everton need to make a substantial profit of over £10M to avoid being referred to a third Commission in this financial year, 2023-24. There appears to be no cutbacks in the adm operations in the 2022-23 accounts, having in the previous in year, 2021-22, cut back on playing operations.
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1 Posted 01/04/2024 at 17:03:27