Another New York-based private equity firm has emerged as a potential backer for 777 Partners’ bid to take over Everton which is approaching its 8th month without resolution.
According to Bloomberg, who first carried the report, and the BBC, GDA Luma Capital are in discussions over the possibility of providing debt financing to 777 so that they can continue to fund the Club’s construction of the new stadium at Bramley-Moore Dock and day-to-day operating costs while approval of the buyout remains pending with the Premier League.
GDA Luma, who describe themselves as providing “capital solutions” to companies facing “complex financial and operational challenges”, is helmed by Gabriel de Alba, co-chair of Cirque du Soleil Entertainment Group and if the suggestions from Bloomberg, citing people familiar with the situation, are true, they could be an alternative source of funds to Blue Owl Capital.
777 Partners were reportedly talking to Blue Owl last month about taking on a significant loan to fund the purchase of Everton and the repayment of the funds owed to MSP Sports Capital.
The Miami-based investment outfit agreed a deal last September to buy Farhad Moshiri’s 94.1% stake in the Blues but they have not yet met the conditions placed on their approval to become the Club’s new owners by the Premier League.
This week has seen 777’s involvement in the budget airline industry curtailed significantly when Australian carrier, Bonza, voluntarily went into administration on Monday.
And now the The Telegraph report that 777 Partners have sold off their stake in low-cost Canadian airline, Flair.