Everton’s proposed takeover by 777 Partners has been placed in further doubt after an airline owned by the American group was placed into voluntary administration.
And according to reports the Goodison Park club are calling in insolvency advisers as the planned deal drags on without resolution. Australian budget airline Bonza, which is entirely owned by 777, was plunged into administration on Tuesday. Hundreds of passengers were left stranded as all flights were immediately grounded and the company’s four Boeing 737 aircraft were repossessed.
“We have been informed this morning that effective 03:00 today that all our aircraft have had repossession proceedings commenced by AIP Capital, the aircraft lessor,” Bonza chief executive Tim Jordan wrote in an email to staff, first published by the Sydney Morning Herald.
“This was a surprise to both ourselves and 777 Partners. We are currently assessing all options and will provide an update here just as soon as we have more information available to share. As a consequence to this, all first wave flights from all bases have been cancelled.”
Meanwhile, the Guardian has claimed that Everton are looking to appoint financial advisor Teneo with questions raised over an outstanding loan of £15m promised by 777.
777 declared it had struck an agreement to buy wantaway Farhad Moshiri’s 94.1 per cent stake in the club more than seven months ago.
Since then it has committed £200m in loans to the club but the Premier League has sought reassurances about the company’s funding before allowing it to pass its owners’ and directors’ test. Neither Everton nor 777 have commented on the latest developments.
Since 2015, 777 has purchased controlling stakes in Italian club Genoa, Belgium’s Standard Liege, Paris club Red Star, Hertha Berlin in Germany and Brazilian giants Vasco da Gama. It has minority shares in Sevilla and Melbourne Victory and has guided the British basketball team London Lions to the last four of the Euro Cup on top of domestic dominance.
But several of its clubs have faced financial hurdles and in January ex-Newcastle star Isaac Hayden claimed that he would be suing 777 because of unpaid wages during his time playing for Standard Liege.
Despite a six-point deduction for breaching the Premier League’s Profit and Sustainability Regulations, Everton have sealed their top-flight status by winning four of their past five games. Yet the off-field uncertainty continues to paint an unclear picture.
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