Everton takeover: O’Rourke stunned by ‘crazy’ update
777 Partners has been handed more time to complete its takeover at Everton after Farhad Moshiri extended the deadline until the end of May.
Speaking on the latest edition of Football Insider’s Inside Track podcast, senior correspondent Pete O’Rourke believes it’s a “crazy” decision by the Toffees owner to give the US investment group a further extension after failing to provide proof of funds.
777 agreed to acquire Moshiri’s 94.1 per cent stake in the club for £500million last September, but the deal is no closer to be concluded.
The Miami-based group has been told by the Premier League it must satisfy multiple pre-conditions before the takeover can be approved.
Football Insider revealed on 10 May the takeover will not be completed despite talks around the deal continuing to drag on at Goodison Park.
777 Partners unlikely to complete Everton takeover
777 has passed the Premier League’s fit and proper owners’ test, but the issues remain around financing.
One of the main conditions put forward by the governing body is the group must pay off a £158million loan provided by MSP Sports Capital to the club to fund the new stadium at Bramley-Moore Dock.
O’Rourke admitted Moshiri is “clutching at straws” by providing the company with more time after there have been several negatives stories published about it in recent months.
The Iranian businessman is believed to have been concerned about a report emerging that a court case has been brought forward by a London company against 777, where it made a number of allegations including fraud.
It could also now lose control of Vasco da Gama after a report revealed a court in Rio de Janeiro ruled in favour of the Brazilian side due to fears of bankruptcy putting the club at risk.
777 now has until 31 May to prove it can complete its takeover of Everton.
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