Everton‘s prospective owners have been told by the Premier League they must provide evidence of access to more than £400million before their protracted takeover can be approved.
In a letter sent to American private equity firm 777Partners last week, the Premier League indicated they were ‘minded to approve’ their offer subject to a series of strict conditions.
777 have already invested more than £150m in loans since agreeing a deal to buy the club from Farhad Moshiri last September, with the Premier League demanding those loans be converted into equity.
The Premier League have also asked for proof of funds required to pay a £150m loan owed to MSP Capital, to pay Moshiri’s asking price, complete the building of the new stadium and meet operating costs for the rest of the season.
Combined, this will cost 777 well over £400m.
Everton’s prospective owners have been told to prove access to more than £400million
The Premier League are minded to approve 777Partners’ offer (above: executive Josh Wander)
777 had previously indicated they would not be willing to keep funding Everton beyond the end of this month without approval from the Premier League, but they will have little choice but to continue doing so if they want to buy it.
The Miami company have hit cash-flow problems in other areas of their football business, in Italy and Belgium.
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