The Premier League have given an update to prospective Everton buyers 777 Partners that their takeover has “no chance” of being approved before the end of the year, according to the Daily Mail.
According to journalist Matt Hughes (12 December), the PL update has raised fears that Everton could enter administration next month with 777 Partners making it clear that they are not prepared to keep funding them after the New Year having loaned £100m.
It is reported that the Premier League are still some way from completing their due diligence on 777 Partners’ proposed takeover at Goodison Park, with their main concern surrounding the source and sufficiency of 777’s funds.
Everton sources insist they remain hopeful the takeover will go through and that they are working closely with both 777 and the Premier League, but have declined to comment, according to Daily Mail.
Yet another blow
There was the small hope that 777’s proposed takeover of the club will be completed before the end of the year but it seems as if the Premier League are not giving anything away as yet which leaves Everton waiting a little longer.
The two entities are already at war after the 10-point deduction following the Toffees’ breaking profit and sustainability rules so there is a small doubt that the Premier League are taking their time over this proposed takeover as a result.
The source of 777’s funds have been called into question numerous times since the news emerged that they were interested in buying the Toffees but given this latest development, there are doubts from those within the Premier League.
Without 777’s funding, Everton would be trading insolvent and face being put into administration.
If Everton are set to enter administration because of the 777 Partners pulling back on their funding of the club then that could yet be another cruel blow for the club, especially given the progress already being made on the pitch.
It seems as though Sean Dyche and the team can never get away from controversy and new setbacks because of the mismanagement and problems above them.
Farhad Moshiri has been at the centre of those issues, but it seems as though 777 Partners are joining the party too. The American owners stopping the funding is another major hit for Everton.
