Everton’s proposed takeover at the hands of 777 Partners has seen many trials and tribulations, with the latest information throwing real doubt over their ability to purchase the club.
Having agreed a deal with Farhad Moshiri back in September, with a view to purchasing all of his 94.1% shares, it was expected that the process would be a swift one given the Iranian’s clear desperation to move on from his failed experiment.
Since joining in 2016, the 68-year-old has pumped huge funds into the Toffees without a clear structure, and as such has lost out massively.
Now seeking to recoup some kind of return on his investment, the Miami-based firm were seemingly set to answer his prayers.
That was, until today’s report courtesy of Josimar, in which writers Philippe Auclair and Paul Brown laid out their devastating findings.
What is the latest on Everton’s takeover?
They claim: ‘On 7 October, Josh Wander wrote to Everton fans saying that: “Not all of our 60 businesses will be profitable at any one time, but the fundamental underlying business performance of the 777 Group is strong.”’
Such a notion acts as a preface for the following hammer blow, in which it is then outlined that the business has ‘lost a total of nearly 600 million US dollars in the twelve months leading to 30 June 2022′, before suggesting: ‘This would appear to cast further doubt on the ability of the US firm to carry on supporting its current football assets, all of which are heavily in debt and losing money – and at the same time finance its proposed purchase of Everton FC.’
The duo go on to write: ‘These huge losses, of 171,5 million dollars in the second half of 2021 and over 425,5 million dollars in the following six months, appear to have been primarily due to punishing debt repayments, with “interest expense” totalling over 427 million dollars for that period, and to an “unrealized change in fair value of financial assets” which saw a colossal 557.5 million dollars removed from the balance sheet.’
Will 777 Partners take over Everton?
There have been serious question marks surrounding Josh Wander and his business, not least due to the manner in which they earned their fortune, but also their conduct when in control of numerous clubs.
After all, they do boast a fine portfolio including some huge sides, with Hertha Berlin, Sevilla and Genoa just three examples. And yet, Italian journalist Fillipo Grimaldi still sought to praise their work with the latter club.
However, if they are bleeding money as quickly as the aforementioned report suggests, there is no way they can afford to take Everton under their wing and sustain them alongside their numerous other football operations.
The Merseyside club need a saviour as soon as possible, but Moshiri must not forfeit his integrity in order to save his bank balance.
If 777 Partners do have deep-rooted issues, he will surely know about them.
And, if he is willing to allow unsavoury characters into the club, then at least there is the Premier League’s ownership test that they must pass too.
Should such information prove correct, it could seriously throw their takeover into doubt. All that fans can do now is sit and wait, hoping that those in the positions to do so safeguard one of the giants of English football.
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