Exclusive: In a few days, a decision will be made on the £200 million “disaster” at Everton.
If the Premier League rejects 777 Partners’ takeover offer, insiders have told Football Insider that the company plans to promptly recall the majority of its £190 million loans to Everton.
In September, the US company reached an agreement to acquire Farhad Moshiri’s controlling ownership of the Merseyside club for £500 million.
They have yet to receive approval from the Premier League, and worries about their finance source are becoming more pressing.
The Telegraph said that a decision about whether to accept or reject the takeover is anticipated by the end of February.
In order to help Everton with running costs and fees related to their stadium construction, 777 Partners has provided numerous loan packages while they wait for approval from the Premier League.
777 added a “recall clause” to their original £100 million loan, which could be activated if they disapprove of incoming owners, as Football Insider disclosed in September.
If their acquisition bid is turned down, 777 Partners will leave Everton with a £190 million dilemma.
The Daily Mail claims that 777 will lend the Toffees a further £30 million this month, bringing the total sum due to more than £190 million.
777 Partners will want immediate debt payback if the Premier League rejects their takeover bid at the end of the month, sources have told Football Insider.
If Everton can manage to find money to pay for everyday expenses under Moshiri, they will have a “disastrous” amount of debt to repay.
But other parties may start negotiating with Moshiri about a deal if the takeover was rejected.
Several US organizations reportedly monitored the takeover agreement in case it fell through.
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