Everton could plunge into administration after catastrophic twist – sources
Everton are at risk of entering administration after the catastrophic development of failing to receive a vital payment from 777 Partners this week, sources have told Football Insider.
There are fears at Goodison Park that the club may now struggle to pay outstanding fees to stadium contractors Laing O’Rourke before the end of the season.
Administration would help to clear the club’s outstanding debt but would also trigger an immediate nine-point deduction.
Sean Dyche’s side are mathematically safe from relegation this season but administration would drop the club back into a battle for survival.
777 Partners have continued to provide funds to Everton as they wait for their takeover to be approved by the Premier League.
777 Partners late payment puts Everton into administration chaos
The US group have supplied over £200million in loans to the club to help cover wages, operating costs and stadium construction fees.
However, 777’s takeover deal is understood to be on the brink of collapse following the missed payment this week.
The Guardian report that Everton have called in insolvency advisors Teneo to work alongside the club’s directors.
It is understood that Everton will now have to consider administration with the club’s debt growing north of £500million.
Other investors are said to be interested in completing a takeover deal, but are not willing to cover the debts owed to MSP Sports Capital and 777 Partners.
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