Everton takeover: 777 Partners now ‘bullish’ about deal but face huge hurdle – Wyness
Former Everton CEO Keith Wyness has claimed that 777 Partners are “bullish” that their takeover deal will be approved by the Premier League but they must tackle the club’s growing debt levels.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted that Everton must urgently reduce their debt.
The Merseyside club published their 2022-23 accounts on Sunday (31 March) revealing a turnover of £172million and an overall loss of £89million.
The documents also revealed that the debt levels at Goodison Park have soared to £330million as a result of loan deals taken with 777 Partners and MSP Sports Capital.
As reported by Bloomberg, the Premier League are now “minded” to approve the takeover deal of 777 Partners provided that they convert their loans to equity and provide funding for the stadium construction.
Ex-CEO warns Everton they ‘must’ handle huge £330m debt
Wyness told Football Insider’s Inside Track podcast that Everton must find a way to reduce their debt.
“The phrase used by the Premier League is that they’re ‘minded to approve’ the 777 takeover deal,” he said.
“The conditions put forward are mainly about turning loans into equity, such as their own loans and the MSP loan as well.
“They are also putting money into some sort of escrow for the rest of the season and showing that they’ve got the money for the rest of the stadium build.
“They [777 Partners] continue to be very bullish, saying that they expect to be approved and that they can meet conditions.
“So we will wait and see, but whatever happens now, that debt must be reduced.“
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