Everton takeover deadline in May revealed as 777 strike last-gasp deal – sources
The Everton takeover deal is expected to conclude this time next month after 777 Partners were granted an extension to their loan agreement, sources have told Football Insider.
The Merseyside club came within hours of being majority-owned by MSP Sports Capital this week after their £158million loan deal was not repaid by the April 15 deadline.
However, a last-gasp extension deal was granted to 777 Partners by MSP Sports Capital which gives them until mid-May to repay the £158million loan deal.
Football Insider understands that the deadline has been pushed back by a month – before Everton’s final game of the season takes place against Arsenal on 19 May.
The repayment of the £158million loan was one of three conditions outlined by the Premier League if they were to approve 777’s takeover deal.
Everton takeover deadline in May after 777 granted £150m+ extension
The loan is secured against 51 percent of Farhad Moshiri’s shares in the club, meaning MSP will take majority control if the loan is not repaid by the new deadline.
As revealed by Football Insider, 777 Partners have explored an “emergency” deal with the takeover agreement on the brink of collapse.
It is understood that the “emergency” deal pursued by 777 is in relation to borrowing cash in order to repay MSP Sports Capital on time.
The US group remain confident that they can meet the Premier League conditions and complete a takeover deal before the end of the 2023-24 season.
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