Everton takeover deal blocked by ‘poison’- Kieran Maguire
Everton chairman Farhad Moshiri has “pushed away” other bidders by racking up over £200million of debt to lenders.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that the growing debt at Goodison Park is a “poison pill” to other investors.
As revealed by Football Insider, 777 Partners have provided another loan to Everton to take their total owed amount to over £200million.
The US group are still waiting for their takeover deal to be approved by the Premier League, with other bidders reportedly ready to hijack the deal if their agreement falls through.
Football Insider revealed that 777 have until April 30 to complete their takeover with Everton ready to move onto other offers.
Everton takeover hijack blocked by £200m ‘poison’ debt
However, Maguire explained that the huge debt owed to 777 Partners will push away other investors unwilling to cover additional costs.
“With £200million owed to 777 partners, it is very much a poison pill to other investors,” Maguire told Football Insider’s Sean Fisher.
“It’s difficult to see anybody wanting to take on all of the debts that have been run up by Farhad Moshiri to 777, MSP and others.
“There will also be the completion costs for Bramley Moore Dock and the losses currently being suffered by Everton on a month-by-month basis.
“That will push away other investors and their only potential rescue is if 777 decide to write off those debts but that isn’t very likely.“
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