Everton have avoided disaster after new takeover twist - Keith Wyness

Everton’s former chief Keith Wyness believes the club have avoided a disaster following the latest catastrophe involving 777 Partners. 

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 – revealed the US investment firm would likely have landed Everton in further financial trouble had its takeover gone through. 

It has now been reported that 777 has lost control of its football operations following various issues at other clubs in its portfolio. 

The Miami-based company was granted exclusivity last September in its bid to buy Everton, but it was unable to complete the deal. 

The Friedkin Group has now agreed a deal in principle to take on Farhad Moshiri’s 94.1 per cent stake in the Merseyside giants. 

Everton could have landed in deep financial trouble

Wyness suggested 777 would likely have leveraged and borrowed against Everton’s assets to help ease its financial concerns had it taken over at Goodison. 

He told Football Insider‘s Inside Track podcast: “It does appear that the whole football group now has A-CAP, who were the main funders of 777 stepping in to decide on the future of each of the component parts. 

“There have already been judgements in Brazil against them and Standard Liege is now also out of their control. 

“It leaves them with Genoa and a couple of other clubs who are also under no direct control from that group. 

“It does seem that Everton have dodged a bullet in many ways and the bubble has burst for 777’s dream. 

“They wouldn’t have been able to fulfil the promises of funding Everton going forward. 

“But then again, they would have probably taken the assets Everton had, leveraged them and borrowed against them. 

“We would have been seeing increasing debt. 

“The whole deck of cards may not have crashed down at this stage, but it would have been heading right towards it.” 

In other news, West Ham and Everton make moves to sign Serie A star.

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