Sources: Everton face £200m ‘disaster’ – decision days away
777 Partners intend to immediately recall the majority of their £190m loans to Everton if their takeover deal is rejected by the Premier League, sources have told Football Insider.
The US group struck a deal worth £500million to purchase Farhad Moshiri’s majority stake in the Merseyside club back in September.
However, they are still awaiting approval from the Premier League with concerns growing over their source of funding.
As reported by The Telegraph, the decision to approve or reject the takeover is expected by the end of February.
While awaiting approval from the Premier League, 777 Partners have supplied multiple loan deals to Everton to assist with operating costs and fees associated with their stadium construction.
As revealed by Football Insider in September, 777 inserted a ‘recall clause’ in their initial £100m loan that could be triggered if they do not approve of new owners.
777 Partners will leave Everton with £190m problem if takeover is rejected
The Daily Mail report that 777 are set to lend another £30million to the Toffees this month, taking the total amount owed to over £190million.
Sources have told Football Insider that 777 Partners will immediately demand repayment of their loans if the Premier League rejects their takeover deal at the end of the month.
It would leave Everton with a “disastrous” level of debt to pay off while they continue to find funds to cover daily costs under Moshiri.
However, the rejection of the takeover would allow other parties to enter talks with Moshiri over a deal.
It was reported that other groups from the United States have been keeping tabs on the takeover deal in case it collapses.
In other news, Kieran Maguire confused by alarming Everton ‘problem’ – ‘Moshiri has gone AWOL’
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