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A meeting is scheduled this week between 777 Partners and the Premier League in hopes of convincing them that they are qualified to take over Everton. The acquisition is expected to be finalized in March.
The American investment firm has received additional inquiries from the Premier League and they are looking to discuss them in person, but there is no scheduled meeting at this time.
The meeting cannot make a decision if 777 does not pass the owners’ and directors’ test.
A group of unbiased lawyers will have to evaluate the Premier League’s ruling to ensure proper procedures were followed. It took approximately a week for Sir Jim Ratcliffe and Ineos to finalize their recent investment in Manchester United.
In September, 777 committed to purchasing the majority (94.1%) of shares owned by Farhad Moshiri in Everton. Initially, they had anticipated finalizing the transaction by the end of 2023.
In December, they were given the go-ahead from the Financial Conduct Authority and also from the FA. The Premier League, however, has raised some concerns about 777, a company with investments in various clubs such as Genoa, Sevilla, Hertha Berlin, Standard Liege, and Vasco da Gama.
There has been backlash surrounding 777’s ownership of certain clubs, but the Miami-based company has lent Everton £190m towards the construction of their new stadium at Bramley-Moore Dock.
Everton is also being charged for not complying with the Profitability and Sustainability Rules. They were initially given a 10-point deduction, but this was lessened to six points after appealing last week.
Source: independent.co.uk
