Matt Hughes reveals contents of PL letter to 777 as new Everton takeover emerges

The Premier League has communicated to 777 Partners, the prospective new owners of Everton Football Club, that they must demonstrate financial capability exceeding £400 million to proceed with the takeover. This directive was outlined in a letter from the league, which expressed a conditional willingness to approve the acquisition, subject to the fulfillment of stringent requirements.

The conditions set by the Premier League include the conversion of over £150 million in loans already provided by 777 Partners into equity, the settlement of a £150 million loan owed to MSP Capital, payment of the purchase price demanded by current majority shareholder Farhad Moshiri, funding for the club’s operations for the remainder of the season, and assurance of the completion of Everton’s new stadium.

This development comes after a period of uncertainty and financial challenges for Everton, including points deductions and the looming threat of relegation from the Premier League. The club and its supporters are eager for stability, and the potential takeover by 777 Partners could provide a much-needed sense of security and direction.

The Premier League’s thorough vetting process of 777 Partners is understandable, given the complexities and financial implications of the takeover. However, the extended duration of these checks has been a source of frustration for all parties involved. With the league now clearly outlining its conditions, there is hope among Everton supporters that the takeover could soon reach a conclusion, bringing a new era to Goodison Park[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20].

Citations:
[1] https://www.goodisonnews.com/2024/03/24/everton-premier-league-send-letter-to-777-in-new-takeover-twist-as-400m-message-revealed/
[2] https://www.thetimes.co.uk/sport/football/article/everton-777-takeover-premier-league-latest-3wxzwn6jg
[3] https://www.skysports.com/football/news/11671/13083187/proposed-new-everton-owners-777-partners-to-meet-premier-league-in-next-fortnight-as-takeover-process-drags-on
[4] https://www.everton.news/premier-league-could-still-reject-777-partners-everton-takeover-as-endgame-nears/
[5] https://www.skysports.com/football/news/11671/13100311/everton-move-step-closer-to-777-partners-takeover-after-premier-league-minded-to-approve-proposed-deal
[6] https://theathletic.com/5306118/2024/02/29/everton-takeover-777-funding-news/
[7] https://fortune.com/2024/03/23/premier-league-everton-fc-england-777-bid-sports-finance/
[8] https://www.mirror.co.uk/sport/football/news/everton-takeover-moves-step-closer-32424234
[9] https://www.toffeeweb.com/season/23-24/comment/editorial/44616.html
[10] https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_57b68a82-cf2f-457a-be00-c0bf854829f7
[11] https://talksport.com/football/1761636/everton-takeover-777-partners-latest-news-premier-league/
[12] https://www.liverpoolecho.co.uk/sport/football/football-news/everton-takeover-777-partners-latest-28875207
[13] https://www.ft.com/content/d3ad19d8-9e3d-4594-a0f7-b55fa4e12908
[14] https://www.forbes.com/sites/mikeozanian/2023/11/26/777-partners-still-reportedly-scrounging-for-cash-to-buy-everton-fc/?sh=15588c18208c
[15] https://www.bloomberg.com/news/articles/2024-03-22/miami-based-777-gets-conditional-approval-of-everton-fc-deal
[16] https://www.everton.news/777-partners-eye-takeover-approval-end-date-as-everton-funding-twist-emerges/
[17] https://www.goodisonnews.com/2024/03/23/everton-premier-league-grant-777-partners-conditional-approval-for-takeover/
[18] https://www.reuters.com/sports/soccer/everton-acquired-by-us-private-equity-firm-777-partners-2023-09-15/
[19] https://amp.sportsmole.co.uk/football/everton/news/premier-league-minded-to-approve-777-partners-takeover-of-everton_539606.html
[20] https://www.toffeeweb.com/season/23-24/news/44614.html