Sport nationFarhad Moshiri’s Parting Gift: Everton Saves £134m as 777 Partners Collapse
Everton FC’s protracted takeover saga continues, with Dan Friedkin poised to finalize the deal agreed upon with Farhad Moshiri. However, Moshiri’s impending departure has revealed a surprising twist – a £134m lifeline for the club.
The 777 Partners Debacle
Moshiri’s tenure was marred by questionable decisions, but his most egregious error was attempting to sell Everton to 777 Partners. The Miami-based firm had loaned the club £200m, leveraging Everton’s finances precariously.
Collapse of 777 Partners
Josimar reports that 777 Partners has collapsed, leaving Everton with a significantly reduced debt burden. The club will now repay only £66m in cash, plus preferred equity that cannot be converted for seven years and earns a small annual dividend.
Moshiri’s Masterstroke?
It appears Moshiri may have negotiated a shrewd deal, potentially aware of 777 Partners’ impending demise. This move saves Everton £134m, a welcome respite from the financial struggles that have plagued the club.
A Narrow Escape
The collapse of 777 Partners serves as a stark reminder of the dangers Everton faced. Had the takeover succeeded, the club would have fallen into the hands of a financially unstable institution, jeopardizing its very future.
Moshiri’s Legacy
While Moshiri’s successes, such as the Bramley-Moore Dock stadium, cannot be ignored, his desperation to offload the club at any cost raises concerns. The £134m saved and the stadium legacy will be overshadowed by the risks he took with Everton’s financial stability.
Takeaway
As Dan Friedkin prepares to take the reins, Everton fans can breathe a sigh of relief. The collapse of 777 Partners and the resulting debt reduction offer a chance for the club to rebuild and move forward.
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