Sport nationThe Premier League Must Reject 777 Partners’ Everton Takeover Bid
Everton Football Club’s tumultuous season has been overshadowed by off-field controversies, distracting from the team’s poor performances on the pitch. The club’s long-term future remains uncertain as they await the Premier League’s decision on the proposed takeover by American investment firm 777 Partners.
Everton’s Struggles On and Off the Pitch
Everton currently sit 16th in the Premier League table, just one point above the relegation zone, after failing to win any of their last 11 league matches. The toxic atmosphere at Goodison Park, fueled by the club’s off-field issues, has likely contributed to the team’s dismal form.
The Toffees have been members of England’s top flight since 1954, but their 69-year stay is under serious threat. Financial mismanagement has left the club in a precarious position, with Everton recently charged by the Premier League for breaching profitability and sustainability rules[3].
Owner Farhad Moshiri, who has pumped over £750 million into the club since 2016, is desperate to sell his 94.1% stake and agreed a deal with 777 Partners in September 2023[1]. However, the Premier League has yet to approve the takeover, leaving Everton in limbo.
Concerns Over 777 Partners Mount
As the Premier League continues to deliberate over 777 Partners’ suitability to own Everton, a series of red flags have emerged about the Miami-based firm’s business practices and financial stability.
777 Partners’ credit rating was recently downgraded, while the company has been accused of failing to pay players at some of their other football clubs[1]. A report even suggested that the funding 777 planned to use to buy Everton has started to unravel[1].
Numerous media reports on both sides of the Atlantic have detailed 777 Partners’ late payments, legal disputes, and regulatory investigations[5]. The company is currently facing lawsuits totaling over $30 million from former business partners[5][8].
Questions have also been raised about how 777 Partners accumulated its wealth. The firm has been accused of operating predatory lending schemes and profiting from vulnerable borrowers[8][16]. Co-founder Josh Wander pled no contest to a serious drug charge in 2003[16].
Despite only being founded in 2015, 777 Partners has rapidly acquired stakes in football clubs across Europe and South America. The company now owns all or part of eight teams spanning eight countries[14]. This aggressive expansion, often targeting distressed clubs, has drawn skepticism from industry experts[16].
The Premier League’s Ownership Test
The Premier League’s owners’ and directors’ test faces its first real challenge in scrutinizing 777 Partners’ takeover of Everton[16]. The league has been asking the firm for additional information for months, with no decision imminent[1][13].
For their bid to succeed, 777 Partners must convince the Premier League, the Football Association, and the Financial Conduct Authority that they have the funds and expertise to run Everton sustainably[5]. Given the company’s short history and questionable business dealings, this is far from certain.
The Premier League has a responsibility to protect the integrity and reputation of English football. Approving 777 Partners, despite the mounting evidence of their unsuitability, would be a dereliction of duty that could have dire consequences for Everton.
Some have argued that the league’s reluctance to reject 777 Partners stems from a desire to avoid setting a precedent that could deter other American investors[10]. However, the Premier League must prioritize the long-term health of its member clubs over short-term financial gains.
The Case for Rejection
Everton supporters are understandably anxious about their club’s future, but 777 Partners are not the saviors they crave. The firm’s track record suggests they are more interested in extracting value than building a sustainable football club.
777 Partners’ ownership of Everton would likely lead to further financial instability and on-field decline. The company’s other clubs, such as Genoa and Standard Liege, have struggled since being acquired, with fans protesting against the new owners[18].
The Premier League must act decisively and reject 777 Partners’ takeover of Everton. This would allow the club to move on and seek alternative investment, while protecting the league’s reputation and integrity.
Farhad Moshiri should already be exploring other options, given the widespread opposition to 777 Partners’ bid. Finding a more suitable buyer will be challenging, given Everton’s debts and potential points deductions, but it is not impossible.
The alternative – allowing 777 Partners to take control – is far worse. It would leave Everton at the mercy of owners with questionable motives and means, risking further turmoil and even relegation from the Premier League.
Time for Transparency
The Premier League’s opaque approval process has left Everton in limbo for months. Fans deserve clarity on why 777 Partners’ bid has not already been rejected, given the serious concerns raised.
Greater transparency around the owners’ and directors’ test is essential to maintain trust in the league’s governance. The Premier League should explain its decision-making process and timeline, rather than leaving clubs and supporters in the dark.
Everton’s plight underscores the need for tighter regulation of club ownership in English football. The government’s plans for an independent regulator must be accelerated to prevent unscrupulous owners from jeopardizing the future of historic clubs.
Conclusion
Everton Football Club stands at a crossroads, with its Premier League status and long-term viability hanging in the balance. The proposed takeover by 777 Partners offers false hope, given the firm’s dubious business practices and financial red flags.
The Premier League must protect Everton and the integrity of English football by rejecting 777 Partners’ bid. Allowing the takeover to proceed would be a dereliction of duty with potentially dire consequences.
Everton supporters deserve better than 777 Partners. The club needs owners with the expertise, resources, and commitment to build a sustainable future, not extract short-term profits. Farhad Moshiri must seek alternative investment, however challenging that may be.
The Premier League faces a defining test of its governance and values. It must act decisively, transparently, and in the best interests of Everton Football Club. Rejecting 777 Partners is the only responsible course of action. The league’s credibility and Everton’s future depend on it.
Citations:
[1] https://theathletic.com/5205573/2024/01/16/everton-takeover-777-premier-league/
[2] https://www.linkedin.com/pulse/10-777-partners-everton-controversies-jason-stephens
[3] https://fbref.com/en/squads/d3fd31cc/Everton-Stats
[4] https://www.goodisonnews.com/2024/03/04/everton-takeover-decision-imminent-premier-league-meeting-777-partners/
[5] https://theathletic.com/5203382/2024/01/15/everton-takeover-777-lawsuit/
[6] https://en.wikipedia.org/wiki/List_of_Everton_F.C.seasons [7] https://www.independent.co.uk/sport/football/everton-premier-league-takeover-777-b2506848.html [8] https://www.washingtonpost.com/sports/2023/09/29/everton-777-partners-josh-wander/ [9] https://www.premierleague.com/clubs/7/Everton/stats [10] https://www.reddit.com/r/soccer/comments/1989mz7/everton_takeover_under_more_scrutiny_as_premier/ [11] https://josimarfootball.com/2024/01/15/endgame/ [12] https://www.evertonfc.com/results [13] https://www.sportsbusinessjournal.com/Articles/2024/03/04/everton-777-partners-takeover-meeting [14] https://www.nytimes.com/2023/10/10/world/europe/everton-777-premier-league.html [15] https://www.goodisonnews.com/2024/03/13/everton-takeover-sources-respond-to-accusation-777-has-started-to-collapse-under-scrutiny/ [16] https://www.everton.news/the-potential-6bn-reason-why-777-partners-are-desperate-to-seal-everton-takeover/ [17] https://sports.yahoo.com/everton-takeover-awaits-crucial-meeting-225929892.html [18] https://www.espn.com/soccer/story//id/38417382/victory-defends-777-riot-cost-club-millions
[19] https://www.youtube.com/watch?v=8jwbCue9Kv4
[20] https://www.semafor.com/article/11/22/2023/the-silent-partner-behind-777s-buying-spree
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