Premier League owners are reportedly set to voice concerns over the proposed sale of Everton to 777 Partners.
A number of owners in the top flight are concerned regarding Everton’s proposed takeover by US private investment company 777 Partners. It’s believed owners will address the issue at the club’s first summit meeting of the season on Thursday.
The worry is said to stem from the uncertainty over the source of 777’s funding for their deal worth a reported £500million to buy the club. And owners are concerned regarding the potential reputational damage to the Premier League, given the company is currently involved in fighting several court cases in the US.
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According to the Daily Mail, the issue is expected to be discussed informally at the gathering of Premier League owners and executives in London. Although it’s not understood to be on the agenda and the Premier League will not be in a position to provide any guidance to clubs on Thursday with them yet to receive disclosure from Everton or 777 regarding the terms of the deal.
Despite concerns from club owners, they ultimately won’t be able to vote against the takeover with the Premier League in charge of the final decision.
Many owners and clubs were opposed to Newcastle United’s takeover by the Saudi Arabia Public Investment Fund, but it was down to the league to give the green light. It’s understood that 777 plan to use their own capital rather than borrowing from elsewhere.
But given the investment firm own 60 companies – establishing the origin of their takeover money may not be straightforward. To add more potential jeopardy to the deal for Everton, the Premier League have reportedly privately conceded that completing due-diligence on the takeover could take months, leaving the Goodison Park side possibly in the lurch in the meantime.
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