Everton takeover: 777 Partners hold talks over financing

Everton takeover: 777 Partners hold talks over financing

2 May 2024 0 By Total Football News

Everton’s prospective buyers have held discussions with a private equity firm specialising in ‘distressed debt’ as they aim to complete a protracted takeover of the club.

777 Partners agreed to buy current owner Farhad Moshiri’s 94% stake in September but have struggled to seal the deal as it is yet to be ratified by the Premier League.

Repaying a £158m loan to MSP Sports Capital remains a major stumbling block, while 777 also needs to provide about £100m to complete construction of the club’s new 53,000-capacity stadium at Bramley Moore Dock.

777 has been in talks with GDA Luma Capital to see whether debt financing can be offered, as first reported by Bloomberg., external

New York-based GDA Luma describes itself as providing “capital solutions” to companies facing “complex financial and operational challenges”.

777 has endured financial strife this week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs and having an airline they own enter voluntary administration.

Meanwhile, BBC Sport understands the Toffees are also considering ways of restructuring the club’s short-term debt to make it more manageable.

The club owes about £400m to numerous third-party firms, with much of the loans being used towards the building of the new stadium.

This article was originally posted on https://www.bbc.co.uk/sport/football/articles/c4n14dzgkxpo