Everton takeover: Shareholders group call for 777 takeover ‘farce’ to end

Everton takeover: Shareholders group call for 777 takeover ‘farce’ to end

7 May 2024 0 By Total Football News

777 had initially aimed to complete their takeover before Christmas but that was pushed back to February, and it is now hoping to get the green light by the end of this month.

But on Friday, 777 and the firm’s co-owner Josh Wander were accused of a “fraudulent scheme” by a lender in a civil court filing in New York.

London-based Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim Wander and 777 ‘pledged’ more than $350m (£279m) in assets as collateral for a credit facility agreement, but knew they “did not exist” or were “not actually owned by Wander’s entities”.

777 endured financial strife last week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs – which takes the total it has lent the club to more than £200m – and having an airline it owns enter voluntary administration.

Meanwhile, the firm’s UK public relations advisers have stopped representing the company after saying the firm did not meet payments on fees, and it remains to be seen whether they will re-engage.

The EFCSA added: “We are the oldest shareholders’ association in the world and are dismayed by the lack of respect being shown to our football club by the largest shareholder, Farhad Moshiri, and the Premier League during what seems a never-ending change of ownership process.

“The powers-that-be are being disrespectful to our fellow shareholders, our fantastic worldwide fanbase and football as a whole by continuing to allow this farce to continue.

“We demand a decision, and we demand it now.”

On the pitch Sean Dyche’s side have guaranteed themselves top-flight survival, lying in 15th place with two games to play, 11 points above the relegation zone – despite the club being deducted eight points for two breaches of Premier League financial rules.

This article was originally posted on https://www.bbc.co.uk/sport/football/articles/cld0p90qywqo