US investment firm 777 outlines Everton takeover stance amid threat of points deduction
The American investment firm has agreed a deal with majority shareholder Farhad Moshiri, despite the prospect of a points penalty if guilty of breaking Financial Fair Play rules
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Everton’s takeover by the American investment firm 777 Partners remains on course, despite the possibility of a points deduction that could put the Merseyside club at greater threat of relegation.
The Premier League are reportedly pushing for Everton to be deducted 12 points during an investigation into possible breaches of financial regulations but 777 are adamant they still want to proceed with plans to complete a buyout.
Everton majority shareholder Farhad Moshiri has signed a deal with 777 Partners, who have invested in a range of clubs including Genoa, Sevilla and Hertha Berlin.
Everton were accused of breaking Financial Fair Play rules, which are supposed to limit clubs to a total loss of £105m over a three-year period.
But Everton announced losses £44.7m in 2022, £121.3m in 2021, £139.9m in 2020, £111.8m in 2019 and £13.1m in 2018.
The Premier League charged them in March though Everton have insisted they have complied with the regulations and their additional losses stem involve allowances clubs were permitted when Covid meant grounds were empty.
Everton disclosed all scenarios with 777 during talks and financial due diligence and the potential outcome was priced in to the structure of the deal.
A 12-point deduction would leave Everton, who only just avoided relegation in the last two seasons, on minus five.
Other potential punishments, if Everton are found guilty, could include a transfer ban or a fine, which West Ham were given for the third-party ownership of Carlos Tevez and Javier Mascherano in 2007.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments