Kieran Maguire: To prevent Everton from taking control, 777 Partners is employing a “toxic” move.
777 Partners purposefully piled on “toxic debt” to Everton in order to keep other parties from abusing their takeover agreement.
According to financial specialist Kieran Maguire, who spoke with Football Insider exclusively, the Miami-based organization is using loans as a “poison pill” to discourage rival takeover groups.
777 Partners is still awaiting word from the Premier League regarding the approval or rejection of their £500 million buyout of Everton.
Since striking the agreement with club chairman Farhad Moshiri in September, they have provided close to £200million in loans to Everton to assist with operating costs.
However, as revealed by Football Insider, 777 Partners plan to immediately recall the loans if their takeover deal is rejected.
It would leave any potential new owners at Goodison Park with a huge debt to pay off.
Maguire believes the Everton takeover process is now in the “end game” with the Premier League set to make a final decision on the deal shortly.
“I believe we are nearing the end of the takeover,” Maguire said to Sean Fisher of Football Insider.
“The Financial Conduct Authority and the FA have both examined and approved the submissions made by 777.
However, their level of monitoring is not as high as that of the Premier League, which
is ultimately accountable for acting as a guardian for its member clubs.
Thus, the final stretch is approaching.
“It appears that 777’s plan has included using Everton’s potentially toxic debt as a
poison pill to keep others from becoming involved.”
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