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MX News Update 2024

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Everton owner Farhad Moshiri in crisis talks with 777 Partners as Premier League deadline approaches

Farhad Moshiri is engaged in crisis talks with 777 Partners as the embattled US investment firm’s takeover of Everton could be dramatically called off.

777 agreed to buy Moshiri’s 94.1 percent stake in the Merseyside club last September and has loaned Everton £200 million to finance the construction of their new stadium at Bramley-Moore Dock.

But 777 have yet to meet Premier League conditions to complete their takeover and are mired in financial and legal troubles, raising questions about whether they have the money they need and prompting two influential Evertonians organizations to urge Moshiri to to stop the takeover.

Moshiri has now held personal talks in London with representatives of 777, a Miami-based company that owns or has interests in a host of other clubs.

But 777 is facing a number of lawsuits over alleged unpaid debts. Last week, Leadenhall Capital Partners sued 777 in a New York court, accusing them of fraud.

Bonza, an Australian budget carrier of 777, also fell into administration, while Standard Liège, the Belgian club they bought, was this week placed under a transfer embargo for non-payment of players.

777 has just weeks left to repay a £158 million loan Moshiri took out from MSP Capital, Andy Bell and George Downing, which the Premier League says must be done to take over the club.

The Everton Shareholders’ Association said on Tuesday that Moshiri must end the “farce” of the takeover process and that 777 are not suitable owners of the Merseyside club.

And on Wednesday, Everton’s Fan Advisory Board issued a statement urging 777 to end their attempts to buy the club and for Moshiri to open talks with other potential bidders.

It is believed there are other interested parties, but if their takeover were to be called off, 777 would join Everton’s list of creditors. It would also put pressure on Moshiri to finance the club himself until another buyer is found. He has not yet said whether he is willing to do so.