Breaking News: 777 sources respond to allegation Everton takeover bid has sparked collapse

According to the Financial Times, 777 Partners’ financial structure is disintegrating as a result of their bid to purchase Everton.

On March 12, the paper reported on their website that the company had used Bermuda-based 777 Re to “funnel money invested for widows and orphans into the sport” by purchasing stakes in various clubs; however, under increased scrutiny from journalists, regulators, politicians, and ratings agencies, sources close to the company denied the arrangement had begun to unravel.

777 has not revealed how it will fund the Toffees takeover, despite a six-month wait for a Premier League decision and millions of pounds in loans provided to the club, but “people close to the deal” told the FT that 777 Re was “not essential” to the English bid, with Nutmeg Acquisitions handling the transaction.

According to the publication, during the “scrutiny of 777 Re’s lending to Nutmeg, people close to 777 insisted that separate financing plans were in place”.

Is Everton’s takeover too much for 777 Partners?

Evertonians have lost faith in the Premier League as a result of the profit and sustainability sanctions issue, as well as the possibility of the regulatory structure being scrapped.

Regulators have struggled to assess the suitability of 777, a complex network of organisations that lend money to one another and frequently rely on outside funding (as previously highlighted).

Josh Wander recently concluded his in-person discussions with the Premier League. It is easier to highlight why the transaction should proceed than to disregard reasons why it should not. Expect a response soon.

The Miami-based firm’s ability to run the club has been questioned for some time, and legal issues have been dismissed by those close to the company, making it difficult for fans to find comfort in the situation.

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Despite not being approved to take over, 777 has supplied significant funds to the team. However, it is possible that this was a high-stakes gamble that backfired.

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