Everton granted extension to repay £158m loan

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The possible purchasers, 777 Partners, are trying to gather enough money to finalize their takeover bid, which has led to Everton receiving a delay in repaying a £158m loan.

The establishment was in debt to MSP Capital, an investment company, as well as two businessmen from the area - Andy Bell and George Downing. They were to be paid an amount in the hundreds of millions by the end of Monday.

There has been an agreement in principle for a temporary extension of the loan. This loan was taken out by Farhad Moshiri, the majority shareholder, but if the takeover by 777 is to continue, they will need to pay it off.

The investment fund based in Miami has a limited amount of time left to obtain the necessary funds. They have reached out to other creditors, such as the US-based lender Blue Sky Capital, in order to procure the money needed to settle their loan.

The Premier League has set certain terms for approving the buyout of 777, which includes the repayment of their loan. They have also mandated that 777 deposit £60m in an escrow account and transform their outstanding loans to the Merseyside team into equity.

Josh Wander and Steve Pasko, the businessmen who established 777, believe in their ability to meet the additional requirements necessary to clear the Owners’ and Directors’ Test with confidence.

They possess or hold interests in various additional teams, such as Standard Liege, Hertha Berlin, Genoa, Sevilla, and Vasco da Gama. However, there are inquiries about financial concerns at certain clubs and their monetary support.

Back in September, Moshiri consented to selling his ownership share of 94.1% to 777. Initially, he believed the transaction would finalize by the conclusion of 2023, but the Premier League's approval was hinged on receiving answers to a series of inquiries.

Everton, after suffering a 6-0 defeat from Chelsea, are still at risk of being relegated due to failing to meet the Profitability and Sustainability Regulations. They received two points deductions this season as a result. However, they have filed an appeal against the two-point penalty, which was submitted on Monday. The Premier League has assured that the appeal process will be done quickly so that the decision will be made before the season's final match on May 19th.