Everton may have to wait until the end of the season for any takeover to be completed, as potential buyers 777 Partners scramble to raise funds.
WHAT HAPPENED?
Per the Daily Telegraph, Everton may have to wait until the end of the season for their takeover by 777 Partners to be completed, as the buyers are scrambling to raise millions of pounds to fund the purchase. 777 had wanted to complete the purchase, which is worth £500m ($627m), by the end of this week but they owe Everton £160m ($200m) and have asked for an extension to pay that back. It was initially due on Monday.
THE BIGGER PICTURE
The Premier League have imposed strict conditions on the takeover, and have set a number of conditions for the deal to be completed. 777 must make available £60m ($75m) for Everton to use immediately, among other conditions, as well as proving they have the funding to complete the construction of a new stadium. They must also pay back the aforementioned loan, although 777 would like to negotiate a more favourable payment plan.
DID YOU KNOW?
Everton have twice been docked points this season. They saw six points removed from their tally in February and were docked another two points this month. The Toffees are currently 16th in the Premier League table, two points above 18th-placed Luton Town, but with a game in hand.
WHAT NEXT?
Everton have a tricky run-in. They will play Chelsea next week, but also take in games against title contenders Liverpool and Arsenal, as well as games against Nottingham Forest, Brentford, Luton Town, and Sheffield United; four clubs who could still be in relegation trouble.
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