West Ham appear to have dodged a bullet with the news that Everton could be forced into administration. 777 Partners were interested in buying shares from Irons major shareholder David Sullivan last year but instead headed to Goodison Park.
Claret and Hugh reported last season that there was interest from the Florida-based firm in acquiring the Hammers. Writing in May last year, we said, “It seems as if any team will do for 777 Partners as they pursue a West Ham takeover.”
In what now looks like a complete mess, Everton’s proposed takeover by 777 Partners is now in jeopardy after an airline owned by the American investment group was placed into voluntary administration.
Reports indicate that the Goodison Park club are seeking insolvency advice as the takeover continues to stall. Bonza, an Australian budget airline wholly owned by 777, entered administration on Tuesday, leaving hundreds of passengers stranded as all flights were grounded and the company’s four Boeing 737 aircraft were repossessed.
Everton is considering appointing financial advisor Teneo amidst concerns about an outstanding £15m loan promised by 777.
Over seven months ago, 777 announced an agreement to purchase Farhad Moshiri’s 94.1 percent stake in the club. Since then, it has provided £200m in loans to the club. However, the Premier League has requested further assurances regarding the company’s funding before approving the takeover under its owners’ and directors’ test. To date, neither Everton nor 777 have made any public statements about these recent developments.
Since 2015, 777 Partners has acquired controlling interests in several football clubs, including Italy’s Genoa, Belgium’s Standard Liege, Paris’s Red Star, Germany’s Hertha Berlin, and Brazil’s Vasco da Gama, as well as holding minority shares in Sevilla and Melbourne Victory.