The investor trying to take control of Everton has pushed back its target date for completing the deal as it scrambles to raise hundreds of millions of pounds to fund it.
Sky News has learnt that 777 Partners has told stakeholders, including the Premier League and prospective lenders, that it now expects its takeover of the Toffees to be finalised late next month. It had been seeking to close the deal by the end of this week.
Among them is that 777 deposits £60m into an escrow account for use by the club, and that it converts about £160m of loans it has already made to the Goodison Park club into equity. It must also demonstrate that it has access to sufficient funding to complete the construction of Everton's new stadium at Bramley-Moore Dock. Everton have been owned for years by Farhad Moshiri, a British-Iranian businessman who has pumped an estimated £750m into it.
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