Everton's prospective new owners 777 Partners are currently seeking regulatory approval for their takeover of the club
Having agreed a deal to acquire Farhad Moshiri’s 94.1% shareholding in Everton earlier this month, 777 Partners are now in the process of obtaining the necessary regulatory approvals to complete the deal.
Whether or not 777 Partners prove to be the panacea required for Everton will be proven through their actions should they complete a takeover. The process of gaining regulatory approval is anticipated to take ‘as long as 12 weeks’ according to sources, with a number of hurdles to clear in order to gain control of the club. The ECHO has been told the process is 'well underway'.
He said: “Once a non-disclosure agreement is signed the buyer will want to understand the true commercial position, and will ask for a lot of information. This phase is called the due diligence period.
777 have assessed what they are getting should the deal with the Blues get the green light, and the US firm, in the days following the announcement of an agreement with Moshiri, provided a loan of ‘tens of millions’, understood to be around £20m, to the club. It will be used for short-term working capital on both the football club and stadium holding company side. That loan has been described by sources close to 777 as a sign of ‘commitment and confidence’ in the deal.
“After the share purchase agreement has been finalised, along with a number of additional documents , a completion date is agreed.
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