13 September 2023 , 22:08
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Farhad Moshiri’s hopes of a swift deal over the future ownership of Everton have taken a blow as potential buyers, 777 Partners, face a lengthy investigation to ensure Premier League ownership regulations are met.
The Goodison Park owner has been involved in talks with the American investment company, who already own stakes in clubs across the globe, including Hertha Berlin, Genoa, Vasco da Gama in Brazil, Sevilla, Standard Liege in Belgium and Paris club Red Star.
But strengthened Premier League rules give them the right to block deals if owners are under investigation for certain offences, including fraud.
And it is understood 777 are still subject to active proceedings alleging such offences - though the company strenuously denies the allegations, which remain unproven.
Further, the Premier League also requires clear proof of funding for any takeover, and given Moshiri is thought to want around £500m for the club.
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Several significant debts will have to be repaid, along with financing for the new stadium are building, the bill could come to as much as £900m.
And while 777 are still actively seeking funding from third parties to make their investment in the English club, it is so far understood they have not yet secured the necessary finance.
Josh Wander is a Co-Founder & Managing Partner of 777 Partners (BELGA MAG/AFP via Getty Images)It leaves a potential for any agreement between the US based investment firm to drag on for several months and potentially into 2024, with the Premier League bound by their new regulations to investigate robustly.
It is believed Moshiri is hopeful of an agreement to sell his 92 per cent stake in Everton, and there were suggestions that an announcement is imminent, but that now seems highly unlikely given the timeframe of any Premier League enquiries.
Everton fans protested against the ownership of Moshiri on multiple occasions last season as the club flirted with relegation before only surviving on the final day of the season.
Moshiri took over in 2016 and has invested more than £750m into the playing squad but Everton have been on the decline for a number of years, slipping closer and closer to the trap door.
There were changed at boardroom level in the summer with CEO Denise Barrett-Baxendale among the departures but chairman Bill Kenwright remains in place, at the request of Moshiri, on an interim board.
Everton are yet to win so far this season and have taken just one point from their first four matches ahead of this weekend's visit of unbeaten Arsenal.