Everton owner Farhad Moshiri has announced he has agreed a deal to sell his 94.1 per cent stake in the club to 777 Partners
MSP did, though, agree to lend Everton’s stadium-construction company subsidiary almost £140million, with that money arriving in three tranches between May and August. That money has already been used to pay off the IOUs the club had been sending to Laing O’Rourke, the firm building the new ground. Those IOUs are mounting once more.
That regulatory approval is otherwise known as the owners’ and directors’ test, a hurdle that anyone who exerts some control over a football club must clear. For many years, this has been more of a draught excluder than a genuine obstacle, but it is gradually getting higher and may actually become something resembling a fence when the UK government gets around to introducing the game’s first independent regulator at some point next year.
Far more likely to cause him and 777 some difficulties, however, are the various court cases they are fighting in the U.S., where the firm has been accused of fraud and racketeering. The Miami-based business denies these claims and is contesting them in court, but the Premier League et al will want a lot of reassurance.
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