Everton owner Farhad Moshiri considers new plan with potential US investors in crisis

American investment firm 777 Partners is running out of time to find the money to buy the Premier League club

Everton owner Farhad Moshiri wants to sell the club (Peter Byrne/PA) (PA Wire)

Everton have revealed they have plans to explore “alternative scenarios” if the beleaguered American investment firm 777 Partners is unable to complete its takeover – but owner Farhad Moshiri has given it another 17 days to find the funds to buy the club.

Moshiri has given 777 a new deadline at the end of the month for a share purchase agreement to buy his 94.1 per cent stake in Everton – but the deal is likely to collapse if they cannot.

Moshiri remains in talks with 777 but is also contemplating other possibilities with the increasing likelihood that he will need to either find a different buyer or fund the club himself.

The crisis-hit Miami-based firm also have to repay a £159m loan that Moshiri took out with MSP Sports Capital and Merseyside businessmen George Downing and Andy Bell if the Premier League is to ratify the takeover. There was an initial deadline of 15 April to repay the loan but 777 was granted an extension of a few weeks.

MSP, Bell and Downing, who have security over their loan, have been mooted as potential owners or co-owners if Moshiri turns to alternative buyers.

777 has loaned Everton £158m, including £8m this week, towards the construction of their new stadium at Bramley-Moore Dock. The majority of the loan will be converted into equity in the club if it finalises its takeover.

However, 777 has been beleaguered and there are growing doubts if it is capable of raising the money amid a host of legal and financial concerns.

777 faces a number of lawsuits over alleged unpaid debts and it was sued in a civil court in New York by Leadenhall Capital, an asset-management fund, which accused it of committing fraud with hundreds of millions of dollars.

An Australian budget airline owned by 777, Bonza, went into administration, while one of its stable of football clubs, Standard Liege in Belgium, are under a transfer embargo after failing to pay their players. Their game last Friday was called off because of protests from fans. Meanwhile, the European Club Association is reportedly encouraging 777 co-owner Josh Wander to step down from its board.

And Premier League chief executive Richard Masters told members of parliament that the protracted takeover is “not good for fan certainty”. 777 agreed to buy Moshiri’s stake in September but has yet to meet the criteria set by the Premier League – including repaying the MSP loan – to be permitted to become an owner.

Masters said: “The Premier League is very clear the conditions that have to be met by 777 if it wishes to become owner of Everton. At the moment, because the takeover has not been confirmed, I’ll leave it to the committee [of MPs] to make its own conclusions as to where we are with that.”

However, Masters added that it was not for the Premier League to decide who Moshiri wants to sell to as he said: “At the moment, he wants to continue discussions with 777 about it.”

Both Everton’s Shareholders’ Association and their Fan Advisory Board have urged Moshiri to call off the deal with 777. Moshiri will meet the Fan Advisory Board next week.

Everton have also talked to the financial advisory firm Teneo about restructuring the debt caused by building their £760m stadium, though they have not yet engaged it.