Everton receive loan from potential new owners

Published on: 18 September 2023

Michael Brown looks at the on-pitch issues at Everton

Everton have received a loan payment worth tens of millions of pounds from potential new owners 777 Partners.

On Friday, the Miami-based investment firm agreed a deal to buy current owner Farhad Moshiri's 94% stake in the club.

The amount received by Everton is not knownexternal-link but will help with the club's short-term working capital and the new stadium build on Bramley-Moore Dock.

There is still work to do to complete the deal but the loan shows 777 are committed to getting it done.

BBC Sport understands that the club - on behalf of 777 Partners - have informed their Fan Advisory Board and Shareholders Association that the prospective new owners will be meeting and engaging with them and the wider fanbase when the time is right.

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Premier League rules prevent the potential new owners investing directly into the club until the takeover deal has been given Premier League, Football Association and Financial Conduct Authority approval.

With five consecutive years of financial losses and costs potentially reaching £760m for the new stadium, Everton were in need of the funding.

The takeover would bring an end to the tumultuous tenure of British-Iranian Moshiri, who first invested in 2016 and has faced significant criticism from fans, who held protests before some home games last season and called for him and the board to leave the club.

Everton are 18th in the Premier League and have not won any of their five league matches so far this season, with a trip to Brentford coming up on Saturday.

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Source: bbc.com