Deadline for Everton’s sale to 777Partners has already EXPIRED after Premier League due diligence process that was meant to take 12 weeks dragged on for six months

The deadline for completing Everton’s sale to 777Partners has already expired with both parties increasingly frustrated at the length of time it is taking the Premier League to rule on the deal. 

Mail Sport has learned that Everton and 777 have extended the original completion date, but agree that the current stand-off cannot continue beyond next month.

Everton and 777 signed a Heads of Terms agreement over the American investment firm’s purchase of Farhad Moshiri’s 94 per cent stake in the club on 15 September pending approval from the Premier League, a ratification process that was expected to take around 12 weeks. 

The Premier League’s numerous queries over the source and sufficiency of 777’s funding has meant that the due diligence process has dragged on however, and almost six months later they have yet to indicate when they will reach a decision.

The Premier League have the authority to approve 777’s takeover bid, approve with certain conditions attached or reject it entirely. 

Wander (left) agreed to purchase Farhad Moshiri (right) 94 per cent stake in September 

777 were asked by the Premier League to provide further details of their funding and assurances (Pictured: Premier League CEO Richard Masters)

The Premier League’s criteria for rejecting any takeover or individuals involved includes concerns over financial information, doubts over the source and sufficiency of funding and evidence that a false declaration has been made.

777 are an umbrella organisation involving over 60 companies with close financial links, which has presented challenges to the Premier League in assessing their assets. 

The company’s football division already have significant stakes in five major clubs including Genoa and Standard Liege, several of whom have reported recent issues over late payments.

777 have provided Everton with around £190million in loans to fund the running of the club and stadium development since September, with both parties in agreement that the current arrangement cannot continue indefinitely. 

Everton will require more money to continue operating until the end of the season by the end of March, which 777 will be reluctant to provide given the lack of uncertainty over achieving a positive outcome.

Several other potential buyers remain interested in Everton should the 777’s proposals be rejected, although that would increase the size of the club’s debts further as they will require additional funding while the alternative deal is scrutinised.

777 have been effectively funding Everton since September and have committed around £190m in loans to meet the club’s operating costs and construction of their new stadium