Everton receive delayed £16m payment from prospective buyers 777 Partners

Everton’s Premier League survival has been secured after a hard-fought 1-0 victory over Brentford on Saturday. However, off the pitch, the club is facing financial uncertainty as prospective buyers 777 Partners have provided a delayed payment of £16m for day-to-day operational costs.

The Miami-based investment fund had agreed to buy owner Farhad Moshiri’s 94% stake in the club back in September, but the deal is still pending ratification by the Premier League. The main stumbling block remains a £158m loan repayment to MSP Sports Capital, which was taken out for the construction of the new stadium on Bramley Moore Dock.

Despite the delays, a source close to Moshiri has stated that they are committed to completing the deal with 777, as the latest payment demonstrates a “proper commitment” to taking over the club. Everton are not currently seeking insolvency advice, but are exploring options to restructure their short-term debt to make it more manageable.

The club currently owes around £400m to various third-party firms, with a significant portion of the loans being used for the stadium construction. However, there is no immediate threat of administration as Everton are up to date with payments to stakeholders such as players, staff, and construction companies.

In a separate development, 777-owned airline Bonza has gone into voluntary administration, leaving thousands of passengers stranded in Australia. The BBC is awaiting a statement from 777 regarding the situation.

As Everton navigates through these financial challenges, the focus remains on securing the club’s long-term stability both on and off the pitch. The Toffees will be looking to build on their recent survival and push for success in the upcoming seasons.