- 777 Partners agreed a deal to acquire Everton from Farhad Moshiri in September
- Their bid for the Premier League club has now received approval from the FCA
- Arsenal were a better watch last season and played riskier football BUT they have more steel now… it could take them to the title – It’s All Kicking Off
A potential takeover at Everton has edged a step closer after American investment firm 777 Partners had their bid cleared by the Financial Conduct Authority (FCA).
Having agreed a deal with Everton owner Farhad Moshiri to take majority control of the club back in September, 777 Partners have struggled to make progress in the three months since.
However, they have now received the approval of the FCA, a regulatory body in charge of maintaining the integrity of financial markets.
This represents a step forward for 777 Partners and their co-founder and managing director Josh Wander, although the prospective takeover of the Merseyside club will still need to be approved by the Premier League and Football Association before it is given the green light.
Mail Sport reported earlier this month that 777 Partners have been told that their takeover will not be approved any time soon, and a final decision is still not expected to be made before January despite this latest development.
777 Partners and their co-founder Josh Wander (pictured) struck a deal with Farhad Moshiri in September
A takeover at Everton has edged a step nearer after 777 Partners’ bid was approved by the FCA
777 Partners have also come under scrutiny since striking their deal with Moshiri, with their relationships and financial involvements with other companies raising some concerns.
Top sports agency Redstrike cut ties with them earlier this month due to a ‘breakdown of the business relationship’.
They were also accused of missing a £900,000 payment to the British Basketball League – that they have a 45 per cent stake in – back in the summer, before they finally paid the amount at a later date.
This came after it emerged that Brazilian team Vasco Da Gama – who are among the company’s portfolio of football clubs – missed scheduled transfer payments earlier this year.
Despite these potential concerns about 777 Partners’ suitability to run a Premier League club, they have loaned Everton £100m to cover operating costs as they wait to see whether their takeover will go through.
The Toffees were deducted 10 points last month for breaching Financial Fair Play rules and are at risk of administration if they do not find a suitable buyer, which could lead to another points deduction.
However, the team have managed to put the off-field turmoil at the club to one side to climb out of the relegation zone after winning their last four league games without conceding a goal.
