'Collapsed' - Journalist issues Everton takeover verdict after what happened to 777 Partners

Everton have dodged a bullet with the 777 Partners as they have fallen into bankruptcy, according to Dave Powell.

The Liverpool Echo journalist stated on 9 October that there were plenty of red flags with the Miami-based investing firm.

Powell believes that 777 would’ve taken back the Toffees by years and it was surprising that the Premier League did not intervene.

He wrote: “This week saw 777 Partners fall into bankruptcy. The house of cards had finally collapsed and a trail of debt left in its wake. For the clubs that it owns, unpicking the unmitigated disaster of having them as owners will take some time.

“Nobody is surprised that the 777 Partners tale has indeed this way. The firm, throughout the Everton takeover, had raised more red flags than Chinese Labour Day. The problem was that so reliant on them was Moshiri and Everton to get the stadium to completion, it rumbled on for far too long.

“In the end, Everton dodged a bullet, one that wouldn’t have been fatal because there is no way a club of the Toffees’ size and brand would’ve been allowed to collapse, but it would have set them back years and seen them miss the golden opportunity that the new stadium provides.

“What remains staggering is that back at the end of March the Premier League, after some months of assessing the 777 Partners situation and mulling over whether they passed muster to be owners of the club, said they were ‘minded to approve’ the takeover.”

Everton fans will certainly be delighted that 777 Partners never took charge

Toffees fans can breathe a sigh of relief that 777 Partners did not complete their takeover, as the firm’s subsequent bankruptcy would have likely plunged the club into turmoil.

The collapse of 777 Partners, marked by financial mismanagement and legal issues, would have potentially tethered Everton’s future to an unstable entity, jeopardising the club’s financial stability and development prospects, especially with the new stadium.

The avoidance of this acquisition means the Merseyside outfit escaped the risk of being dragged into 777’s financial chaos, which could have set the club back years, affecting everything from team investments to fan trust.

Furthermore, the situation with 777 highlighted governance and due diligence failures within football’s ownership vetting processes, making the escape from this bullet a testament to the importance of ethical and financially robust ownership.

It also shows how little the Premier League intervene in things they should but have issues with minute things while other clubs are blatantly breaking rules.

In other Everton news, Alan Myers has claimed that the club have now agreed a deal in principle to secure a new free agent signing.

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