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Everton takeover: Farhad Moshiri and 777 Partners agree deal extension

Everton takeover saga has taken a fresh twist on Tuesday (14 May) after Farhad Moshiri has unexpectedly agreed to extend his sale and purchase agreement with 777 Partners. 

Earlier today, Richard Masters, the Premier League chief executive, has expressed concerns over the delay in the takeover. It has been widely reported that Moshiri has growing concerns that the US-firm have the financial power to take the club forward.

According to Sky Sports journalist, Alan Myers, 777 have been given until the end of the month to close the deal, although he has major doubts over the deal.

The terms of the initial deal agreed by Moshiri last September were due to expire last week. However, he has now given them an extra bit of time to sort the deal out although chances are very slim.

The US investment firm are dealing with accusations of fraud while struggling to fund their other ventures. However, they have been paying money to run the club on a daily basis as per agreement. So far, they have paid around £210m in the last eight months.

“Everton majority shareholder Farhad Moshiri has extended the agreement with 777 partners to take over the club until the 31st of May. Moshiri had some doubts over the deal which has taken 8 months so far but 777 have been given until the end of the month to close the deal,” wrote Myers on X.

777 Partners are wasting their time

Moshiri has already held talks with the 777 owners recently in London but it appears that he will be in touch with them until the end of the month as the US-based investors look to find funds to complete the deal.

Masters has suggested in the Parliament that they are not willing to interfere right now as Moshiri still wants to sell the club to 777 Partners but they have not met the requirements asked by the Premier League.

It is beyond a joke now that Moshiri still keeps the faith that a deal could be struck when the reality suggests otherwise. The 777 group are battling against their own financial issues and they do give confidence that they are capable of running an iconic club like Everton.

The club will update the situation with the fans in the coming weeks. The Toffees are confident that they will avoid administration despite the financial uncertainty surrounding the club, but Moshiri needs to look for an alternate buyer at the earliest.

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