23 Mar 2024 08:50:37
Any truth in the stories appearing this morning saying 777 have been given a conditional approval to a takeover at Everton.
{Ed002's Note - I am not sure what is meant by "conditional approval" but there are still matters to be addressed by 777 Partners - and it seems the well is now running dry as far as loans to the club with around £180M debt accrued. As of the new Financial Year, there is no funding available to complete the stadium and Everton will need to find the money to pay the wages each month. In two weeks the result of the second charge will become known and perhaps the takeover will be approved by then.}
23 Mar 2024 11:09:53
Pretty bleak then Ed.
23 Mar 2024 12:12:53
Thanks Ed.
23 Mar 2024 18:29:48
A very general question in regards to a club being purchased: Can a contract to buy a club be voided upon relegation, or are there 2 prices based upon staying up or dropping?
24 Mar 2024 11:18:05
Premiere league have always given “conditional approval “ this is just a formal way of saying that they have now got a time limit on providing evidence and assurance, which could mean placing funds in an escrow account that would cover ongoing costs for stadium and operating costs.
This won’t happen as 777 clearly don’t have the funding.
Basically they are chances, hoping to pick up a broken down house with potential, and make a killing once done. Problem is they need the cash now.
We need desperate for this to fall through and an immediate new buyer in place.
I give us 4 to 8 weeks before administration is the only option.
24 Mar 2024 17:14:33
Immediate? Don’t think that’s a possibility unfortunately.