Matt Hughes of the Daily Mail, David Coverdale of the Daily Mail
21:20 February 18, 2024, Updated 21:20 February 18, 2024
- Everton have been waiting nearly five months for the takeover to be approved.
- Premier League vets potential buyers 777 Partners
- Chris Sutton: No bunt out yet at Man United – It’s All Kicking Off Podcast
Everton’s buyer 777 Partners is undertaking an extensive staff reduction program with the aim of reducing headcount across the business by around 5 per cent.
MailSport has learned that recent job cuts have been made at both 777’s London and Miami offices, with the US investment firm’s chief financial officer Damian Alfalla stepping down.
777 are unhappy with the length of time it has taken the Premier League to carry out due diligence on their offer to buy Everton after agreeing a sale with current owner Farhad Moshiri in September last year.
The Premier League has been scrutinizing the Everton deal for around five months, in stark contrast to other recent acquisitions.
Todd Boley and Clearlake Capital’s takeover of Chelsea two years ago was approved within four weeks, but given that Roman Abramovich was forced to sell by his government following the Russian invasion of Ukraine, the situation is While it was exceptional, it was unusual given Sir Jim Ratcliffe’s £1.25 billion investment in Manchester. United was approved in six weeks.
777 was asked by the Premier League this week to provide details of its financing and guarantees it will be able to finance the club for at least the next few years, in another sign that approval for the takeover is not guaranteed.
The move comes as 777 has been effectively funding Everton since September, pledging a loan of around £190m to cover the club’s running costs and the construction of a new stadium at Bramley Moor Dock. Delays have proven costly for the 777.
777’s funding of Everton faces fresh scrutiny as the insurance company they borrow from, Haymarket, is under investigation for possible breaches of US governance regulations.
777 declined to comment on cost reductions, but people close to the company said fluid staffing is standard practice in the financial services industry.