Everton receive last-minute £16m cash injection from 777 Partners to pay staff wages

30/04/2024 20:42

Everton reportedly needed a last-minute cash injection from 777 Partners to pay their staff next month despite not being in charge yet.

Everton‘s prospective owners 777 Partners might not be through the door yet but they have injected a huge sum of £16million to help cover wages.

According to the Daily Mail, the US private equity firm made the payment to allay fears that staff would not be paid next month with the club’s finances in disarray.

No payments to staff have been missed – but there were huge worries that next month could be a different story.

777 Partners have now handed over £200m to Everton since their offer to purchase the club was accepted by Farhad Moshiri last September.

The process to oversee their takeover now threatens to drag on into the summer with the Premier League unsatisfied over their financial condition.

Before 777 Partners can be confirmed as Everton’s new owners, they must pass the Premier League’s rigorous approval testing.

However, there have been doubts over whether or not the American firm will be confirmed, leaving the Toffees in a sticky situation.

According to the Guardian, Everton have already called in restructuring and insolvency advisers.

Earlier this week, 777 Partners’ low-cost airline Bonza entered voluntary administration in Australia.

And it is also understood that 777 have parted company with their PR advisers in the United Kingdom after falling behind on payments.

It raises serious questions over whether they can complete a takeover of Everton, who are already in financial trouble.

This season, the Goodison Park outfit have already been deducted points on two separate occasions for breaking Premier League Profit and Sustainability Rules.

They have confirmed their status as a top-flight club for at least another season, though, after beating Brentford on Saturday.