A report in the Mail claims that 777 Partners have been informed that they could be sued if Everton found guilty at hearing
Josh Wander, co-founder of 777 Partners
The prospective owners of Everton, 777 Partners, have not received correspondence relating to the intention of three clubs to sue should the Toffees be hit with sanctions at a key meeting this month.
Everton will appear before an independent commission on October 25 after being charged by the Premier League earlier this year over allegations of breaching the League’s profit and sustainability regulations, something which the club has repeatedly denied.
The hearing will determine what, if any, punishment should be handed down to Everton should it be decided that they broke the Premier League’s rules.
According to a report in the Daily Mail, Burnley, Leeds United and Leicester City, three clubs relegated from the Premier League during the past two years, have informed 777 Partners, the Miami-based investment firm that agreed to acquire current Everton owner Farhad Moshiri’s 94.1% stake in the club last month and that are currently going through the process of seeking regulatory approval for the deal to be ratified, that they would seek financial compensation from the new owners should Everton be found guilty.
The Mail report claims that a letter was initially sent to the Premier League and that the intentions of the three clubs, each reportedly seeking £100m in compensation for a loss of Premier League revenue, would be sent on to 777 Partners, a move positioned as being a threat to any takeover deal going ahead.
Sources have told the ECHO that no correspondence from the three clubs in question has been received by 777 Partners as things stand. It is also likely that an indemnity would exist on the selling side to cover any significant financial penalties that may arrive if the club were to be found to be in breach of profit and sustainability regulations, meaning that it would likely be a cost burden of Moshiri.
777 Partners are understood to remain ‘confident’ that they will clear the required hurdles to obtain regulatory approval for the takeover by the Premier League, Football Association and Financial Conduct Authority. The process, described as ‘well underway’, could take as long as 10 weeks from the current date to complete.
Josh Wander and Steven Pasko, 777 Partners’ co-founders, were present at Goodison Park on Saturday to see Everton go down to a 2-1 defeat at home to Luton Town.
