THE proposed Everton takeover is facing collapse after the club’s potential buyers failed to meet a government-backed deadline.
US-based 777 Partners have agreed a £550million deal with Goodison owner Farhad Moshiri to take control of the struggling Toffees.
AlamyEverton’s £550m takeover is facing collapse[/caption]
AFPJosh Wander is one of the co-founder’s of 777 Partners[/caption]
But it has now emerged the company is in major dispute with the financial conduct authority.
And a green light from the FCA is now essential under Premier League rules agreed in March for any new owners to be approved.
It is understood that 777 Partners, run by controversial businessman Josh Wander, failed to provide audited financial statements to the FCA when they were demanded earlier this month.
Unless the documents are provided there is no way that the FCA – the Government-backed industry regulator – will approve the sale.
And that will plunge the club, which already faces a potential points deduction at a Prem inquiry into alleged Financial Fair Play breaches next week, closer to the abyss.
The new version of the owners and directors test, approved unanimously by the 20 top flight clubs in March, now states that “suspension” by the FCA is a “disqualifying event” for a potential owner.
And the latest doubts over the probity of 777 Partners raises the prospect that the Premier League’s lawyers will kibosh the proposed deal.
The New York Times has reported that the FCA, Prem and FA are “unsatisfied” with the financial details they have so far been provided.
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Significant concern is understood to centre on 777 Partners’ failure to provide up-to-date audited financial records for a holding company which has ultimate ownership over clubs including Standard Liege in Belgium, Hertha Berlin in Germany and Brazilian giants Vasco da Gama.
In a statement, 777 Partners said: “Out of respect for the process, 777 Partners will not be commenting on the ongoing regulatory approval process for its proposed acquisition of Everton.”
But the latest development will only further the fears of Everton fans that the 145-year-old club could cease to exist.
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