777 Partners providing another set of funding to Everton is a “desperate measure” they have resorted in an attempt to get their money back despite the takeover bid failing, according to The Esk.
The Toffees analyst reacted via Twitter on 11 May after it emerged that the embattled American firm had delivered another £8million to the club, despite already having bankrolled them through to the end of the season with the late payment which arrived at the turn of the month.
The Esk insists that 777 have no hope of completing their long-delayed buy out of Farhad Moshiri, suggesting the company has got itself into the “ludicrous” situation of having to help Everton avoid administration still if they hope to get their £200m-plus back in the future.
He wrote: “In order to have any prospect of recovery of their loans 777 find themselves in the ludicrous position of finding funding for Everton.
“The game is over for 777, this is a desperate measure to try & keep the patient (Everton) alive in the hope of recovering their funding in the future.”
777 throw good money after bad at Everton?
In the short-term, and in lieu of alternative sources of funding, it should preserve the immediate future at Goodison Park for the new money to have arrived.
But it ultimately isn’t especially positive for more debt piling up to a company which is now deemed to have zero chance of taking control at Everton after the latest developments within their own business.
With the agreement between 777 and Moshiri now expired it will now otherwise fall to him, a new buyer, or current creditors such as MSP Sports Capital to fill the gap if the firm which has spent the past eight months trying to take over stopped delivering cash.
Administration would put repayments to various sources at risk, and with 777 behind the likes of MSP and Rights and Media Funding Ltd in the queue it appears they fear losing theirs.
They certainly seem to need it based on the difficulties that they are having elsewhere, but if they now can’t secure ownership of Everton but still have to keep propping the club up anyway it looks like the risky gamble they made on the club has not come in.
In other Everton news, the Toffees want to snap up a versatile free agent for Sean Dyche after he rejected a new contract offer.
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