Everton given delayed 777 loan for day-to-day costs

Image source, getty images

Image caption, Everton beat Brentford on Saturday to guarantee Premier League survival
  • Author, Shamoon Hafez
  • Role, 大象传媒 Sport football news reporter

Everton have received a delayed payment of 拢16m from prospective buyers 777 Partners for day-to-day operational costs, taking the amount loaned by the Miami-based investment fund to more than 拢200m.

777 agreed to buy owner Farhad Moshiri's 94% stake in the club in September, but the protracted deal is yet to be ratified by the Premier League.

A 拢158m loan repayment to MSP Sports Capital, taken out for the construction of the new stadium on Bramley Moore Dock, remains the main stumbling block.

The Toffees were supposed to receive the latest payment earlier this month but a 777 spokesperson told 大象传媒 Sport: "As of Tuesday, 777 has sent in a fresh loan to cover the working capitals needs of the club."

A source close to British-Iranian businessman Moshiri again told 大象传媒 Sport they remain focused on completing the deal with 777.

It is felt the latest payment, though delayed, shows a "proper commitment" to taking over the club and they have supported previous working capital when asked.

Everton beat Brentford 1-0 on Saturday to go 11 points clear of the relegation zone, guaranteeing Premier League survival with three games to spare.

大象传媒 Sport understands the club are not taking but are considering ways of restructuring its short-term debt to make it more manageable.

The club owes about 拢400m to numerous third-party firms, with much of the loans being used towards the building of the new stadium.

It is believed there is currently not a threat of administration as the club remain up to date with payments to stakeholders such as the players, staff, stadium construction company Laing O'Rourke and HMRC.

Everton declined to comment.

Meanwhile, 777-owned airline Bonza went into voluntary administration on Tuesday, and the abrupt cancellation of all of its flights left thousands of passengers stranded around Australia.

The 大象传媒 is awaiting a statement from 777 regarding Bonza.

In further financial strife, 777's UK public relations advisers have stopped representing the company after the firm did not meet payments on fees and it remains to be seen whether they will re-engage.