However, because the club’s expenses are reportedly about £20 million more each month than its revenue, the Americans have given themselves until next month to make their financial contributions. After that, they won’t be able to.
According to reports, they are still hoping to enter Goodison Park by the end of December, with permission from the Financial Conduct Authority and the Premier League.
But given Everton’s precarious financial status, The Times reports that there are worries about what would happen if the Premier League decided not to approve the takeover, even though no other groups are currently vying to acquire the team.
Because the loans from 777 Partners are unsecured, they would be the last in line if the club were to settle its obligations or enter administration should the takeover fail—a prospect that is still somewhat questionable.
The clock is ticking.
There appeared to be a momentary alleviation of pressure on the club and their future, while 777 provided monthly loans to keep them afloat as the takeover process proceeded in the background.
The points deduction and all the consequences that went along with it definitely put an end to that, but the present ownership situation was never going to remain forever.
Although the club itself has little control over how long this process takes, the Americans have set a line in the sand for a response to come.
Everton and their rejected prospective owners will be quite concerned if the Premier League responds negatively.
After driving nine figures into the club without receiving the keys, 777 will have to wait anxiously to find out how and when they can get it back.
However, Goodison Park’s immediate future would be in peril due to monthly costs that are reportedly insurmountable without consistent infusions of additional funding.
If no other buyers have formally stepped forward as of yet, that is something that will certainly need to change very quickly. If the next seven weeks go by and there is still no response on the current takeover deal.
