Everton will fear going into administration if 777 Partners demand repayment of their £200million of loans to the club, sources have told Football Insider.
Speaking on the latest edition of Football Insider’s Inside Track podcast, senior correspondent Pete O’Rourke explained that the US group could request their loan payments to be repaid if their takeover bid is rejected.
777 Partners were given a deadline of May 31 to meet conditions laid out by the Premier League.
Their £500million takeover bid has been repeatedly delayed after they failed to provide sufficient proof of funding.
Everton chairman Farhad Moshiri is free to explore alternative takeover options if 777 fail to meet the deadline, but they could request their loan payments to be repaid.
Everton have administration fears over 777 debt
777 have supplied over £200million to the Merseyside club during their takeover process to help cover operating costs and stadium construction fees.
“But 777 Partners could call in that debt and say that they want their money repaid.
Speaking on the Inside Track podcast, O’Rourke said: “I imagine a deal could be agreed to add the 777 debt onto the price of the club.“If that’s not repaid, there will be fears then of potential administration which would be a disaster for the club because then you would see assets sold for really low prices.
“John Textor has come out and admitted that he’d be interested in buying, but he’s got other issues to sort before he can do that as well.
“Farhad Moshiri has had 777 backing him up and keeping the club afloat.“
In other news, Keith Wyness has news on Everton takeover amid John Textor ‘negotiations’
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