The Esk has implied that there will be a frenzied rush among creditors of 777 Partners following the emergence of new problems at the company, as they strive to finalize their acquisition of Everton.
Reports surfaced on May 6th from Philippe Auclair indicating that the main creditors of the Miami-based firm, former owner Bruno Venanzi and shareholders of Standard Liege’s stadium, have instructed their legal representatives to pursue the seizure of 777’s assets in Belgium. These challenges have arisen amidst the ongoing wait for approval of the takeover at Goodison Park by prospective new owners, while financial expert The Esk anticipates a competitive push among 777’s creditors.
The Esk, writing on X on May 6th, suggested, “It seems inconceivable now that there’s not going to be a mad scramble among 777 creditors globally to try and secure their position ahead of other creditors.” Everton, among several other companies, stands as a creditor of 777 Partners and is likely to participate in this “mad scramble” following these recent developments.
It seems inconceivable now that there's not going to be a mad scramble among 777 creditors globally to try and secure their position ahead of other creditors. @pbsportswriter @PhilippeAuclair https://t.co/7O6PoNFiY7
— the esk (@theesk) May 6, 2024
However, Everton ranks among the less senior secured creditors, indicating that these new challenges pose a more significant obstacle for 777 Partners in the immediate future rather than for Everton themselves. This latest issue with the American firm may prompt Farhad Moshiri, the current owner of Everton, to reconsider and explore alternative buyers. The suitability of 777 Partners for the takeover of Everton appears increasingly doubtful.
Despite Moshiri’s ongoing support for the Miami-based firm throughout the process, the emergence of prospective buyers in the coming week may necessitate a reconsideration of options. Additionally, Jamie Carragher has raised concerns about a potential Everton administration following updates regarding 777 Partners.