Everton shareholders demand end to takeover ‘farce’ | OneFootball

Everton shareholders want Farhad Moshiri and the Premier League to end the ‘farce’ of a proposed takeover by 777 Partners.

The Toffees have recently secured their survival in the English top-flight but they remain in turmoil off the pitch.

It has been close to eight months since the investment firm agreed to buy Moshiri’s 94.1 percent stake in the Merseyside club.

However, they are yet to meet the Premier League’s owners and directors’ test.

777 Partners were granted conditional approval last month if they repay a loan of £158 million to MSP Sports Capital and two local businessmen, Andy Bell and George Downing.

The Miami-based company asked MSP to extend the repayment deadline, causing further delay in the takeover.

777 Partners were also accused of fraud in a lawsuit filed at a district court in New York by Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund plc last weekend.

They claim 777 pledged more than £279m in assets as collateral to Leadenhall for loans either not in their control or had already been pledged to other lenders.

Despite many lawsuits and other issues with 777, Moshiri has been adamant the company is the right partner for Everton.

However, the club’s shareholders’ association (EFCSA) have slammed Moshiri and the Premier League for their failure to end the takeover saga.

They said in a statement: “We are the oldest shareholders’ association in the world and are dismayed by the lack of respect being shown to our football club by the largest shareholder, Farhad Moshiri, and the Premier League during what seems a never-ending change of ownership process.

“We have observed with concern and frustration as it became increasingly clear that a fit-for-purpose process cannot possibly take this long as the Premier League continues to demonstrate their inability to regulate.

“In the absence of the Premier League ­making a timely decision we insist that the Everton board, and Farhad Moshiri in particular, stop this ­damaging process now and ­recognise that 777 Partners are not at this time fit-and-proper ­­prospective ­owners of Everton Football Club.

“The ­powers-that-be are being ­disrespectful to our fellow ­shareholders, our ­fantastic ­worldwide fanbase and football as a whole by continuing to allow this farce to continue. We demand a ­decision and we demand it now.”