Everton’s 777 takeover under extra scrutiny

Premier League officials are apparently not gaining confidence about the Everton takeover by 777 Partners. The Miami-based investment firm previously struck a deal with Farhad Moshiri to purchase the Merseyside club back in September. However, the potential agreement has hit a bit of a snag after a series of events.

It was reported in October that 777 Partners did not provide necessary financial documents to an official British regulator. The regulator, the Financial Conduct Authority, has to review the firm’s financial standing in order for the deal to be green-lit.

Financial Conduct Authority reportedly asked for the financial paperwork from 777 early in October. Nevertheless, the investment group denied these claims and stated that they did, in fact, submit the necessary documents. The regulator is still conducting their review of 777 Partners.

777 Partners face investigation by US government

Bloomberg is now reporting that the Premier League has not yet given Everton or 777 Partners a clue of how they will rule on the potential sale. Instead, the English top flight has asked for even more information regarding the firm’s financial records. Spokespersons for all three parties involved apparently declined to comment on the matter.

Semafor also recently reported that the United States Justice Department has been mulling a possible investigation into 777 Partners. Government officials are trying to determine if the company violated a series of financial laws. This includes money laundering and financial fraud. 777 Partners has allegedly earned much of their current finances through insurance.

The U.S. investment firm has, however, claimed that they have done nothing wrong. “777 Partners is not aware of any investigation into its business and has no reason to believe that one exists,” the company told Bloomberg in an emailed statement.

They went on to say the the company “considers these scurrilous and damaging accusations to be…

Source link : https://worldsoccertalk.com/news/evertons-777-takeover-under-extra-scrutiny-20231202-WST-474515.html

Author : Chris Moore

Publish date : 2023-12-02 19:51:34

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