- Many clubs were opposed to Newcastle’s purchase by Saudi Arabia’s PIF in 2021
- Concerns are over a potential reputational damage to the Premier League
- Listen to the latest episode of Mail Sport’s podcast ‘It’s All Kicking Off!’
A number of Premier League owners are set to voice concerns about Everton’s proposed sale to 777Partners at the clubs’ first summit meeting of the season tomorrow. The issue is expected to be discussed informally at the gathering of top-flight owners and executives in London, although it does not feature on the official agenda.
The other clubs’ worries are understood to centre on uncertainty over the source of 777’s funding for the £500m deal and the danger of potential reputational damage to the Premier League given the company are involved in fighting several court cases in the United States.
Mail Sport has been told that the Premier League will not be in a position to provide any guidance to the clubs tomorrow as they have yet to receive disclosure from Everton or 777 on the terms of the deal.
As a members’ organisation most Premier League issues are decided by a vote of the clubs, but takeovers are an exception.
Many clubs were opposed to Newcastle’s purchase by Saudi Arabia’s Public Investment Fund two years ago, but it was given the green light by the Premier League regardless, leading to an angry backlash from several clubs at not being kept informed about the deal.
Everton’s sale to 777 partners has triggered uncertainty among rival Premier League owners
777 Partners are currently fighting several court cases in the US – Pictured: Managing partner Josh Wander
Farhad Moshiri is looking to sell his 94.1 per cent controlling stake in Everton to 777 Partners
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777 have not disclosed how their proposed purchase of Everton will be funded. Sources close to the deal have told Mail Sport that 777 plan to use their own capital rather than borrowing from elsewhere, although given the investment firm own 60 companies establishing the origin of the money may not be straightforward.
The Premier League have privately conceded that completing due diligence on the takeover could take months, which may leave Everton facing cash-flow issues before the end of the season.
The formal meeting tomorrow is set to be dominated by discussions over the impending domestic TV rights auction, which as Mail Sport revealed last week will see the Premier League offer broadcasters a four-year deal for the first time.
In addition the Premier League will also seek approval from the clubs to finalise a new funding deal with the EFL which would see the bottom three divisions receive an additional £130m-a-year, in addition to £110m in solidarity payments and £40m for youth development.
Source From: Football | Mail Online