US private equity firm 777 Partners has loaned English Premier League (EPL) soccer club Everton $50 million to cover ongoing stadium costs and standard working capital to cover the club’s operations.
The firm has already loaned a significant amount to the club to help ease its financial woes, with the latest cash injection taking the total amount loaned to Everton by 777 up to around $180 million.
777 Partners is currently purchasing the Merseyside-based club from its current majority shareholder, British-Iranian businessman Farhad Moshiri.
The takeover was finalized in September 2023 but has not been given the necessary regulatory approval from the government for the takeover to become official. It was expected to close in the fourth quarter of 2023, however, the UK Financial Conduct Authority has yet to approve the deal amid speculation into the legitimacy of 777's business.
777 has fought lawsuits in the past involving fraud allegations through its investments in budget airlines and accusations of kidnapping and personal injury. The firm's co-founder, Josh Wander was convicted for drug trafficking in 2003 and has been arrested a further three times.
The club is currently constructing a new stadium, estimated to cost around £760 million ($926 million), which it is expected to move into ahead of the 2025-26 season.
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Russia’s invasion of Ukraine, which occurred after the onset of the new stadium project, forced major Everton investor Alisher Usmanov of Russia to cut ties with the club, which pushed Everton into financial difficulty.
The club’s financial situation is so dire that the EPL handed Everton a 10-point deduction in November for breaching its Profitability and Sustainability Rules.
The loan from 777 will mean that the stadium project can proceed unabated while also easing the financial burden of the club’s day-to-day operations. None of the money, however, will be invested into the playing squad for transfers.