The American investment group lost over $600 million between June 2021 and June 2022, according to a report published on the website on Monday, November 6. Regulators who are probing the firm’s proposed takeover of Everton have not been provided with these statistics.
The 777 Group, which is composed of 777 Partners and its “distinct sister company,” lost a total of £480 million ($597 million), according to records obtained by the outlet. This raises questions about whether the group will have the money to support its current partners while completing the acquisition of the Toffees.
The bulk of the lost amounts can be attributed to interest expenditure and unrealized changes in the fair value of financial assets, suggesting that the losses are the consequence of punitive debt repayments. However, the British Financial Conduct Authority has not yet received these developing documents.
Everton supporters have many reasons to be concerned that their prospective new owners, should they complete their acquisition, might not have the best interests of the Toffees at heart, since there appear to have been red lights throughout this proposed takeover process.
It’s unclear how these most recent numbers will affect the team in the end, but it’s concerning that 777 Partners failed to disclose such a significant loss when providing their data to the FCA for approval alongside the FA and the Premier League.
The amount of money that hasn’t been reported isn’t insignificant either; losses of £480 million are not insignificant. It might be detrimental to both Everton and the teams that 777 Partners already owns.
This most recent information may indicate that there will be more snags in the road ahead, despite the American company’s repeated assurances to supporters that they have the resources and know-how to execute the takeover without incident.
It begs the question of whether 777 would be a more suitable owner to manage Everton’s future than the extremely contentious Farhad Moshiri has been in recent seasons. The grass isn’t always greener elsewhere.
