Everton takeover: 777 face assets seizure amid failure to meet payment deadlines

Everton’s prospective owners 777 partners are facing accusations of financial mismanagement and unpaid debts, and their ownership of Belgian club Standard de Liege is on the verge of collapse.

According to Josimar, two of 777’s main creditors in Belgium have demanded the seizure of all their assets in the country after the investment firm failed to meet payment deadlines.

Despite 777’s regular capital injections, their Belgian outfit remains mired in debt, losing over €20 million last season.

Their financial turmoil has resulted in late payments and missed salaries for staff, business partners, and suppliers, which incurred two transfer bans by the Belgian regulator last year.

The patience of Standard’s creditors has worn thin. After enduring months of delayed payments, some exceeding six months, two major creditors have reached a breaking point.  

Former Standard owner, Bruno Venanzi, and the shareholders of Immobiliere du Standard, the company that owns the club’s stadium, are both owed significant sums.  

The final straw appears to be a missed €3.5m payment which was due on April 15.

Josimar now reports that both Venanzi and the Immobiliere shareholders have filed legal complaints seeking the seizure of all assets held by 777 in Belgium. 

This includes the shares acquired from Venanzi in 2022 and potentially the stadium itself, with the creditors seeking to reclaim everything they sold to the American firm.

Their €8m debt seems like a drop in the bucket compared to 777’s reported multi-billion dollar portfolio, but the situation has exposed a crack in their financial armour.  

Furthermore, their efforts to buy Everton seem increasingly precarious as their Belgian house of cards begins to crumble.

777 have invested around £200m into the Premier League side hoping to salvage their long-awaited takeover, but their latest financial fiasco suggests that plan is effectively dead in the water.

Everton’s hopes for a brighter future under 777 appear to have evaporated even further as the partners Josh Wander and Steven Pasko have been charged with large-scale fraud and asset mismanagement.

777’s financial situation doesn’t bode well for their prospects of taking over Everton. Despite pumping funds into the club, it appears they lack the resources to see the deal through.

Everton’s precarious position is further highlighted by the possibility of them falling into administration if a suitable buyer isn’t found.

Everton fans cannot catch a break this season. The fresh ordeal comes after a tumultuous campaign that saw the Toffees embroiled in multiple points deduction sagas. 

While they ultimately avoided relegation, the club seems perpetually on the brink of crisis, and the fans will have to wait even further for some semblance of stability at Goodison Park.