On Wednesday, The New York Times reported that the purchase of Premier League club Everton by 777 Partners has been held up, due to the British regulator reporting that the US investment fund has failed to supply its audited financial statements for review, according to people familiar with the matter.
The request for the documents was delivered to 777 Partners this month by Britain’s Financial Conduct Authority (FCA), and according to the Times’ report, the takeover may fall apart if the company does not provide the required documents or an acceptable explanation for why they were not provided.
In a deal reportedly worth over 550 million pounds ($669.79 million), Everton was sold to 777 Partners last month.
The soccer team’s most recent results show its fifth year of losses in a row, at 44.7 million pounds ($54.44 million) for the 2021-22 season, with total losses for the five-year period coming in at over 430 million pounds ($523.65).
The investment fund 777 Partners has acquired a number of soccer teams in its portfolio, including Italian side Genoa and Belgian team Standard Liege. The fund also maintains stakes in LaLiga club Sevilla and Australian A-League side Melbourne Victory.
Looking beyond sports, 777 owns Canadian company Flair Airlines and Australian based Bonza, two low-cost carriers, and it also invests in and develops travel technology under its “GO7” subdivision. The fund also holds a stake in STX Entertainment, a global film studio known for producing films such as Molly’s Game, The Irishman, and Ferrari.
