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Article continues belowArticle continues belowArticle continues below<ul><li>Everton takeover hits roadblock</li><li>Airline owned by 777 Partners falls into voluntary administration</li><li>Have defaulted on payments to advisors and suppliers</li></ul><script type="application/json" data-placement="fcplayer-semantic">{"type":"fcplayer-semantic","data":{"embedCode":"//cdn.fcp.codes/embed-code-template/embed-code-template.js#SEMANTIC_5704afb8-c10b-4ba5-9cb4-d7fb6098ef90"}}</script>

Explained: Why Everton takeover is in danger of collapse with American investment firm 777 Partners facing PR disaster

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Everton

Miami-based 777 Partners, having previously inked a deal to purchase majority ownership of Everton from Farhad Moshiri, now finds itself embroiled in turmoil. The firm's low-cost Australian domestic airline, Bonza, descended into administration after its fleet was repossessed, leaving passengers stranded and exacerbating financial strain, according to the <a href="https://www.smh.com.au/business/companies/bonza-wiped-from-departure-boards-as-ceo-mulls-future-20240430-p5fnkp.html" target="_blank">Sydney Morning Herald</a>.

WHAT HAPPENED?

The repercussions of Bonza's grounding have rippled through 777 Partner's operations, impacting its ability to meet financial commitments. AIP Capital, a key player in 777 Partner's financial ecosystem, has seized Bonza's aircraft in an attempt to pay back funds owed to its investors, exacerbating the firm's financial woes. AIP Capital had also set up a holding company, Phoenix Aviation Capital, which would lease aircraft to Flair, a Canadian low-cost airline, after penning "a definitive agreement to acquire the rights, interests and obligations of a portfolio of 30 737-8 aircraft from 777 Partners”. Affected parties, including Flair, initiated legal actions, as it has outstanding debts totalling nearly $30 million (£24m).

THE BIGGER PICTURE

“We have been informed this morning that effective 03:00 today that all our aircraft have had repossession proceedings commenced by AIP Capital, the aircraft lessor,” Bonza chief executive Tim Jordan told their staff in an email.“This was a surprise to both ourselves and 777 Partners. We are currently assessing all options and will provide an update here just as soon as we have more information available to share. As a consequence to this, all first wave flights from all bases have been cancelled.”

WHAT BONZA CEO SAID

Despite 777 Partner's initial optimism and conditional approval for the Everton takeover, a series of obstacles have thwarted progress. Efforts to salvage the takeover bid have been met with temporary extensions and precarious negotiations. Mounting debts, missed payment deadlines, and unresolved financial obligations continue to cast a shadow of uncertainty over the future of Everton's ownership.The Premier League have asked 777 Partners to include the conversion of loans from 777 to Everton into equity, the establishment of an escrow account to put in the money for the remainder of the campaign, provision of proof of funding for the completion of Everton's new stadium at Bramley Moore Dock and repayment of a significant £158 million loan to MSP Sports Capital, a New York-based investment firm, that had previously injected capital into Everton before 777's involvement. 777 Partners were granted only a temporary extension to repay the loan to MSP Sports Capital "within weeks" with the maturity date having already passed around 15 days before.

DID YOU KNOW?

The ambitious acquisition, which was poised to usher in a new era for the club, has encountered significant hurdles, casting doubts on its fruition. Questions regarding the legitimacy and sustainability of the financial backing provided by investment firm A-CAP have raised concerns among regulatory bodies in two US states which have advised A-Cap to tone down their workings with 777 Partners. With unpaid advisors and suppliers adding to the tumultuous situation, the path forward for both the investment firm and the football club remains uncertain.The Toffees will survive in the English top flight, despite being hit with an eight point deduction, as they are 11 ahead of 18th-placed Luton with just three games to go. They have won their previous three matches and will play Luton next on Friday evening.

WHAT NEXT?

Explained: Why Everton takeover is in danger of collapse with American investment firm 777 Partners facing PR disaster | Goal.com US

Everton&apos;s takeover plans with American investment firm 777 Partners are reportedly in danger of collapse.

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