Everton's prospective new owners 777Partners make late payment to BBL

Fresh concerns over Everton’s prospective new owners 777 Partners following late payment of £900,000 to British Basketball League this summer

  • Miami-based firm paid £7m for a 45 per cent stake in British Basketball League
  • 777 managing partner Josh Wander attended BBL board meeting on Wednesday

Everton’s prospective new owners 777 Partners were late in making a £900,000 payment to their business partners at the British Basketball League earlier this summer. 

Mail Sport has learned that the while the money has now been transferred it arrived over a month after the scheduled payment date, which in turn caused the BBL to be late in paying several of their creditors.

777 agreed to pay £7million for a 45 per cent stake in the BBL two years ago in a deal which the company hailed as a ‘landmark moment’ for the sport in the UK. 

The Miami-based firm, who are also majority owners of British champions London Lions, are understood to have paid around £6m of the BBL ownership stake and have provided reassurances that the outstanding £1m will be delivered on time.

Mail Sport has been told that the issue of the late payment was discussed at a BBL board meeting on Wednesday attended by 777’s managing partner Josh Wander and has now been satisfactorily resolved. 

777’s managing partner Josh Wander attended a BBL board meeting on Wednesday

Farhad Moshiri is understood to be seeking an equity payment of £500m for overall control

Despite this summer’s problems both parties are understood to have agreed to extend their partnership, with 777 committing to provide an additional £4m in loans to the BBL, although they will not increase their stake beyond 45 per cent.

As co-founder of 777 Wander is the face of their football business, which currently consists of seven clubs and has seen them enter exclusive negotiations about buying Everton from Farhad Moshiri. 

The private company have yet to confirm that they have the funding in place however, and with all seven of their existing clubs currently losing money many in football are questioning if they can afford a takeover which could require up to £1billion pounds.

A spokesperson for 777 told Mail Sport: ‘777Partners is funding the BBL ahead of schedule and beyond our original commitment, including support to two additional clubs. As a stakeholder investing into British basketball, our commitment extends well beyond the BBL, and we will continue to represent a benchmark of investment previously unseen in the sport.’

The BBL declined to comment.

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