Farhad Moshiri has agreed to extend the sale and purchase agreement for Everton with troubled investors 777 Partners, according to The Telegraph.
Despite major doubts surrounding the deal, 777 has been granted an eleventh-hour reprieve by the Everton majority shareholder.
The original agreement struck last September was due to expire last week, but the Toffees chief has agreed to an extension until the end of May after several face-to-face meetings.
The move is a last-ditch effort by Moshiri to salvage the deal as 777 battles numerous legal challenges and financial woes, raising questions over their ability to complete the takeover.
The Everton Fan Advisory Board (FAB) are still awaiting a response to their recent list of concerns regarding the club’s future.
With financial uncertainty still looming, various financing options are reportedly under consideration by the club’s executives.
Despite the challenges Everton face in their quest to find a new owner, the club’s executives remain adamant that administration is not an option.
777 have reportedly called in crisis management experts as the lawsuits and financial claims mount, but they remain determined to finalise their Everton takeover.
Premier League chief executive Richard Masters also voiced his opinion on the delay. He made it clear that protracted takeover sagas are ‘not good’.
He further clarified that the investment firm had still not met the Premier League’s approval conditions, including the immediate settlement of a portion of the club’s substantial debt, which runs into the hundreds of millions.
The mounting legal issues facing 777 have not helped matters either.
They face allegations of unpaid bills across their business ventures, leading to calls for co-founder Josh Wander to step down from the European Club Association board.
Speculation is mounting regarding potential alternative buyers if Moshiri scraps the deal with 777.
Two millionaire Evertonian businessmen and MSP Sports Capital have been touted as potential buyers, while Liverpudlian investors Andy Bell and George Downing have also emerged as alternatives.
