Everton face new stadium spending going up as “significant cost obligations” loom within days amid uncertainty around the 777 takeover, according to the Liverpool Echo.
Dave Powell reported via the outlet’s website on 10 April that the club face a “pivotal” few days with payments soon due to the Bramley Moore Dock ground’s construction firm Laing O’Rourke.
Fixed cost deals which had been secured with the company to avoid extra financial risk in the development will reportedly expire if upcoming payments are not made, at a time when 777 face their own Monday deadline (15 April) to repay MSP Sports Capital’s £158million loans for the project.
The Echo reports: “The coming days are pivotal for Everton. They have significant cost obligations to meet, not least to Laing O’Rourke, the construction company attached to the stadium build.
“The club was able to fix the costs for the stadium to alleviate some financial risk and uncertainty, but if payments are not made then the deal for fixed costs expires, it is understood.”
The American firm appear unable to do that as they have been reportedly separately [Sky News, 10 April] to be seeking an extension to that date as they “scramble” to raise funds, an agreement which Powell has reported to be “unlikely”.
Bramley Moore Dock cost increase amid pending Everton concerns
As 777 have been providing regular loans to the Toffees the next few days do look crucial, not only to their status as either prospective or new club owners, or simply failed former bidders, but where Everton are going to get crucial funding going forward.
Unless MSP agree a deferral of the loan repayment they will be able to acquire majority ownership of the club if they choose to do so, but given the ongoing cost requirements it is unknown whether that is part of their plans.
And with the £158m repayment one of four criteria set out by the Premier League for 777 to gain takeover approval that deal could finally be blocked if they fail to do so.
If that happens it stands to reason that Josh Wander and his company aren’t going to be interested in adding to their near-£200m loan commitment when their bid to own the club is no longer live.
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