Dan Plumley has insisted that the Premier League will need to investigate another 777 Partners development ahead of any decision on the Everton takeover.
It has been reported by Josimar Football that 777 were in “unusual” amounts of debt before their takeover bid, owing £2.9billion to US creditors weeks before they agreed to the deal.
The football finance expert admitted that the news is not a red flag if the American investment firm has the money to pay those creditors, something that has not been revealed yet.
“It’s something that needs checking,” he exclusively told Goodison News.
“Part of the process here is to go through the whole books of the organisation that wants to buy the club, so the Premier League will be asking for proof of funds, financial information, they will be asking for the accounts and doing the checks.
“If that is the position, that is something you would check as part of doing the due diligence of the accounts as it will sit on the balance sheet and you would look at who those creditors are.
“So, it stands to reason again with the nature of the checks and also, when you’re dealing with figures like that and the number of people that they potentially owe money to, you’ve got to do the relevant due diligence on that, so again, if it is figures in that region and we know they’re a huge company and there are lots of networks that are attached if you’re doing it properly then you’ve got to go and investigate and that’s what they’ll be doing with the accounts.
