Everton have been handed an extended deadline for 777 Partners’ takeover.
A £158 million loan was due to be repaid to MSP Sports Capital and two local businessmen Andy Bell and George Downing by midnight on Monday.
But all three parties agreed to a short-term extension on the outstanding amount, which was brokered by the Blues’ majority owner Farhad Moshiri.
Repayment of the loan was a Premier League condition of 777’s bid to assume control at Goodison Park, which is now in its seventh month.
The Miami-based group now have several more weeks to provide necessary funds to complete the takeover they agreed with Moshiri last September.
777 must convert their £190M loans to the club into equity, depositing £60M into an escrow account and repay the existing loans before being ratified.
Meanwhile, Everton have learned the timeline of their appeal against the latest two-point deduction for breaches of Profit and Sustainability regulations.
The Premier League have confirmed that the case will be ‘expedited’ in order for the outcome to be known before the final day of the season on May 19.
Moshiri and 777’s Josh Dreyfus were at Stamford Bridge as Everton suffered a six-goal hammering by Chelsea that leaves them two points outside the relegation zone.