777 dump shares in another troubled company amid Everton takeover scrutiny

The airline portfolio of prospective Everton owners 777 Partners has shrunk twice in a week as Premier League approval continues to evade the Miami investment firm.

Days after Australian budget airline Bonza entered voluntary administration, sister Canadian company Flair said other backers will now take up shares owned by 777.

The situation at Bonza is likely to be scrutinised by the Premier League, which could require guarantees that no other companies in the 777 stable are in trouble.

Sources close to talks denied the situation would hamper efforts to secure ownership at Everton, however. “Multiple executives”, one insider claimed, have passed the league’s owners’ and director’ test.

Unconnected insolvencies relating to two or more entities relating to a prospective director can be a disqualifying factor for directors, according to the league’s rulebook.

There is no suggestion that Flair was about to fold but the low-cost airline moved to quell any speculation by issuing a statement confirming that 777 shares had been acquired.

In a press release, it said it is “pleased to announce that an affiliate of Flair’s largest senior lender is acquiring a portion of the shares owned by 777 Partners and providing new non-binding debt funding”.

“We are excited about this strategic evolution and the new financial commitment” said Stephen Jones, CEO and President of Flair Airlines. “We are grateful for their support as we chart the course for continued growth.”

Everton owner Farhad Moshiri’s 94.1 per cent stake  agreed a deal with 777 last September, but the takeover approval process has been fraught. This week, 777 Partners made a marginally late payment of around £16 million towards Everton’s working capital, to ease alarm shortly after Bonza abruptly ceased flying.

An internal note sent by the Bonza chief executive, Tim Jordan, and obtained by the Australian Financial Review, confirmed that its fleet was being repossessed by an aircraft-leasing company at 3am on Tuesday. The airline operated a fleet of four leased Boeing 737 Max 8 aircraft.

Everton secured their top-flight status for next season with last Saturday’s 1-0 victory over Brentford.

777 declined to comment.