Everton 'are granted an extension to the deadline for a £158m loan to be repaid'... as prospective owners 777 Partners 'look to raise funds' to acquire 94.1 per cent stake in the Toffees

Everton have been granted an extension on the deadline to repay a £158million loan ahead of their proposed takeover.

Back in September, the Toffees agreed the protracted sale of the club with the American private equity firm however discussions appear to have stalled since then. 

Last month, Farhad Moshiri - who will sell his 94.1 per cent shareholding in the club - urged Toffees fans to 'bear with us' as the deal entered the 'home straight'.

However, that appeared to hit another stumbling block as reports last week claimed that 777 Partners requested an extension in order to complete the deal. 

The Toffees owed investment firm MSP Capital and two local businessmen, Andy Bell and George Downing, a nine-figure amount which was due to be paid on Monday.

However, according to the Independent, a short-term extension of the loan has been agreed, which 777 will have to pay if their takeover is to proceed.

The prospective owners reportedly now have weeks to come up with the money, with the Premier League having made repaying the loan one of their conditions if they are to permit 777’s buyout to go ahead. 

Last month, Everton's prospective owners were told by the Premier League that they must provide evidence of access to more than £400million before their protracted takeover can be approved.

In a letter sent to 777Partners, the Premier League indicated they were 'minded to approve' their offer subject to a series of strict conditions.

777 have already invested more than £150m in loans since agreeing a deal to buy the club from Moshiri last September, with the Premier League demanding those loans be converted into equity.

Moshiri, who first invested in Everton in 2016, said he remains 'confident' 777 are the right partners to take control of the Premier League club.

He said: 'Securing the complete financing of the new stadium remains a priority and I can assure you from personal experience that 777 have met every ask that we have made of them to date.

'Now I completely understand the frustration that the Premier League approval process has taken longer than was originally expected.

'It is not ideal, but we must respect the Premier League's process and hope that it is something that we must live with for only a little longer.

'We fully respect all our regulatory bodies, work closely and constructively with them, and please bear with us whilst we are in the home straight.

'I can also assure you that as soon as there is something definitive to say that we will share with you immediately.'