(Bloomberg) -- 777 Partners, the US investment firm trying to buy English Premier League football club Everton, has hired restructuring experts to overcome “various operational challenges,” according to an email sent to the group’s employees Thursday.

Miami-based 777’s proposed takeover of Everton has been held up as the Premier League is yet to grant clearance, while 777 has asked for deadlines to be extended to complete the deal. Last week the company was accused of fraud by lenders in a New York court filing.

Mark Shapiro from B Riley Advisory Services is now serving as 777’s chief operating officer, according to the email, which was reported earlier by the Financial Times.

Everton has debts of more than £500 million ($625 million), largely due to the construction of a new stadium at Bramley Dock in Liverpool. As a Premier League side, it would bring in substantially more revenue than 777’s other football investments that include Genoa in Italy, Standard Liege in Belgium and Brazil’s Vasco da Gama.

B Riley

The advisory group is part of B Riley Financial Inc., a boutique investment bank that has faced questions about its dealings with former business partner Brian Kahn. He has been linked to the 2020 collapse of the Prophecy Asset Management hedge fund.

Kahn has categorically denied any wrongdoing and said he was among those who lost money when Prophecy collapsed. B Riley has said it had no knowledge of what happened at Prophecy and wasn’t involved with the hedge fund.

Still, the firm’s relationship to Kahn has brought attacks from short sellers and delayed the release of its audited financials this year. Auditors for the Los Angeles-based firm cited material weaknesses in the company’s internal controls, and some of the previously reported data was revised, according to regulatory filings.

Read More: B. Riley Jumps as Auditor Signs Off, Cites Material Issues

777 has been trying to buy Everton since agreeing terms with owner Farhad Moshiri last September. 

Representatives of 777 and B Riley declined to comment further on the internal email.

(Updates with response from B Riley.)

©2024 Bloomberg L.P.