(Bloomberg) -- Everton FC has held talks with restructuring advisers after Miami-based 777 Partners struggled to complete its takeover, according to people familiar with the matter. 

The Liverpool-based football club is facing the risk of administration if it fails to deal with its heavy debt burden and keep funding day-to-day activities.

Restructuring specialists are often hired by struggling businesses to help deal with burdensome debt loads and work toward a turnaround. Everton has over $500 million in debt, driven by a brand new waterfront stadium. 

A representative for Everton declined to comment. There is no certainty any restructuring adviser would be appointed, the people added, asking not to be named discussing confidential information.

777 Partners’ months-long pursuit of the Liverpool-based club has hinged on repaying a £158 million ($198 million) loan to a group of investors led by MSP Sports Capital. The loan was due to be paid on April 15, but 777 Partners gained a last minute extension. If the loan isn’t repaid, the MSP-led group could take ownership of Everton, Bloomberg has reported. 

777 Partners manages a sprawling collection of businesses, including Australian budget airline Bonza, which on Tuesday suspended operations amid talks over the company’s future.  The Australian Financial Review reported earlier that Bonza’s fleet of Boeing Co. planes had been repossessed by creditors.  

Bloomberg reported earlier in April that Deloitte LLP, acting for Everton owner Farhad Moshiri, contacted potential backers to see if they could help get 777 Partners’ takeover across the line.

Administration carries an automatic nine-point deduction. Although Everton has managed a strong run of results in recent weeks, it could risk being relegated if it falls into administration during the current Premier League season.

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--With assistance from Katherine Griffiths.

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