777 Partners' takeover of Everton clears FCA hurdle

For me, since day one, this felt ill-fated, no good vibes, and is it really going to happen?

But who really knows what is happening and are there other buyers biding their time?

I hope so.

UTFTs!

Wonderful. Just yesterday Standard Liege were their latest club to be put under a transfer ban for not paying transfer fees. So I am assuming a little spend in January followed by a transfer ban in the summer.

Still, 777 were the only show in town so we will just have to wait and see if the PL add their approval. My understanding from several weeks ago was that the FA had no issues with 777?

FCA approve the 777 Everton takeover

However, not much more detail than Michael has said, that the FCA have given their approval for the take-over to go ahead.

That in itself has to be encouraging, unless 777 Partners are using a smoke and mirrors trick regards their finances? Or just maybe, that $12.1B in assets is actually correct?

Any way it goes, I hope that 777 Partners deliver on their 'promises' (much akin to electoral promises) for the club.

The most important thing is, if they do get approval, it does secure the club financially for the immediate future; and, it allows Moshiri to walk away.

Michael, the Echo article suggests that the deal still needs approval from the Premier League, which I now expect to be near enough immediate, and the FA. However, I thought that it was reported in early November, that the FA had already given their tacit approval? Are you informed enough to clarify that please?

Last short point, again: if the takeover goes through before January, I just hope that 777 Partners do not 'player trade' to realise cash-flow for the club, and that they have enough liquid assets to help bolster the squad and not reduce the squad.

Please fasten your seatbelts. This could be a bumpy ride. On social media at least! Oh, and don't forget your tin-hats and Kevlar vests...

It's hard to find out much about 777 Partners. They seem to be a financial company. Owning a series of ‘brands' but where do they get their money? If it's from investors, then they will need a return on that money, and at some point will have to sell our club to see their profits. It's not the type of backer that I would choose in an ideal world. But beggars can't …

I'm not sure this fends off administration. If I'm not mistaken, 777 Partners will not fund the club past January.

Until the corrupt mob at the Premier Leaguebgive their consent, then the takeover cannot be complete.

Would anyone put money on the Premier League giving their okay before the end of January? They haven't exactly endeared themselves in their dealings with us so far.

I suppose it all depends on what Masters decides and when, as per the "independent" commission's decision.

Thanks for posting that link.

You're way ahead of me: I was going to qualify the FA bit by saying that the FA had already approved Josh Wander and Steve Pasko as being fit and proper future directors for Everton FC, and I was going to track back to our article saying this.

Correct me if I'm wrong but the great majority of trash-talk about 777 Partners has focussed 95% on their abysmal 'financial conduct' in many quarters. So exactly how the FCA can review all the scuttlebutt about them and just brush it aside is quite remarkable.

And surely this will only increase the likelihood that the Premier League will finally approve the takeover? But nothing can be taken for granted.

Others much more knowledgable and expericened as studious analysts of Everton's finances have expressed their concern and displeasure at this proposed takeover, so who are we mere mortals to dare celebrate such things as a possible step forward from the incompetence of Moshiri, Kenwright and Barrett-Baxendale?

Delayed payments could be looked at as a business making sure it is commercially right, rather than being run by another commercial operation or authority. All the businesses they are involved in seem to have their own autonomy, with their own finances in place.

They appear a lot better financially than Everton. They are able to provide Everton with working capital, something Moshiri is not able to do.

Many thanks for clarifying the FA's stance on Steve Pasko and Josh Wander. I was sure I'd read that the FA hadn't shown any immediate reservations about them as owners, and by extension, the 777 takeover.

It is somewhat ironic that I posted this elsewhere on here within the last four hours;

"Okay, I really, Really, REALLY hope our new owners are NOT 777 Partners LLC... As I fear that could end up being the 'death-knell' for Everton FC."

This is out of context, but demonstrated how I felt then.

The strange thing is, that it is because the FCA have given their approval, it makes me think that 777 Partners will at least stabilise the club, for at least the next 2 years. Which if I recall correctly, is the minimum period of time that they have to satisfy a certain stakeholder – the Premier League.

However, after reading a couple of recent articles, my new found optimism is certainly of a cautious nature, and I still have reservations about the ultimate purpose of the acquisition by 777 Partners.

Yet, all that being said, this is only one hurdle cleared, and as the saying goes, "There's many a slip twixt cup and lip!" Again, let's keep our counsel and just see what actually develops.

Oh, and Michael re your second para;

"Correct me if I'm wrong but the great majority of trash-talk about 777 Partners has focussed 95% on their abysmal 'financial conduct' in many quarters. So exactly how the FCA can review all the scuttlebutt about them and just brush it aside is quite remarkable."

I find it odd that there are at least two active investigations into 777's business practises and operations in the US; and also they have two transfer embargoes being active still for lack of transfer payments, and yet... The FCA say all is okay?

Now as I say, either 777 Partners have managed to pull the wool over the eyes of the FCA (which I would find highly unlikely), or the information in the Public Domain has been 'over sensationalised' (which is more probable, I would guess).

According to the report by The Athletic; the FCA operates independently from the government and any company looking to carry out regulated financial activities in the UK "must secure its approval".

That is meant to reassure; however, could I remind everyone, other than Saints and Angels, everyone has their 'price'.

Again, rather than gnash teeth. kick, wail and moan; let us try a new approach, and wait and see what actually happens...?

"And surely this will only increase the likelihood that the Premier League will finally approve the takeover? But nothing can be taken for granted."

I would say that your third paragraph is a 'gimme' now Michael. Though as I inferred earlier, it's all just a waiting game.

Remember at the start of the Moshiri years (they haven't completely been under-signed yet either!), the vast majority thought we'd be back at the big table. Yet look how that turned out?

My own personal opinion is that it gives hope that, if the takeover is fully ratified, then it must surely remove the Club from the threat of possible administration, at least for the foreseeable. Beyond that, anything else that is positive for the club is all gravy to me.

Same amateur hour excuse as they had with Vasco Da Gama. it took longer than expected for a wire to go through because of different business days. You'd think a financial company with global assets would be sophisticated enough to structure the timing of payments appropriately to avoid transfer fans or being publicly outed for not making payments on time to the British Basketball league.

A quick excerpt here from an online article;

"However, the US investment group have suffered a blow after one of their leading UK partners, sports marketing powerhouse Redstrike, pulled the plug on a joint venture they founded only last year.

A year later, they entered into a joint venture and formed a new company, Redstrike Partners Limited, with 777 chief Josh Wander listed on Companies House as the sole shareholder.

However, Mail Sport understands that Redstrike have now written to a number of football stakeholders to make it be known they are no longer linked with 777.

While the letter does not divulge the details of the fall-out, it states they are cutting ties with ‘immediate effect’ and adds: ‘Redstrike cites a breakdown of the business relationship between it and 777.’"

Full article here;

British Sports agency cuts ties with 777

I'm doing it again aren't I; gossip pedalling. I'm stopping now.

I saw that too. Also last week's cancellation of Bonza airline flights causing mayhem in Australia as 777 don't have enough planes to actually fly people around who've bought tickets. Again it makes you wonder. Where they hoping to buy planes based on future ticket sales and didn't quite get the bookings they expected? Or are they just incredibly inept and decided to offer routes before acquiring planes? There are more red flags with these guys that around Amity Island on shark week.

That's us that is, as Newman & Baddiel might have said.

Or,

Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance won't come again

And don't speak too soon
For the wheel's still in spin
And there's no tellin' who
That it's namin'

For the loser now
Will be later to win
For the times they are a-changin.

Nobody knows.

I think they're (allegedly, without prejudice, etc) a gang of plate spinners, spoon balancers, jugglers and bluff merchants and we're just another bigger spoon placed on the other side of their teetering financial edifice as a counter balance.

I don't see any point in whingeing about what is not in our power to influence. We can influence the morale of our team and our club employees, and maybe even investors who might back 777 Partners, because we're a great club and now showing it.

The way I see it, if 777 Partners do take us over, then it's in their own interests to make a success of this club, which Kenwright, and latterly Moshiri, utterly failed to do. I'll give Moshiri credit for getting us the stadium and seeing it mainly built, but we have to go on; and keep doing what we have been doing; supporting our club in the magnificent way we have been.

I think the Premier League and that "independent" bunch wouldn't like to admit they pissed all over our club. It may well be that the deduction remains as it is. It will be great if it is reduced, but we're doing okay as it is.

Those clubs who want compensation? Well, if we have no money to spare, they can whistle for it! Because they can't get what we ain't got. We keep on going; and doing what we're doing, as a club and as supporters.

The decision was announced on 17 November, meaning those clubs had until 15 December to get their claims in. So unless I've missed something, having spent 2 weeks in the Caribbean for the England cricket tour, then these clubs have missed the deadline for their compensation claim.

I did read somewhere that they were prepared to drop their claims in favour of an out-of-court settlement, but again, I've not seen anything regards this. So, if they have not got their claims in, then tell them to go and stick their out-of-court settlement right up their arse!

Today, when I read the strapline, I was excited that the takeover was moving closer and by the time I've read all the posts I'm once again hoping for 777 Partners to be blown out of the water.

It might just be me but I'm sensing that we are jumping out of Moshiri's frying pan and into 777's fire.

It simply feels all wrong to me. Deep down, I want it to fail… and that seems to make no sense.

Don't forget though that it seems the original case that the Premier League brought against Everton was outside of the 14 days limit (presumably for legitimate reasons).

The 777 group might be shifty gangsters but they're not in jail suggesting street smarts way beyond that of the out-of-his-depth, nodding dog from Iran.

If they can conjure up a one-off £100m transfer kitty and deflect the stadium "Sword of Damacles" cost, we might be in good shape for 2 years.

After that, we're back to square one… but hopefully they'll flog us to a sheikh then!

"After that, we're back to square one… but hopefully they'll flog us to a sheikh then!"

You've just summed up this whole thread, past, present and future.

Also, allegedly, they might get 'somebody' to value the whole 'Historic Premier League Club with Brand New Iconic Water Front Stadium' – in the recent manner of Trump – at some astronomical price and blag loans and / or credit off that collateral, then sell us on.

To be fair; he paid all his loans back on time!

Ricky @ 21; He always was, but you have to wonder.

We got Moshiri, The Israelis got sand… and the Arabs got the oil.

Good point. But I doubt it would be announced. First of all it would be verified as a viable claim and then it would be announced when the Commission would sit to hear it.

Trump declared bankruptcy six times and has had to pay $27 million in civil settlements for two fraudulent enterprises.

Maybe you could find another example.

All compensation claims are subject to the outcome of the appeals process and is dependent on that Commission's findings.

Which I presume is why the 'aggrieved' clubs, looked at the settlement route? (A presumption on my part here.)

Until the appeal process has been completed, everything and anything is possible regards compensation.

You never know, the Appeals Commission, might still uphold the original penalty, but find that Everton did not gain any definable sporting advantage, and as such repeal the option of compensation?

In practice, this would still allow the Premier League to appear strong, but also sympathetic to Everton's cause, and additionally it stops any worms getting out of the can, regards clubs suing each other and possibly a reason to sue the Premier League itself?

Bank; "What's all your property worth?"
Trump; "Shit loads!"
Bank; "Fair enough, take this big bag of cash, remember to pay it back though."

Some time passes...

Trump; "There you go, paid in full on time."
Bank; "Sound mate, have a cigar, come back any time."

If the banks want to believe you and it suits them, they will lend you almost anything.

At the moment, they seem to believe 777 Partners. They must still believe them because they haven't pulled the plug on them yet.

If they go to the banks and say EFC and the new stadium is worth... I don't know, think of a number, but it will be more than 1 and have 'Billion' after it.

And, if the banks are of a mind to believe them because it suits them, 777 Partners will fill their boots and our debt column... allegedly.

Rob Peter to pay Paul.

First choice? Maybe not for many. But who else is queuing up?

If they come in, I'll judge them then.

My son Danny was travelling back to London on the train after a game at Goodison Park and sat next to Josh Wander, his partner and young child, and had a good chat with him. He said he was decent, humble, and said the takeover will happen.

And no, he wasn't in First Class and Josh cracked on to him when he saw his Everton scarf. Doesn't mean a lot in the grand scheme but he is human!

Luckily we look more settled on the pitch so the priority must surely be paying off or re-structuring debts so that we can escape these interest payments that are crippling us.

Once we do that then we might finally get back to being a more financially sustainable club once more with bigger revenues on the horizon thanks to the stadium.

The legacy of Nothing but the Best, underlined by the Moores era, is continuously pushing the club on. Those that think they could control it, found they couldn't, Even today, the Premier League, a faceless bureaucracy, is finding itself under scrutiny and pressure like never before.

With a new stadium, this pressure will increase. The club has been through a lot, no other club has a story like it. The club has learnt a lot, its depths of reserves have been increased, meaning no-one can write it off.

777 Partners will find the demands of Everton like nothing they previously.encountered. It will galvanise their whole football operation.

Ironically, it will be 'the missing link', but not as they expect. The PR blurb their Global Sporting Director pushed forward, maybe by someone who knows what he is talking about, as those on the 777 Partners finance end are about to find out.

Rob Peter to pay Paul, then hopefully start punching above our weight (but not our wage bill) – and we might even get back to being plucky little Everton.

777 Partners are about to find out they have bought a tiger by the tail. Nothing like they have ever known, it will exhilarate them, frighten them, lift them like nothing they have ever known. They are already out of their depth, they just don't realize it yet, but, when the light comes on, they will find it's too late, they have been touched.

There is no other club in the world like it. They may think of it now as a future investment, but the truth is they are about to begin the world's most wonderful love affair. Enjoy the ride, 777... once touched, you will never be the same.

Either way, we need to rid ourselves of the two previous miscreants who've brought us to our knees. This cannot be allowed to fester further.

Checking the News section on FCA's website shows nothing of the sort, and we have that eminent and trusted journo at Josimar, Paul Brown casting doubt on it with this tweet:

But the Mail and the Echo have put up the story… so it must be true.

Although I have to manage my younger relatives who I call the lost generation as they listen to my rantings as if I am the village idiot, the belief will never go away.

I know there are many who are suspicious with the 777 Partners takeover. I have my own reservations.

Putting another slant on this and trying to be optimistic. Despite all of their investment in other football and sporting clubs, maybe, just maybe, this is their crack at the big time with one of the biggest clubs in English football so that becomes their main effort.

No other club compares. No other supporters compare.

I know little, very little of 777 Partners but I have the same feeling as you do about them: out of the frying pan and into a very large fire.

I think there are other people in the background waiting to move in if 777's bid fails but I know little about them – in fact, I know nothing about them – but I feel very suspicious about 777 Partners.

We will know soon enough who our new owners will be; please let them be better, for Everton, than the last two.

He is the oracle in all footballing matters.

Also, why would you want to own so many clubs? Surely running one club and making it successful is hard enough, so how are you going to devote enough time to make my club successful???

My final thoughts are, if 2 very rich billionaires couldn't make us successful, then how do people who have to borrow to be able to invest in Everton make it successful?

It seems astonishing to me that, with our future very much in the balance, there appears to be no deadline or timeframe within which the Premier League has to decide. I would call that an untenable position. And an unacceptable one. We need clarity and a decision one way or another by early January.

Like others, I am not at all confident about our prospects with 777 Partners as owners. My hunch is that, far from backing a transfer budget in January, we will face 'asset liquidation' to pay back some or all of their current cash injection.

My money is on Onana being sold and maybe a loan or modest purchase to balance. I would not be entirely surprised if they sold Branthwaite because he would yield the highest book profit. I hope that doesn't happen, it would be an awful start.

Ideally, there would be an angel waiting in the wings but we can't rely on that and right now. 777 Partners are all that stand in the way of administration. It's a nice big hole you dug for us, Messrs Moshiri and Kenwright.

Looking at things logically, then the only person who has got the money to take the huge losses that look to be coming their way after they sell Everton, is Usmanov, and the biggest mistake the Big Uzbek made was buying Everton on Bill Kenwright's terms, imo.

Arab money would be fantastic, but only if we employ hard nosed professionals who want to succeed, instead of nepotistic people who have already succeeded just because they are employed by Everton.

I can actually answer that one as I have a daughter who is a Canadian pilot. The mess happened because 777 Partners wanted to take Canadian airlines and crew from Flair and use them in Australia.

The idea being, during the northern winter, Canadian planes go to Australia. During the northern summer, the Australian planes and crew come north.

Problem was the Australian transport agency wasn't happy and it took longer than expected to get regulatory approval. They have the approval now and Canadian planes are in Australia.

Simon #34

Thanks for the information.

If we do stop up this season- and I believe we will- I doubt we will be pulling up trees for our last season at Goodison.

Who knows maybe they could sell us on quickly to serious money and make a fast buck!