Bloomberg report of conditional approval for 777 Partners crystallises minds

777 Partners haven't looked capable of meeting the Premier League's unpublished rules and requirements (re the 777 Partners application), as far as I can see criteria. The Premier League have supposedly been considering this application since September 2023. Somebody is playing games.

I suggest that both 777 Partners (why?) and the Premier League have been guilty of this. Moshiri has been quiet through all of this to all intents and purposes except by restating every now and again that 777 Partners are the right people to take the club forward. Really? On what basis?

It is now beyond a joke. The time for playing games is well past but, as I've suggested elsewhere, the Premier League just keep kicking the can down the road. They seem not to have finished their Everton job yet and won't pronounce on 777 Partners until that is over and done with. I of course could be wrong.

One question in my head that won't go away is why Moshiri is sticking to 777 Partners like glue. Is there a plausible answer to that one, Paul, that you can think of?

Thinking I should do something following Paul's earlier article, I did write to Michael Gove as 'Communities Secretary', stressing the need to secure the completion of our new stadium, and its potential importance for the city and the regeneration of the Northern Docklands.

By coincidence, the City Council have this week confirmed that a new Regeneration Organisation in the city will target nine key areas as part of an 'accelerated development zone'. The docklands waterfront is one of the areas selected.

So my point is our new stadium and the future of Everton Football Club is one of the biggest issues facing the city and both these matters need to be resolved ASP.

In my letter to Mr Gove, I did reference Michael Heseltine's initiatives in the 1980s as it seems to me that we need something similar today. Certainly the Premier League and/or 777 Partners seem unwilling or unable to provide the answers.

Key part:

Josimar has been told by multiple sources with sight of the Premier League's official letter that the four main conditions are conversion of loans by 777 totalling just over 150 million pounds into equity, funds into an escrow account to keep the club going for the rest of the season, proof of funding to complete the new stadium, and repayment of MSP's 158 million pounds stadium loan by mid-April. These are not the only conditions. But they alone mean that the total extra funding still required by 777 to complete the purchase is well over 300 million pounds, before you even take into account the price agreed with Moshiri for his shares, which Josimar understands to be just 64 million pounds up front, rising potentially as high as 130 million pounds if a series of milestones are met.

If not, this could drag on for months.

Moshiri is a sitting duck with a massive stadium round his neck, drowning him day by day.

I'm now doubting Moshiri's motives for not only choosing 777 Partners but sticking with them and not seeking other investments or takeovers. It makes no sense! There must be some upside for him personally in the 777 deal.

It doesn't seem like it's in the best interest of the club to hand it to a firm that can't manage its image, perception, public relations or media narrative surrounding this takeover. What are they going to do to the once-good name of EFC??

I was hopeful in the beginning of this process with 777 Partners. I don't see many Evertonians clamouring for this deal anymore.

The Everton Football Club owner, Farhad Moshiri, received more than £400m from Alisher Usmanov companies in the run-up to the Russian billionaire being placed under sanctions, documents suggest, raising fresh questions about the financial ties between the two men.

Records seen by the Guardian appear to show that Moshiri borrowed £145m from a company wholly owned by the Russian-Uzbek tycoon from about 2020.

The papers also set out how, between 2018 and 2022, Moshiri sold about £270m of shares in a company whose largest shareholder was Usmanov. Moshiri did not pay for those shares, public accounts imply, which accounting experts suggested could mean the share sales were a gift.

Usmanov is one of the world's richest people and is said to be close to Vladimir Putin. He has long had business ties with Moshiri and the pair jointly owned a stake in Arsenal Football Club. Moshiri sold his Arsenal shares back to Usmanov in 2016 in order to fund his initial investment in Everton.

The discovery of the previously unreported financial records raises fresh questions about the relationship between the men – as well as the true wealth of Moshiri, just days after the British businessman disclosed a provisional deal to sell Everton to the US investment firm 777 Partners.

The papers also appear to misalign with Moshiri's previous statements about how he could continue to fund the Premier League club himself, as well as his promise to provide ongoing financial backing that was crucial in Everton's auditors signing off its 2022 accounts this year. — The Guardian, 23 September 2023

Some new news, some old, but I do think Moshiri's mate is behind 777 Partners and the reason Moshiri discounted other bidders.

I'm less certain that either have anything to do with 777 Partners, it would make more sense for the sanctioned Usmanov to claw back as much of his wealth as possible, not plough it into a US company where it could be seized by the state. That's a dangerous game.

But if it is all Putin's mate Usmanov behind the scenes… well, at least he is wealthy.

Okay, now I've officially heard everything.

Paul, I'm not sure what planet you're orbiting, but it ain't in this galaxy, that's for sure.

I ask because you have a habit of typing things (cutting and pasting things??) from other sources without using quotation marks.

He'd better buy himself a white cat like Blofeld.

Usmanov always seemed to be in the background.

Meanwhile, Chelsea agreed a sponsorship deal with a crypto company with links to Russia.

Premier League: "nothing to see here".

Despite the sanctions, the UK and the west are still doing deals with Russia.

It's all front and hypocrisy.

Paul has quoted a Guardian story from last year:

Everton owner received £400m from Alisher Usmanov companies, documents suggest

He missed off the most interesting bit, which I'd forgotten: [In] September 2021, … the Football Association reportedly made it “clear to Alisher Usmanov that he would not be permitted to loan money to Everton – or any other football club”.

I recall it caused a minor stir at the time, including being cited in Parliament, but died the death pretty quickly. Surely the sanctions folks would have done something by now…?

"We have been investigated by a UK government organisation for a few years now regarding our links to Alisher Usmanov."

I wasn't aware that he or we were under investigation by a government organization? Would you know which organization that is? And why are they taking so long to reach any conclusion?

Oh wait, you must mean this even older story from the Guardian:

Treasury’s sanctions police ‘reviewing’ finances of Everton FC owner, Guardian understands

So the 'Treasury's sanctions police' would be the Office of Financial Sanctions Implementation (OFSI). Plenty of entires found for Usmanov when I perform an OFSI Consolidated List Search of Financial sanctions targets: list of all asset freeze targets.

But strangely nothing comes up when I search for 'Moshiri' or indeed 'Everton' (or 'Kenwright'!!!). Can we conclude after 9 months that they haven't come up with anything? Or are they still scratching around?

The Kenwright era has always been built on pure speculation and this is something we still continue to do as we watch these last remaining dying embers slowly burn away.

I'm not sure the war between Russia and Ukraine is going to end soon, Paul K, and I honestly think there's more chance of the new stadium at Bramley-Moore Dock being bombed by Putin after the money it's ended up costing his old Pal, Big Al!!

The end is near – hopefully, we can come out smiling, with decent owners and a fantastic new stadium helping us to secure a prosperous new beginning – but what an unmitigated disaster this 24-years-old century has been for Everton Football Club so far. All thanks to a great player who got so many passes until the masses finally cottoned on.

Seriously, the complexity of this takeover shows what can go wrong with assessing fit and proper persons and their financial stability.

Paul's idea that 777 Partners have an Usmanov connection is simply Looney Tunes. 777 Partners have made club purchases in multiple countries and have been sued by multiple entities in the US and UK, and their finances have been thoroughly investigated without turning up even the slightest indication of an association to Usmanov. How could they have kept such a connection hidden while undergoing all those legal colonoscopies? It's absurd on its face.

And while Josh Wander may be an ex-con, an operator and something of a sleaze, nobody has ever accused him of being stupid -- certainly not monumentally stupid enough to risk his entire business by fronting for a sanctioned Uzbek.

There may well be outside money behind 777 Partners. The idea that it could be Usmanov's simply isn't rational.

Mike, have you access to the Hubble telescope or are you a remote viewer? Any Info regarding Everton is necessary on here because the club have abandoned us.

I am not trying to be clever or upset anyone, we are all in the same boat, me, maybe I'm on a different planet. Usmanov behind 777? Yes, I believe he is.

It has nothing to do with 777 Partners.

@16 I wanted to fill in the void Paul Kossoff had left @8 by just pasting plain text from that old Guardian story without attribution.

I think he's on a good wind-up with this one and you seem to have got the bait firmly lodged. Best not to engage, I'd say.

Can you shed any light on why Moshiri persisted with this 777 deal? There's no exclusivity. Why wouldn't you sound out any other offers ?

I was optimistic about them to begin with, but if you have the funds, stability and infrastructure to take on Everton, wouldn't you have everything in place, knowing this PL test was coming?

Doesn't it project an uninspiring approach? A window into how we would be run under 777? I don't blame the league, it's usually pretty black and white, you have the funds or you don't.

Is it as much a mess as it looks, or is it press building up the narratives around 777 ?

I don't think there will be much celebration if they do get the go ahead. That tells its own story.

You have reminded me of the question I asked in my first post on here which asked this question:

One question in my head that won't go away is why Moshiri is sticking to 777 Partners like glue. Is there a plausible answer to that one, Paul, that you can think of? — which nobody has thought to answer so far.

This question, if answered, may assist us in arriving at an answer or partial answer at least to much of the speculation that is discussed in this thread. The Esk hasn't as yet come back with an answer so maybe someone else may hazard a guess on this.

It may well be that they were the only ones to supply the funds needed to run the club and finish the stadium while still not taking actual control.

I'm only guessing, and it's not based on any facts (like a lot of this thread).

There must be a big upside for Moshiri because I don't see the massive upside for the club.

So many questions, so few answers.

Possibly because I'm not feeling very well, which means I've been stuck in the house for most of the day, talking absolute pony on ToffeeWeb.

Can you shed any light on why Moshiri persisted with this 777 deal?

In short: No. Taking your question literally (as Tony is on the thread), I don't think he has much option but to persist – once he made the much more puzzling decision to choose these guys in the first place.

There's no exclusivity. Why wouldn't you sound out any other offer?

The lack of exclusivity is puzzling. Everton have made a huge frigging deal about that in previous instances; however, that was under a previous regime. I'm sure Moshiri would have listened to any offers — the puzzle is why he went with 777 Partners?

Wouldn't you have everything in place, knowing this Premier League test was coming?

There was a story about them stonewalling the Belgian FA on the lack of audited accounts but I can't believe they would have been stupid enough to try that on with the Premier League. They obviously know their bad press and must have done a decent job of countering it for them to still be in the reckoning at all.

And this concern about them coming up with funds — for fuck's sake, they've already produced £200M in 6 months. Moving money around seems to be the one thing they are good at. And maybe that's how they were hoping to pull this off.

The Premier League's final set of conditions may be impossible for them to meet (as Paul Quinn claims)... or they may be able to make it all happen, in which case, it may then go forward to the Independent Review Board for the final word.

As for running Everton, they were new kids on the block but they've now accumulated some experience in the business with multiple clubs, made mistakes no doubt… they might just have it figured out a bit better now.

But I don't really have any idea, David. Maybe that's all wishful thinking from me hoping to usher in a new era sooner rather than later.

At the time, I was gutted and blamed Kenwright, who was widely rumoured as certain to be sacked as chairman and replaced by Peter Kenyon who was fronting the deal for Kaminski.

Along come MSP and 777 as potential investors, neither apparently being considered to have either sufficient resources or inclination to actually purchase the club. Yet Moshiri, out of the blue again, suddenly announced he was selling to 777 Partners. Very odd indeed.

That said, I'm by now far less content by their views and insight because of what's being revealed about 777 Partners, and what's never been revealed about Moshiri.

Mike Gaynes derides fellow fans for contending theories about Usmanov and his endlessly opaque financial activities seemingly just because there's no proof apparent to him, but that's just the point with mega-shysters like Russian oligarchs insofar as they just don't allow the truth to emerge.

In that, they effectively have first-world governments by the goolies. First-world governments always boast loud and long about their own 100% financial integrity, so to accede to the notion that they are ignorant or complicit with the evasive conniving of the mega-rich in hiding the truth is anathema to them.

But then events like the Panama Papers emerge to the public gaze, don't they, and they reveal that those at the top of countries all over the world had invested personal money into secret Panama accounts in a bid to maximise their income to the cost of those they lied to and promised to faithfully serve.

So I'm far from dismissive of the contention that Usmanov may well be deeply involved in the fog that's allowed by people in power to envelope the interests and future of "ordinary" people, like me.

David #30, one possibility is that there are no other offers at the moment, that the other potential suitors Keith Wyness cited are hanging back as I mentioned above, awaiting results. Another possibility is that Moshiri -- never the brightest bulb on the tree -- has been swept away by the renowned verbal charms of 777's Josh Wander.

Ian #38, the whole Kaminski deal was mysterious -- even my friends in the Minneapolis business community knew nothing about these guys, and the one football guy in the deal, Kenyon, never made a single public statement.

On your second point, however, MSP very definitely has the resources and clearly had the inclination as well. I still regularly burn incense and dance naked around backyard bonfires, chanting for the possibility they will eventually buy the club.

#39, doesn't surprise me a bit.

Yes, with the amount of money that Usmanov is said to have and his relationship with Moshiri, you would suspect there may be an association, but I don't believe that 777 would risk their whole organization plus a possibility of a jail sentence, by receiving backing from a Russian Oligarch, no matter how hard they try to hide it.

They can't touch Usmanov even though a number of these Oligarchs have had a number of their assets sized, including their fancy £200M+ yachts, but anyone found dealing with them is fair game.

There is a big difference being investigated by a Government run agency, where money is limitless, and I doubt if 777 Partners would risk it.

Money and influence, the very high rollers do tend to operate outside general business protocols when they can and most certainly do have influence in government of many countries regardless of persuasion.

They are not some high cabal running countries in the background as conspiracy theorists believe, but money talks. If you have enough of it, you can hire the best, pay off who you have to, and bury your interests in layers of trusts, tax havens and third-party ownerships.

Our Russian friend has both the money and influence to do so if he wanted to – goodness me, how difficult it is to find the controling loan sharks in the BVI? Hence why it's the relationships such wealthy people have that may well tell you more than a signed agreement.

Hence our owner's relationship with Usmanov, do you really think they don't talk? Even meet somewhere? They are close friends, Moshiri has undoubtedly done very well out of it.

But we are not privy to where they stand with respect to Everton. Or why Moshiri seems hell-bent on 777 Partners, especially when there are others supposedly in the wings. Especially so when you see and hear the poor way they do business and their current liquidity problems.

We don't know if Moshiri has been bankrolled for the purchase of the club, or why he is no longer bothered considering the investment already made..Unless of course it wasn't his money to lose and 777 Partners are just another vehicle that's being funded by an unknown front out of another tax haven.

We may never know, but what's more important is the integrity of any new owner, their ambition for the club they want and the means to achieve it.

1. What is the attraction of the 777 Partners deal for Moshiri – is it cash flow using other people's money?

2. Why haven't 777 Partners backed out of the deal – are they now in too deep to back out?

3. If they are the guardians of English football, why haven't the Premier League just vetoed this deal – are they dragging it out for some ulterior motive?

4. Who are the parties waiting in the wings, if any, waiting to make their move?

5. Is the Russian Oligarch still involved in some way?

I wouldn't rule out the last possibility. I am sure there are, and always have been, plenty of big deals done by word of mouth with consequences for anyone who goes back on their word.

This whole business just doesn't seem to stack up from the outside looking in. The sooner it is over and done with, the better it will be for us.

Robbie Fowler's was interesting but also a little bit sad, considering it was claimed he was getting taxed off a couple of different fraternities and there was also a very funny one about Wayne Rooney who claimed he was an electrician and sent his mate the speedbank to get the money for the brasses they had just got to one of their mate's flats.

The best story though was about the different groups trying to obtain the alleged video of Rooney in the brass-house on Aigburth Road. It was hilarious but with a very serious and sinister undercurrent and this now reminds me of the major mess Everton have suddenly found themselves in since Kenwright found himself a billionaire.

When these alleged American investors were allegedly flabbergasted in The Titanic hotel, a part of me blamed Bill Kenwright. How? This was difficult to understand so I gave him the benefit of the doubt because surely there is no way he could hold such influence over a man like Usmanov. But then I read what Mike wrote about MSP and it's clear they wouldn't have allowed Bill Kenwright near “our club” and neither would those flabbergasted Americans.

I don't doubt you did in your interesting post but as you said, it was just your opinion. I was, in asking the question, trying to get something a little more concrete.

It seems that speculation is all that is available at the moment. And plenty of it if the subsequent posts are indicative of what people 'think' is a likely answer.

I must admit my thoughts follow those sort of lines too but, as expected to a large degree, facts are going to be hard to come by, just for the moment at least.

My fear is that 777 Partners are bringing a different level of shadiness to what we have known before…

We consider the motives for Moshiri holding fast to 777 Partners. There are more than one, but if an entity offered a means by which money could be channelled back to Usmanov (because I think there is a very good chance this was indeed his money all along), then that would be a very powerful motive. It could certainly explain a few things.

Could a way be found to channel money back to Usmanov? It would be very naive to imagine otherwise. Not every jurisdiction has sanctioned Russia. I for one am a little unclear about Rights & Media Funding's role in this and why they vetoed MSP but not 777 Partners.

This also affects the prospects of R&MF getting their money back. There could be full meltdown here. I think it is far less likely, nigh on impossible that Usmanov is involved in funding 777 Partners. I can't see the motive. And that would be trickier to hide.

My hunch is the Premier League's letter is little more than an advanced defence against potential lawsuits for the massive delay in approving this deal. There could be a number of parties with a cause. I agree with Paul, it is bordering on meaningless in terms of the approval process so its issuing must have some other motive driving it.

What an unholy mess we are in, a plaything for the more powerful, like cats pawing a mouse.

I think I've mentioned before that the sale of luxury cars to the likes of Armenia has increased massively since the sanctions against Russia – and they're not staying in those countries.

When that decision will be made… who knows? Easter Bank Holiday is coming up and there are all the plans around celebrating the League winners and there's more Bank Holidays in May.

Where will they find the time?

Why didn't they issue the letter last year when 777 Partners lodged their application? See question 3 @ post 44 above.

What are we being offered here? Barely a foothold in a horribly corrupt league surrounded by shitbags. We aren't allowed to spend any money, and are fined and given multiple points deductions for building a stadium which meant to give us more of a sporting chance against sovereign wealth funds who have broken the rules a thousand times more than us and march on with impunity.

The only slight shaft of light in our season is when a young player distinguishes himself, whereupon he can be whisked away before he's barely arrived. If football started today, there's no way any of us would sign up for such a dreadful deal.

Oh, and the football's shite.

I just read a very worrying article by Josimar about the amount owed by them including a $1.4 billion loan from the Bank of Canada. As explained by Josimar:

"The Miami-based firm has come to increasingly rely on the largesse of backer Kenneth King to finance its operations over the past few years. It is estimated that King, via the companies he controls under the A-CAP banner, has provided 777 with at least a billion dollars worth of loans at interest rates as high as 15 percent."

Apparently 777's debt is round $3.6billion, that becomes ours doesn't it if they take us over? Add our debts of around a billion — we would possibly be the most in-debt club in the World… well, this is Everton after all.

The 3.6 billion dollar question — Josimar, 5 March 2024

No 777s debt doesn't transfer to us. Just as Kenwrights personal debt didn't transfer to us. Or anyone other company buying a club can't encumber that club with debt. So no. Everton are not liable for 777 debt.

However, if they can't pay their other debts, how are they going to finance us? Or if somehow there's equity in the club or stadium despite our massive debt, they could take out a loan by cashing in that equity and thereby encumber us with more debt.

Newcastle's owner took 18 months to complete the same process and it went through. I suggest everyone just waits and passes judgement when the dust settles. Until then, we can guess and read rumours.

What right do the Premier League have to determine that loans have to be repaid? Surely that is a matter of privity between 777 Partners and MSP?

"Can you shed any light on why Moshiri persisted with this 777 deal? There's no exclusivity. Why wouldn't you sound out any other offers?"

Who says there's no exclusivity? All I read about is an agreement between 777 Partners and Moshiri for the sale / purchase of the Club. That's what confers the exclusivity.

Peter #33, this answers your question also.

Wouldn't surprise me at all that Usmanov is not somewhere in the background.

Russian nationals and money are and is flowing in and out via the UAE with no sanctions or issues. Even if we could prove the UAE are a conduit do you think anyone in the West would say or do anything?

With these days of crypto currency Usmanov and Moshiri could be transferring, buying and spending anything they want whenever they want.

The Premier League want to keep harassing Everton until they have no points left.

Thank God for the Scots Voting to have a McDignitas in Drumchapel.

My home state South Carolina is involved in the action.