"The good news for 777 Partners is that the Premier League is finally “minded to approve” their bid to purchase Everton. The bad news is the four conditions they need to meet to make it happen," write Paul Brown and Philippe Auclair for Josimar.
"So is this good news or bad for 777 Partners? At face value, it would appear to represent progress after months of waiting in which the group has been beset by financial problems on all sides. It is contesting a growing number of debt recovery lawsuits in multiple jurisdictions in the USA and UK. Its Bermuda-based reinsurer 777re, a major source of funding for acquisitions and subsidiaries, has been put into administrative control pending the results of a regulatory investigation.
And its biggest backer, A-CAP’s Kenneth King – who is under investigation himself by insurance regulators in the US – has announced publicly that he is exiting his relationship with that reinsurer. But dig a little deeper and you see that while this development concerning the Premier League would appear to open a window for 777 Partners to finally move forward with the purchase of Everton, it actually leaves them racing against time to meet a set of conditions so stringent that sources both inside and outside the company believe they cannot be satisfied."
» Read the full article at Josimar
Reader Comments (25)
Note: the following content is not moderated or vetted by the site owners at the time of submission. Comments are the responsibility of the poster. Disclaimer ()
2 Posted 23/03/2024 at 22:34:16
I've heard that the group I've been going on about for quite a while now have got all those bases covered but everything is hearsay until it truly happens and, until something does, then there doesn't seem to be much light in our Evertonian minds.
3 Posted 23/03/2024 at 22:39:43
I doubt there is not a hope in hell of doing what the Premier League have demanded in the timescale, given the situation 777 Partners find themselves in. As always, the maxim is, follow the money, and unless 777 find a way to say, rob a bank, their other (bad enough) commitments mean it's really doubtful the deal will go through.
Interestingly a couple of snippets in the article, a former player, Marouane Fellaini, loaned 777-owned Standard Liege €3m which is now falling due, and also that if 777 are unable to meet the league's condition for buying Everton, another US investor is waiting to pounce.
4 Posted 23/03/2024 at 23:10:43
“Josimar understands that a rival US bidder is waiting in the wings should they (777) be unable to complete a dealâ€.
More than a glimmer of hope?
5 Posted 23/03/2024 at 23:25:39
Tony Abrahams has said that there was someone waiting in the wings all along — just a matter of wait and see.
6 Posted 23/03/2024 at 23:44:31
I've followed Tony's comments for months and live in hope.
7 Posted 23/03/2024 at 23:51:07
And still, some continue to say, despite the plethora of evidence now to the contrary, that the new stadium that's forever going to be owned by others to the cost of the club's player-spend-ability and the pockets of us fans, is the way to trophy winning credibility.
Yeah right!!
8 Posted 24/03/2024 at 09:50:45
At the moment, just continuing to exist as a Premier League club will be an achievement! The trophies will take a little bit of time with a progressive youth policy surely a priority?
9 Posted 24/03/2024 at 10:44:58
Amen to that. As depressing as it is, we have waited 30 years or so since our last trophy win; three or four more isn't that long!
10 Posted 24/03/2024 at 10:52:42
We have more immediate pressing things to worry about that keep us awake at night whilst the so-called grown-ups debate.
Just get on with it.
11 Posted 24/03/2024 at 11:26:58
Don't forget to tell the kids because there was enough adults who fell into the Kenwright trap.
12 Posted 24/03/2024 at 11:39:44
Paul Joyce, Times journalist, says there are interested parties (note plural) waiting in the wings. They'll need deep pockets and good loan facilities too, to meet the demands. But that's an imponderable as we don't even know who they are. The insinuation that there are more than one interested group is a positive.
It's crazy everything is still up in the air after all this time. Surely it's time, right now, for 777 Partners to meet the conditions or walk away or alternatively Moshiri to pull the plug and talk to alternatives who can.
13 Posted 24/03/2024 at 11:52:41
I guess, whoever takes over, there will be a fire sale of players and, because of the financial mess we are in, the price that we get for the players will be a lot less than they are worth.
We have a stadium that still needs more funding to finish the job and, whoever takes over, they will either have to settle the outstanding loans to Rights & Media Funding and MSP unless they can negotiate a new deal with them.
Then, if 777 Partners don't get control, then we will also have to settle the £180m in loans they have pumped into the club so far.
I don't see there being many if any prospective buyers out there given the indebtedness the club is in. Even PIF who own Newcastle are finding being able to move that club forward with the constraints of the P&S rules very difficult. And despite the Newcastle fans criticism of Mike Ashley, they were in a much healthier position than we are when PIF took over their club.
14 Posted 24/03/2024 at 11:59:52
You need massive foundations to build on a dock and I think, more than anything else, laying some strong foundations has got to be the first requirement for whoever purchases Everton.
15 Posted 24/03/2024 at 12:13:58
We are at our best when we are ferociously united. No others compare.
Stay together blues because we will be at Bournemouth and at Stamford Bridge. And of course at Goodison Park. United in what we love.
Keep the spirit. I hope the players do.
16 Posted 24/03/2024 at 12:31:30
Sometime in the future, Lyndon and his mate might write another book and we may get to know the truth of what is happening in the background...
17 Posted 24/03/2024 at 12:31:59
1. Too many entities owned by 777 Partners are struggling financially.
2. Cash liquidity is the issue, robbing Peter to pay Paul means Peter is stuffed. They don't seem bothered about ruining a business, their own included.
3. Their backers have said enough. The pipe is dry, the bills are high, the time is short.
4. Their morality in business stinks.
5. A lack of money and a lack of time ensure failure.
The Premier League have asked for the simplest of things: divvy up or get out of the game. One wonders now if the league will believe their answers or will they just wait for the magic beans to grow?
18 Posted 24/03/2024 at 12:36:49
You'll find out in early April; all you need, Jerome, is faith and patience.
19 Posted 24/03/2024 at 12:47:47
I suppose professional footballers will have to get used to these rules and regulation implications since they have such effect on the pitch. With the government coming into the mix, it will become normal as part of the season. Relegation was always difficult to forecast; now, it is an absolute nightmare.
Have a good rest of the day.
20 Posted 24/03/2024 at 13:03:13
Yes, the football keeps us going and I think we will get normal service next season in the Premier League, the worries will lessen but won't go away as the climb back begins.
Enjoy the day, Jerome, with a derby win in the ladies match!
21 Posted 24/03/2024 at 13:06:03
I've mentioned on these pages how a young kid was trying to purchase Morecombe FC, Christine, and it seems as though the EFL just basically told the kid that, until “he could prove†that he was serious by providing what was needed, then he was never going to be really taken that seriously.
777 Partners have just basically been given that same treatment.
22 Posted 24/03/2024 at 13:17:41
Definitely strong headache tablets. I've got a load in stock, been taking them since you learned how to talk!
23 Posted 24/03/2024 at 14:06:35
If I started on tablets, I would end up an addict. It is remarkable the impact it is having on the fans that think their club may be a target.
The problem is that someone should have told Moshiri where to go. We should have known when he was hand-picked by Blue Bill. He obviously never had a clue, but did what Usmanov wanted to get his money in the first place. Never would happen to me.
24 Posted 25/03/2024 at 15:01:19
The club needs money pumping into it, not taking out or asset stripping. Once the assets and money has gone, there'd be no mechanism to plough sufficient back in for transfers etc. It's funding which wouldn't take long to dry up.
It is possible they see the opportunity to promote talent into a big shop window to sell for big money, but that's simply one possible outcome of many that can fail so easily.
Whilst the reports may be noise, there's so many reasons for wanting 777 Partners to fail. The worst part is the unknown should the takeover fail. Where would we go from there?
25 Posted 11/04/2024 at 08:20:04
£1.4 Billion for a Premier League Club and a new ground...it's a bargain, wrap it up, I'll take it with me.
Add Your Comments
In order to post a comment, you need to be logged in as a registered user of the site.
Or Sign up as a ToffeeWeb Member — it's free, takes just a few minutes and will allow you to post your comments on articles and Talking Points submissions across the site.
How to get rid of these ads and support TW


1 Posted 23/03/2024 at 21:26:35