10/04/2024 102comments  |  Jump to last

777 Partners are reportedly looking to extend the timeline for their proposed takeover of Everton by another six weeks in their attempts to meet the conditions set by the Premier League before their  buyout of Farhad Moshiri's 94.1% stake can be approved.

The Miami-based private equity firm were hoping to conclude the transaction this week but, if their request to delay is accepted by prospective lenders and the League, the takeover won't go through now until the end of the season.

The Premier League wrote to 777 Partners last month saying that they were "currently minded" to approve their bid to buy the Blues but placed a number of non-negotiable pre-requisites on the deal, including the placement of £60m in an escrow account, the conversion of the £160m they have lent Everton to equity once the deal is approved, and the repayment of monies owed by the Club to MSP Sports Capital and the prominent Merseyside businessmen Andy Bell and George Downing.

Sky Sports News report that sources in the City of London said on Wednesday that 777 had requested an extension to the 15 April deadline for the repayment of part of that £158m loan and that the firm have informed the various stakeholders involved that they now now expect the takeover to be completed in late May.

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The £50m owed to Downing and Bell is secured against the new stadium. MSP are owed in the region of £80m, with Moshiri himself said to have contributed around £20m to that loan. Should 777 fail to provide the funds for the repayment of that lone by Monday, MSP would be entitled to take a 51% controlling stake in the Club, although they are said, privately, to be reluctant to see that happen. 

According to Paul Joyce in The Times, in return for a delay to the timeline, 777 are prepared to provide additional funding for Everton's costs for day-to-day operations and further construction at Bramley-Moore Dock, which could end up being as much as £60m.

Today's news is being seen by some as evidence that 777 Partners are scrambling to raise the required funds, following renewed rumours that their access to major equity funding from A-CAP may be withdrawn.

It could also be a hedge by co-founders Josh Wander and Steve Pasko against the risk that Everton could yet be relegated from the Premier League following the levy of two different sanctions on the club this season in the form of the deduction of eight points.


Reader Comments (102)

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Paul Hewitt
1 Posted 10/04/2024 at 15:19:47
This is ridiculous. You either have the money or you don't.
Dennis Stevens
2 Posted 10/04/2024 at 15:23:47
I can categorically state that I do not have the money, Paul.
Jay Harris
3 Posted 10/04/2024 at 15:32:02
I believe Usmanov has not been sanctioned in the USA?
James Flynn
4 Posted 10/04/2024 at 15:34:04
They want to wait and see if Everton goes down?

Lewis Barclay
5 Posted 10/04/2024 at 15:50:53
“I'll tell you what's wrong with it, my lad. 'it's dead, that's what's wrong with it!”

“No, no, it’'s uh,...it's resting.”

“Look, my lad, I know a dead deal when I see one, and I'm looking at one right now.”

Eddie Dunn
6 Posted 10/04/2024 at 16:03:20
James @4, exactly.
Stephen Davies
7 Posted 10/04/2024 at 16:08:54
Mark Kleinman

Exclusive: 777 Partners, the investor seeking to take control of Everton Football Club, has pushed back its target date for buying the Toffees to the end of next month and requested an extension to the repayment of a £160m loan related to its new stadium.
Eric Myles
8 Posted 10/04/2024 at 16:11:04
777 Partners don't owe MSP any money — EFC or Moshiri does.

Why are the Premier League forcing 777 Partners to pay Everton's owner's debt?

Approve them as owners and then they are responsible for the debt, don't put the cart before the horse.

Robert Williams
9 Posted 10/04/2024 at 16:13:18
LB 5 - With a name like yours I know I can bank on your answer!
Neil Lawson
10 Posted 10/04/2024 at 16:14:56
Or put another way:

"The investor is waiting to see if we are relegated before it finally fails to achieve the takeover that has been dead in the water for several months."

The lengths Wander and his mates will go to in order to get a seat in the Directors Box and a pie and a pint at half time. I gather that Marine are now on their radar – especially as the pies are so tasty and the beer cheap.

Bill Gall
11 Posted 10/04/2024 at 16:22:18
Jay @#3

12 April 2023

The US Department of the Treasury Office of Foreign Assets Control ( OFAC ) is further curbing Russia's access to the international financial system through facilitators and their businesses. The United States, in coordination with the United Kingdom, is targeting the facilitation network of Alisher Usmanov.

Peter Gorman
12 Posted 10/04/2024 at 17:05:16
At this stage, it could only get worse for Everton if 777 Partners fail and Hamas are lined up as the next buyer.
Tony Abrahams
13 Posted 10/04/2024 at 17:07:42
Some people are saying that they are waiting to see if we are relegated?

What happens if they take over Everton, and then we find out that they are still struggling to find money, like they are struggling now?

If Paul the Esk is correct, the ball has now firmly moved into MSP's court, so let's see what happens next because this has already dragged on for a lot longer than should be allowed, imo.

Stephen Davies
14 Posted 10/04/2024 at 17:08:09
Neil #10.

Yep... absolutely correct – and I don't think they have the Money

Michael Kenrick
15 Posted 10/04/2024 at 17:12:59
Eric @8,

I think technically you're right, it is not 777 Partners debt. But the Premier League made settlement of the debt one of its four conditions when they were minded to put forward conditional approval of the takeover.

I haven't followed Paul Quinn's articles on this theme too closely but I sensed he considered this a deliberate hurdle that 777 Partners cannot get over and it will therefore end their quest for ownership of the club.

However, I'm less impatient to have inside knowledge of things ahead of time – especially when it turns out to be wrong, and can wait and see, as ever, what actually transpires.

Iain Crawford
16 Posted 10/04/2024 at 17:13:46
Not surprising considering they've had seven months to meet the financial conditions.

I can't see MSP activating their clause either, or any movement from any bidder until our Premier League status is determined. Why would they, unless Moshiri dramatically drops his asking price?

Rob Jones
17 Posted 10/04/2024 at 17:25:18
Just pay up or fuck off, you utter charlatans.
Tony Abrahams
18 Posted 10/04/2024 at 17:40:32
777 Partners have been in the driving seat for months but it looks like they are driving with red diesel and, if there is one thing Everton don't need, then it's another firm of cowboys owning our club.

I'm just praying that what Paul the Esk wrote about MSP needing to be repaid by 15 April is true and I'm hoping that the group I've been talking about are talking to MSP because, if 777 Partners are already asking for an extension to pay one loan, then I expect they will move aside quite willingly for a small profit?

I have heard that relegation wouldn't put off these other Americans, and they have already got a deal in place that would reduce the cost of the sale if this happens.

Waiting is killing me but not because I want to be proved right, more because I am worried sick in case a group that are still waiting for more time after eight months of trying to prove that they have got the funds eventually succeed in purchasing Everton.

Les Moorcroft
19 Posted 10/04/2024 at 17:55:02
I hope you're right, Tony.
Paul Hewitt
20 Posted 10/04/2024 at 18:04:00
According to the Echo, MSP won't extend the time period to pay back the loan.

Looks like MSP are waiting till Monday when the loan needs paying. And probably looking to take over the club.

John Raftery
21 Posted 10/04/2024 at 18:25:29
So the club remains in a state of limbo. If 777 Partners can't repay MSP by Monday, how will they meet the other conditions set out by the Premier League; produce proof of funding for the rest of the stadium build and fund the bond they are required to leave with the Premier League to cover the club's costs until the end of the season?

We wait with bated breath to see if MSP exercise their option of converting the £158m loan into 50.1% shares…

Andy Meighan
22 Posted 10/04/2024 at 18:26:36
Will any good news ever come out of this club?

I've supported them for nigh on 60 years and I have never known as much doom and gloom to surround us. What an absolute mess.

Kenwright's legacy, this. I could cry, I honestly could.

Alan Corken
23 Posted 10/04/2024 at 18:30:28
Well, there's a fuckin surprise!
Jerome Shields
24 Posted 10/04/2024 at 18:39:35
Tony #13,

That, as you state, is exactly the situation according to Paul the Esk. Moshiri loses majority control.

The agreement is with Moshiri, not 777 Partners. The loan agreement could be collateralised by shares to the value of the loan, depending on the agreement.

James Newcombe
25 Posted 10/04/2024 at 18:40:30
If only Bill sold up to that man from the bedsit that one time, things might have turned out differently.
Ken Perrett
26 Posted 10/04/2024 at 19:33:35
If they can't find the money by the date required to pass the Owner's and Director's Test (and we all learnt from experience they haven't any money of their own anyway), then MSP (or whoever else has viable purchase and future plans) should be invited to the front door and let security deal with 777 Partners out the back door and let them Wander away.

All fingers and toes crossed this bunch of charlatans gets their just deserts. It's all madness!!!

Bobby Mallon
27 Posted 10/04/2024 at 19:58:47
How can someone who does not own the stadium take out a loan against it?

If they don't get to take over, then what?

Mark Ryan
28 Posted 10/04/2024 at 20:04:16
I've been listening to Paul Gregg talking about how Kenwright fucked up the Kings Dock deal. It makes you want to strangle the man.

Tony A @ 18 they are in the driving seat but they are using red diesel ha ha class 😆

Clive Rogers
29 Posted 10/04/2024 at 20:46:32

Kenwright turned down a fantastic free stadium deal just because it didn't suit him for some unknown reason.

He threw away the future of this club.

Ray Roche
30 Posted 10/04/2024 at 21:05:21
Clive, I thought that the reason was because Gregg wanted to put concerts etc on at Kings Dock and consequently pocket the revenue but Kenwright, the impresario, wanted to do the same and blocked Gregg who then withdrew.

Hence Kenwright, without a pot to piss in, had to let the deal drop. I'm happy to be corrected if that's not the case.

Mark Ryan
31 Posted 10/04/2024 at 21:14:25
Gregg was chatting to Toffee TV about his book and said Kenwright essentially wanted control and needed his fix at Goodison Park every matchday.

He loved being the Boss on matchdays and would not give that up. Like Sunday worship for him but he was playing God.

Sam Hoare
32 Posted 10/04/2024 at 21:18:05
So it’s possible (but maybe not likely) that MSP could not extend and convert their loan into 51% ownership next week for £158m.

That would represent a pretty good deal for them potentially and consequently would see Moshiri losing out a fair bit, right?

Really hope this is sorted one way or another soon as the lack of clarity is painful for the fans and surely detrimental to the club’s prospects.

Pat Kelly
33 Posted 10/04/2024 at 21:33:27
This is putting ‘Succession’ in the ha’penny place
Martin Farrington
35 Posted 10/04/2024 at 21:40:10
Well this isn't a suprise. Putin's russian gangster pal, his useless puppet accountant, their now dead empresario nee fraudster conspirator trying to offload their failed crooked asset to a similarly bent as a nine bob note set of chancer hedge funders.
The biggest worry is that they havent got money now. How the hell are they gonna run Everton ?
Do they think that the golden carrot (tv revenue) will make them richer beyond their wildest dreams whilst keeping a plethora of greedy arse players and their agents in their fairytale existence ???
Clive Rogers
36 Posted 10/04/2024 at 21:49:12
Ray, 30, have a look at this article on TW:

Paul Gregg laments failure of 'flagship' Kings Dock stadium.

Jerome Shields
37 Posted 10/04/2024 at 22:20:29

What just occurred to be me is that by naming the payment of the MSP Capital loan on the 15th April as part of their stringent conditions for takeover approval., the Premier League are verifying the right of MSP Capital to satisfy the loan.They would be aware of the terms of the loan agreement and have therefore approved them.777 Partners have to provide the monies to Moshiri to satisfy this loan , which would convert to equity on the takeover completion. Moshiri without their payment ,would have to paid the loan to satisfy the terms of the loan himself.

It is very much up to MSP Capital and the Premier League.

Bill Gall
38 Posted 10/04/2024 at 22:36:49
Didn't the agreement on the Kings Dock failure contribute to it. Other people may now more but what I read was Everton would only have 49% and the consortium would have 51% and Everton would not receive anything from sporting Shows like Wrestling, Boxing or big Entertainment Concert,s like the Stones..
Jerome Shields
39 Posted 10/04/2024 at 22:41:22

That effectively puts Usmanov and his money out of the picture.It is a great relief that is now the case, because up to now it wasn't.The timing could not be more perfect.

Mal van Schaick
40 Posted 10/04/2024 at 22:54:38
Will somebody call 999 and see if they are interested in buying our club, because we’ve had no luck with 777 at the moment.
Anthony Flack
41 Posted 10/04/2024 at 23:20:30
If MSP so wrest control by calling in the debt and converting to equity, I assume they have to repay 777.

Apologies if I am miles behind the curve, but is this not an ok outcome?

Laurie Hartley
42 Posted 10/04/2024 at 23:24:34
Tony # 18 - that is a very interesting post especially this bit - “and they have already got a deal in place that would reduce the cost of the sale if this happens.”

Presumably such a deal could only be with either MSP or Moshiri. Either way, it looks like MSP and the unknown American group you refer to have played a blinder.

Jerome Shields
43 Posted 10/04/2024 at 23:31:50
Anthony #41,

The MSP Capital loan is an agreement with Moshiri. They were before 777 Partners involvement.

Lyndon Lloyd
44 Posted 10/04/2024 at 23:38:55

777 Partners would join the queue of creditors and they would be toward the back, behind the likes of Rights & Media Funding and Metro Bank.

It doesn't sound like MSP Sports Capital are overly keen on the clause that would hand them 51% of the club being triggered as soon as Monday. They would still prefer the 777 takeover go through and they get repaid.

For whoever does get control, one of their first orders of business will be to restructure the outstanding debt to allow us enough room to operate without incurring yet more.

At this point, it would probably be in the interests of any would-be buyer (aside from 777 Partners who have a deal in place with Moshiri with contingencies if we're relegated) to see this drag on for a bit longer, at least until it's clear whether we're staying up or not.

Jay Harris
45 Posted 11/04/2024 at 00:02:38
Bill #11.

Thanks for that.

Thats one theory shut down.

Anthony Day
47 Posted 10/04/2024 at 00:18:00
777 are just leveraged bandits – they bring nothing to the table. I expect Moshiri picked them as they would pay who, how and when he nominated without fuss – always a sign of an unreliable buyer.

They agree to anything as they want to buy with nothing but borrowed money and promises. No serious seller would take them seriously!

Do you reckon Levy would sell Spurs to such an outfit? They would not even get a meeting with him after a 10-second Google search.

Make no mistake, Everton are on the brink financially – we owe hundreds of millions and have huge liabilities which the Sky money, our only real income, just does not cover.

We need a real custodian – with a billion quid of cash (they control) in their back pocket who can clear the debts, finish the stadium, hire top execs to run the club, and then provide a 5-year squad investment budget which comes with the caveat of the return to some form of European football within 3 seasons.

I am not sure they exist though – one trophy since 1987 does not set the pulses racing.

The bullshit “People's Club” moniker was just a ruse to hide commercial and financial malfeasance, small mindedness and neglect. We have been surpassed by clubs like Brighton and Brentford in terms of how football clubs should be run in 2024.

What we actually have is asset stripping vultures looking to pick the bones of our (once great) carcass and strip whatever cash they can in the short term. End this farce.

I expect us to stay up by the skin of our teeth again but the fundamental rot at the heart of the club will finish us off if radical change is not forthcoming before next season.

The love for Everton is DNA deep – you just cannot explain it to people; however, my anger is boiling over as to what has been done, and continues to be done, to all of us who are Blue.

Ben King
48 Posted 11/04/2024 at 00:33:37
Anthony #47,

Spot on.

Mark Taylor
49 Posted 11/04/2024 at 01:19:50

That was a very interesting read.

What struck me is this is another illustration of the extent to which this club is non-viable as it currently stands. The stadium and its costs are a neck-breaking millstone. There has to be more than just Moshiri taking a bath to make it work.

And given he loses literally everything by ceding control, I don't see why he would lose from administration which might at least give him a little bit (to give back to the Uzbeki).

Quite why MSP, R&MF and 777 Partners got themselves into this debacle escapes me. The investments of all are at very serious risk, as they wave metaphorical guns at each others' heads. I still think there is a genuine risk we won't see out the season.

Bill Gall
50 Posted 11/04/2024 at 02:04:35
To become owner of Everton, don't you have to be the major shareholder with 51% of the shares?

As Moshiri owns through Blue Heaven Holdings 94.1% of the shares, is he selling all of his shares or just enough for 777 Partners to become majority shareholders of 51%?

Alan J Thompson
51 Posted 11/04/2024 at 04:21:30
It all comes across as though we have an owner who doesn't seem to know how to run the club but now can't seem to sell it properly either. It looks like he could be selling to somebody who will pay him off and the club's debts by borrowing more money.

I suppose the bright side is that they might see some way out of this mess by improving the playing side or is the other way just to be in for the far-reaching long run that makes Kenwright's run look like a long wea, sorry, weekend.

How much would the new stadium be worth complete?

Paul Hewitt
52 Posted 11/04/2024 at 06:20:43
I'd say we are around a week away from going into administration.

777 Partners want us, but can't afford us. MSP ain't interested in buying the club, they just want the new stadium.

And as for Moshiri, well he doesn't want anything to do with us now. I really do fear if there will still be a club going to go into the new stadium when it's finished.

John Wignall
54 Posted 11/04/2024 at 06:36:25
Gets worse every day, the Everton nightmare. Let's try and get this season out of the way…

My, what a mess the owners and the board have left us – another Post Office scandal!

Danny O’Neill
55 Posted 11/04/2024 at 06:39:04
Interesting reading the posts.

I scratched the surface. The Glazers used loans to purchase Man Utd and put the debt on the club. Even our cousins' owners did likewise. I believe Abramovic, despite his obvious investment, put Chelsea in debt initially, before they broke clean.

I'm sure those more studied can come up with more detail, but it seems common practice in modern football. Owners don't tend to bankroll. They invest and seems they do it through business partnerships and loans. A mortgage.

A bit like all of us buying a house and paying a mortgage, which is a loan that we have to pay back.

Colin Glassar
56 Posted 11/04/2024 at 06:57:27
If they don't have the money, tell them to piss off and move on.

This is just embarrassing.

John Keating
57 Posted 11/04/2024 at 07:04:28

I think you'll find the World's Greatest Evertonian did a "Glazer" before the Glazers!

James Hughes
58 Posted 11/04/2024 at 07:32:05
London Lions won the European Basketball Cup last night, the first British team to do this, but will not be able to defend the title.

777 Partners, who own the club, have stated that they will be 'adopting a new strategy' for the club. Which reads to me like they can't afford to travel to Europe.

Pete Neilson
59 Posted 11/04/2024 at 07:34:18
I don't follow basketball but a friend of mine has kids that do. Pointed me to news last night that London Lions, owned by 777 Partners, won a European trophy. Great news. But 777 is now scaling back operations of the club and not competing in Europe next year. Not so great.

Confirmed in this article:


Colin Glassar
60 Posted 11/04/2024 at 07:48:37
This deal is dead in the water. 777 Partners are just prolonging the agony.

Despite my disdain for the Premier League, even they can't bring themselves to authorise the complete obliteration of Everton Football Club.

Jonathan Oppenheimer
61 Posted 11/04/2024 at 07:49:47
What a complete and utter disaster. I tend towards optimism, but holy shit, we're in such a mess.

The Twitter thread that Stephen (46) posted is a helpful read, and shows a narrow path forward, but if we were to be relegated — which we won't be — we'd have a helluva time staying afloat.

It's already a sign of the depth of the rot that MSP may very well wouldn't want a controlling stake in one of the biggest clubs in the most lucrative sports league in history for £158 million, because we're mired in such debt and such a poor business operation/proposition.

It seems things really do rest now with either a new bidder, or a partner with MSP to help fund operating costs and completion of the stadium and debt servicing. Even if we survive the season and 777 Partners find more money in the cushions of their shady, grimy, cocaine-dusted couch, it's hard to see how things end well with them.

We have every reason to be livid towards the Premier League, but requiring this deal with 777 Partners to have such strict conditions may be our saving grace — assuming there is one.

Jerome Shields
62 Posted 11/04/2024 at 07:57:58
Anthony #47,

That's the situation in a nutshell. Looks like it will be a negotiation between creditors, resulting in an outcome.

Everton are overtrading as it is needing increased borrowing to keep trading. A classic early sign of overtrading is the' Big Project'. A 'Big Project' is undertaken with the aim ultimately to provide cashflow to trade out of financial difficulty.

Roger Helm
63 Posted 11/04/2024 at 08:34:10
You only have to look at their photographs to know that they are wrong ‘uns.
Bobby Mallon
64 Posted 11/04/2024 at 08:53:35
Who the fuck are Rights & Media Funding?

This whole thing is a shit show. I said on another thread that those two biggest Evertonians from MSP can fuck right off if all they are after is to buy the stadium and rent it to us.

Buy the lot or nothing at all and let us have some stability.

777 Partners are not what we need to run our great club. How the fuck can that lot get a top buyer but we get fucking the Provident man makes me so angry…

Paul Hewitt
65 Posted 11/04/2024 at 08:55:16
Just a quick question to everyone saying 777 Partners would be bad owners.

Who else would have pumped £200 million into the club to keep it going, and carry on building the stadium?

Because Moshiri wouldn't. And I don't see a queue of people lining up.

Steve Dowdeswell
66 Posted 11/04/2024 at 09:12:39
So we have:

1. An owner who is currently pretty much refusing or unable to spend money on the club. Why are the Premier League not reminding him of his requirements to the club as owner?

2. A group who wants to buy the club but seems to be struggling to meet the strangely strict (in comparison to any other takeover) conditions imposed on them by the Premier League who are 'minded' to allow the takeover. Once again seems one rule for us and one rule for other clubs to string this out and make it as difficult as possible…

9 points for going into administration, anyone? Can you blame 777 for dragging their heels now and thinking "Fuck me, this club is a shit show and let's just see if they manage the miracle and stay up."

3. Another group of supposed massive Evertonians who are entitled to a 51% share but say they are not too keen but would like to buy the stadium and lease it to the highest bidder. Seems a bit like Kenwright V2.0 if you ask me.

Just sick and tired of this season and the shambles we have become so suddenly – yes you could see it happening over the Moshri / Kenwright partnership years but doesn't it seem to have just played out at speed this season?

We have to stay up, have to get the stadium completed (in our name) and have to start looking elsewhere for an owner (there's more than a couple of rich Sheikhs out there who are apparently fit and proper).

Tony Abrahams
67 Posted 11/04/2024 at 09:26:09
Come on, Paul, Bill Kenwright could never find a buyer for Everton that didn't suit his own personal needs, just like Usmanov must have decided to go with 777 Partners because, for whatever reason, they suited his own personal needs a lot more than they suited Everton Football Club's needs.

I am very intrigued about these Americans because it was said they were absolutely flabbergasted when 777 Partners were chosen instead of them and, if they do eventually purchase Everton, I do wonder what will come out in the wash.

My worry is that most people like to sleep easy and I don't think anyone who has played the perfect game against one of Putin's friends would be sleeping easy for long, although it's a long time since I had a good sleep myself because of Everton!

Duncan McDine
68 Posted 11/04/2024 at 09:41:40
Agree Tony, no-one selling a company or football club give two shiny shites about the future of that organisation. They are just interested in getting the best deal to suit themselves.

I feel your pain. Perhaps Z-Cars should be replaced by Insomnia by Faithless.

Bobby Mallon
69 Posted 11/04/2024 at 09:48:12
Paul Hewitt, they have borrowed £200 million andloaded us with massive debt, for fuck's sake!
Mark Taylor
70 Posted 11/04/2024 at 09:48:57
Alan @51,

That is a very pertinent question given our current plight. One thing we can be absolutely certain of, is that it's not worth the build cost of c £800bn, otherwise we would not be having these problems.

Someone posted that Deloitte had estimated we could increase stadium revenues to £55m. Given it is currently not even £20m, that seems incredibly optimistic to me. A 35% increase in capacity giving a near 300% increase in revenue? That's an awful lot of hospitality to sell.

It's possible the £55m includes revenue from non-football use but even so. I've not seen data for the market in events and conferences for the type of facilities we would offer but I'd be astonished if it provided tens of millions per annum, given we are not exactly the only people offering such facilities. I haven't actually found this Deloitte analysis so can't vouch for its veracity.

My punt would be around £200-300m as a stand alone investment. Even that would rely on a presumption of a lower interest environment. It would also need an anchor Premier League tenant to be viable which would require any investor to have a very tolerant view of the third party risk regarding the performance of this anchor talent. Make your own judgement of that risk given our Premier League position over recent years. It's why it seems 'brave' to own the stadium but not the club.

Maybe this is a bit like Canary Wharf. An ambitious idea that always had the potential to work but not on the framework originally implemented. It took bankruptcy and multiple haircuts all round to make the numbers add up.

Jonathan Tasker
73 Posted 11/04/2024 at 10:05:29
Even from the grave, Kenwright is doing his best to kill off Everton.

The 777 Partners takeover won't happen and I continue to have serious doubts that Everton will ever move into the new stadium at Bramley-Moore Dock.

This is all on Kenwright.

Geoff Lambert
74 Posted 11/04/2024 at 10:09:42
Went to see a Clairvoyant last night, a voice told him the money was ringfenced and the cheque was in the post.
Tony Abrahams
75 Posted 11/04/2024 at 10:11:20
If Bill Kenwright is dead, I think they need to exhume his body considering the people he has been in bed with Jonathan, but because he had a private burial, I’m not sure if this would be possible without knowing if he was buried or cremated.
Sean Mitchell
76 Posted 11/04/2024 at 10:16:45
Another wonderful day being a blue.

Brian Harrison
77 Posted 11/04/2024 at 10:49:36
Watching the BBC news last night and they showed the London Lions ladies basketball team winning the European cup, being the first British side to win it.

But apparently their American owners won't fund them to defend their title next year and their owners are 777 Partners. Says it all really.

Andy Wheeler
78 Posted 11/04/2024 at 11:31:29
Just dragging their feet so they can see what division we will be in next season.

If we go down, they will either walk away or renegotiate with Moshiri.

Jamie Crowley
79 Posted 11/04/2024 at 13:33:27
Good Lord what a fucking joke.

The shysters don't have the money? Shocking! [sarcasm]

Tony back at 13 and 18 has this nailed. Hopefully a controlling share passes to MSP and they take over the club. It's honestly our only hope. 777 Partners will run us straight into the ground.

If they extend 777's terms past this deadline, this thing officially turns into an absolute farce. Deadlines are placed for a reason. 777 can't raise the funds for a reason. 777 can't meet the Premier League criteria for ownership for a reason.

Please, Premier League, don't be lenient and change your deadline. Hold fast and fuck these snake-oil salesmen right off into the ether, never to be seen again.

Paul Hewitt
80 Posted 11/04/2024 at 13:54:42
These snake-oil salesmen are the only reason we still have a club.
Charles Ward
82 Posted 11/04/2024 at 13:57:01
Jamie the problem the Premier League have is, if they approve them and it all goes tits up, they may have liability; equally, if they reject them now, 777 could come back at a later date and maintain the Premier League frustrated their acquisition of the club.

Kenwright is the arch villain but there is a wide range of supporting villains who have got us to this state.

Jamie Crowley
83 Posted 11/04/2024 at 14:09:12
Charles -

Play poker / chess.

if they reject them now 777 could come back at a later date and maintain the Premier League frustrated their acquisition of the club.

If this group, which is currently seeing the demise of just about every one of their other holdings, is rejected, with what money would they prove the Premier League frustrated their acquisition? They're damn near broke and inter-borrowing from Daryl to pay his inbred cousin Daryl.

Additionally, the Premier League is a private league and organization. Any lawsuit forwarded by 777 would be almost immediately dismissed, as the Premier League was simply enforcing their ownership rules within their league.

What legal standing does 777 have?

I'd roll the dice on that angle if I were the Premier League, as I see no way 777 could ever mount, never mind win, a legal challenge claiming they were wronged in a takeover attempt.

John Bourne
84 Posted 11/04/2024 at 14:29:12
It begs the question, why is Moshiri so hell-bent on selling to 777?

The proposed deal is a slow-motion car crash.

One thing I am certain of, nothing good will come of this.

Peter Moores would turn in his grave.

Les Moorcroft
85 Posted 11/04/2024 at 15:07:56
Can anyone confirm they have had an extension to repay the loan?
Ed Prytherch
86 Posted 11/04/2024 at 15:09:55
777 partners sources of funds are being squeezed. Regulators in South Carolina and Utah are demanding that insurance companies operating in their states pull thier investments out of 777. Here is the story in the Financial Times. My added interest is that I live in South Carolina.

Regulators in the US states of Utah and South Carolina are moving to force five insurers to cut their exposure to the Miami investment firm 777 Partners, according to an official memo seen by the Financial Times. Their demands are intended to protect retirees, widows and orphans relying on annuities and other products from the insurers.

They mark the latest fallout from a dealmaking spree in which 777 has bought sports teams around the world and come as it is bidding for English Premier League football club Everton.

The five insurers and reinsurers belong to the A-Cap group, and together held $11.5bn of assets at year end. Of this, $2.9bn was invested in entities related to 777, according to a notice to all state insurance regulators on Thursday.

Annuities such as those offered by A-Cap's insurers are typically backed by low-risk investments in liquid securities, to provide a safe match for their long-term promises and because policyholders are often able to redeem funds, subject to penalties.

South Carolina rules limit investments in a single issuer to 3 per cent of assets, and in Utah the cap is 10 per cent. According to figures in the regulatory memo, A-Cap investments in 777-related entities were $1.8bn over the threshold at the end of 2023.

Regulators in those states were working together to issue “supervision orders”, the memo said, under which they can direct an insurer to remedy rule violations. A-Cap can appeal against any such orders and challenge the calculations underpinning them.

A person close to A-Cap said partners had already been found to take on its 777 exposure, which it said the memo “grossly overstated”, and it expected a rapid resolution of the process.

A-Cap owns five insurers: Sentinel Security Life, Haymarket Insurance and Jazz Reinsurance in Utah, as well as Atlantic Coast Life Insurance and Southern Atlantic Re in South Carolina. All five were in violation of limits on single-issuer exposure, the memo said.

The potential for forced sales of investments comes as 777 is under heightened scrutiny and faces multiple lawsuits from creditors. A-Cap said its businesses adhered to “the highest standards of operational and financial responsibility”, that it worked “closely and cooperatively” with regulators and took “every necessary and appropriate action to comply” when issues were identified.

“In recent weeks, we have been actively executing a plan to reduce the concentration we have with a particular counterparty — despite the fact that it constitutes a small portion of our total assets under management and far less than has been reported by some. We expect to complete that process imminently, ensuring we remain in compliance with all relevant regulatory guidelines,” it said.

The notice to regulators comes five weeks after A-Cap's chief executive, Kenneth King, announced plans to raise up to $400mn of new capital following a credit rating downgrade by AM Best. The rating agency also downgraded the Bermudian reinsurer 777 Re because of fears about the quality and diversity of investments which A-Cap and other insurers had “ceded” to 777 Re to manage.

Initially, 777 Partners made its money in esoteric corners of finance such as structured settlements. Its bid to buy Everton, the nine-time English champions, from British-Iranian Farhad Moshiri has pulled it into the spotlight, drawing scrutiny from local politicians, journalists, insurance analysts and regulators.

The Premier League, which last year strengthened the tests it carries out on club owners and directors, has been assessing 777 since September. A person familiar with the league's process said 777 must meet “strict conditions” ahead of any approval.

In a letter published on Friday, Everton's chief executive Colin Chong wrote that the process had “taken longer than any of us anticipated” but was “approaching the final stages”.

It is unclear how 777 will fund a takeover of Everton if approved, although the firm has provided at least £150mn of loans to the club since September.

In accounts for the year to June 2023 published on Sunday, Everton reported a net loss of £89mn and said its net debt had increased to £330mn from £141mn a year earlier.

Moshiri has been battling to keep funding Everton's new stadium since the pandemic battered the club's finances and Russia's war on Ukraine forced him to cut sponsorship deals with companies associated with former business partner, Uzbekistan-born Russian oligarch Alisher Usmanov.

Everton's accounts warned of a “material uncertainty that may cast significant doubt about the group's ability to continue as a going concern” but said the board was “confident that funding will be secured or refinanced”.

A-Cap entities directly funded some of 777's sports investments, including providing what appears to be $60mn in short-term working capital finance to Nutmeg Acquisition, an entity involved in 777's football deals.

Haymarket also lent $91mn to Jarm Capital, a Delaware company then owned by Josh Wander, co-founder of 777, according to a person familiar with the situation. Wander declined to comment.

777 said A-Cap was one of a number of lenders to the firm and its portfolio companies, and it remained “confident in its ability to fund both the [Everton] transaction and the Club's three-year business plan”.

The Utah regulator declined to comment. South Carolina's regulator did not respond to requests for comment.

Regulators around the world are putting increasing scrutiny on a shift in the investment strategies of life insurers to target more privately traded, illiquid assets, and in reinsurance structures that shift significant risks to offshore firms.

Charles Ward
87 Posted 11/04/2024 at 15:11:13
John 84 - I'm sure you meant Sir John Moores who ran a well organised and successful football club.

Peter Moores, who is still alive, was CEO at LFC who also ran a successful football club!

Anthony Hawkins
88 Posted 11/04/2024 at 16:18:47
I wouldn't see rejection or non-support of a take over as a legal issue. If the entity doesn't meet the required nature to evidence their ability for a takeover, isn't that sufficiently black and white?

If someone wanted to buy a £5m mansion and put an offer in, but didn't have the collateral, it wouldn't go through. It's the same here, surely? I couldn't take it to court to say my application was unfairly dismissed because I couldn't prove my financial position. Is that too simplistic?

Mark Taylor
89 Posted 11/04/2024 at 16:44:01
Jamie @79,

While I'm not a lawyer, where 777 Partners might have a case is the implausibly long time it took the Premier League to come up with their recent letter, which frankly could have been sent within a few weeks of Moshiri accepting the bid.

That might be pertinent if we slide into administration and/or 777 Partners don't get all their money back.

I wouldn't entirely rule out legal actions, and not just from 777 Partners.

Benjamin Dyke
90 Posted 11/04/2024 at 16:53:12
Speaking of finances, I think the huge scandal is how much money we're paying to a bunch of clowns who have nearly got us relegated 3 years in a row, both the players and the myriad of coaches.

Cut the wage bill, Everton! It's a joke!

Anthony Dove
91 Posted 11/04/2024 at 17:29:20
Whilst many think the Premier League are only interested in putting the boot in, I think we might all be grateful if they stop the 777 takeover.
Clive Rogers
92 Posted 11/04/2024 at 17:57:55
Charles, 87, wasn’t it Peter Moore, without the s?
John Bourne
93 Posted 11/04/2024 at 18:32:30
Charles # 87,

It was indeed Sir John Moores I was referring to – a Freudian slip on my part, compounded by advancing years!

Many thanks for your intervention. :)

Clive Rogers
94 Posted 11/04/2024 at 18:37:21
If 777 Partners need more time so that they can raise the funds by borrowing, they are not the buyers we want.
Paul Smith
95 Posted 11/04/2024 at 19:36:36
Paul Quinn aka The Esk has just written that insolvency is the most likely outcome. He's never been a "glass half-full" type of guy but he knows his shit.
Ken Kneale
96 Posted 11/04/2024 at 20:25:08
Mr John indeed must be most restless ,John B.

He ran the club with an iron grip, insisting that his money was well spent, repaid (albeit interest-free) and the club in the most part was self-funding.

Compare that to the last 30 years which beggars belief in business and football terms. We are at the low point of the history of Everton FC.

Sean Kelly
97 Posted 11/04/2024 at 20:37:44
Tony A, maybe our former leader isn't brown bread and is waiting in the shower to do a Bobby Ewing and save us from extinction with a £1 offer… or am I still dreaming.
Tony Abrahams
98 Posted 11/04/2024 at 20:46:23
I know I sound like a lunatic having such thoughts, Sean, but the boy who cried wolf had a great effect on me as a child and I've always hated liars, even before I first heard that story.
Mike Gaynes
99 Posted 11/04/2024 at 20:48:13
Ed #86, great find on that article. (I didn't know you were in South Carolina... thought you were around St Louis.)

Jamie #83 and Mark #89, you're right about the emptiness of the lawsuit threat against the Premier League, but I believe for the wrong reasons.

777 Partners would definitely have both standing and a legal argument to make, and they could hire representation on a contingency basis with no need for a cash layout.

What they do not have is a case for damages. Any lost loan funds would be a Moshiri case, not one to make against the Premier League, and of course the idea of any lost future profits from owning Everton is laughably hypothetical.

Brian Cleveland
100 Posted 12/04/2024 at 00:52:37
So how would MSP become owners even if the agreement says so?

Wouldn't they also have to go through the same owners test, even if they were interested?

Ian Wilkins
101 Posted 12/04/2024 at 07:54:59
The flight path, bumpy as it is, needs to find a route to:
- fulfil the current season fixtures and stay in the PL
-necessary player trading before 30 June to avoid next year PSR sanctions
- secure further loans to stay solvent through June 30, then sort ownership through Summer. Worst case administration in Summer and start next season with 9 point deduction ( hopefully it doesn’t come to that). It sounds like MSP have a key say now, hopefully they will be good King makers.
- scrap this further 1 point stadium loan interest hearing, to be heard post season. This will cause acrimony, legal posturing all round, helps nobody’s cause.
Short term, the extension of time, the finding a way past 30 June, probably suits all parties. If we enter BMD still in the PL, with credible sustainable ownership then it will be a bloody miracle.
Dave Roberts
102 Posted 12/04/2024 at 12:38:03
I'll tell you what, I wish the fucking Guardian would give us a break. Almost every day there's a new 'revelation'. Today it's one of the club's creditors having 'connections' to a tax exile.

Fuck me, most press owners are tax exiles themselves these days albeit not the Guardian. It's taking on the sniff of a bloody vendetta.

It might be more newsworthy to expend the same kind of hack energy to investigating what Man City, Chelsea and Newcastle have been up to, for fuck's sake.

Stephen Davies
103 Posted 12/04/2024 at 13:14:59
Dave. it's no good burying heads in the sand... this isn't going away, The Guardian never got us into this mess.

Here's an opinion of an Accountant from another Board on the situation:

Both Deloitte and BDO resigned. Their decision not ours. Not planned auditor rotation. Each new auditor less prestigious than the last. This is a pattern you see only with businesses that are either dodgy/borderline criminal or in serious financial trouble (or both). It means if our accounting treatment goes to a proper expert panel and experts from the Big 4 say our minnow got it wrong it is very unlikely the minnow wins the argument. IF.

As I've mentioned on here before (although a Financial Dunce!) it's my understanding that it's quite a big red flag when auditors look at your books and decide that they aren't willing to put their name/reputation to them so they walk away...

I'm not sure of the correct analogy, but a Simpsons reference usually works, so it does feel that our current auditors are very much in the Lionel Hutz/Dr Nick Riviera bracket...

Christopher Timmins
104 Posted 12/04/2024 at 13:25:34
Stephen, as a former Auditor, I would not take on an assignment where the Big 4 had walked away from it.

No level of fee could compensate for the potential downside if something went wrong.

Ian Bennett
105 Posted 12/04/2024 at 13:49:29
Stephen, it really depends on why the auditors have walked away.

The big 4 have stepped away from a huge number of small assignments. The audit fee for Deloitte in 2016 was just £61k.

The big 4 post Carillian PLC have exited from a number of clients as they just make enough money from them. They are a huge amount of risk for the big 4, and so it's no surprise that they're concentrating on big clients and non-audit services which are more lucrative.

I know they've jacked up audit rates which has caused issues in the regional offices, where regional clients can't justify the fee.

I know for a fact a couple of big 4 would not do an audit for less than £150k, which is typically twice the mid-tier for a similar assignment.

Easy to speculate, but likely to be a lot easier answer.

Brent Stephens
106 Posted 12/04/2024 at 14:08:39
Dave #102,

f there's the possibility of new issues, with possible further negative consequences for us, then I want to know about them, not bury my head in the sand. (I think Everton did that and look where it got us.)

I might dismiss any new reports as not important once I've read them but I'd rather have the chance to decide that.

Anthony Hawkins
107 Posted 12/04/2024 at 14:16:32
Moshiri, whether he likes it or not, has a responsibility to fund the club as a going concern or to apply for administration. Currently he's doing neither.

777 Partners are ploughing money into the club and apparently looking to settle existing debts when they actually owe the club nothing and could feasibly just walk away.

The whole existing scenario is just odd from all sides. A silent owner, funding from a non-accountable source, zero outcome on ownership buy-out and no active decision on continued going concern.

The club are waiting on the outcome of the change in ownership to make any formal decision yet 777 Partners appear within inches of going under themselves, which ironically, they see owning Everton would resolve.

There is still the plausible outcome that 777 Partners buy the club and place the club into administration.

James Flynn
108 Posted 13/04/2024 at 00:07:09
Ian (105) - Thank you.

Everton was only one of several clients Deloitte and BDO walked away from for the reasons you said.

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