777 Partners could look to push through the sale of their interest in Belgian side Standard Liege after investment bank Moelis & Co. were hired to review the beleaguered firm's football assets.
According to Bloomberg, Advantage Capital Holdings LLC (A-Cap), one of 777's key lenders who reportedly underwrote much of the Miami company's acquistions as it built its stable of clubs under 777 Football Group, have appointed Moelis amid reports that they've been brought in to oversee the sales process for Standard.
Standard Liege, a struggling former giant of Belgian football, have been owned by 777 Partners since 2022 but have endured a slew of financial problems that have resulted in three temporary transfer bans and almost saw the club lose its license to participate in the Belgian Pro League over late payment of staff wages, transfer fees and monies due former owner Bruno Venanzi.
Earlier this month, a Belgian court seized 777's football assets in Belgium over the dispute with both Venanzi and the shareholders in Standard's stadium.
This latest development casts further doubt on 777 Partners' ability to meet the conditions set out by the Premier League for approval of their takeover of Everton, the Share Purchase Agreement for which expires next week.
The outcome of Moelis' review might also be the forced liquidation of all of 777's footballing assets as A-Cap seek to recover an estimates $2bn in funds loaned to Josh Wander and Steve Pasko's company and associated assets in recent years.
Reader Comments (13)
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2 Posted 23/05/2024 at 12:44:40
It's either to raise the money to buy Everton — or they're in trouble and selling assets to survive?
3 Posted 23/05/2024 at 15:51:19
I hope Moelis have insisted their fees are paid up front.
4 Posted 23/05/2024 at 19:32:54
...Farhad Moshiri has confirmed to the Everton Fan Advisory Board that he has received further approaches for the club as the takeover saga drags on.
5 Posted 23/05/2024 at 19:49:40
Where are they getting £1.1B to pay Moshiri £500M and £500M to settle all the debts plus £100M more to finish the stadium? No chance, clear off, chancers.
But we are a great buy for a cool £750M. Hair cuts all around, lenders, Moshiri too.
A £1.2B stadium, Premier League club, history, potential amazing fan base.
No-brainer for £750M; it will be worth £1.75B in 5 years… if we stay in the Premier League.
6 Posted 23/05/2024 at 19:50:41
Although they still say they can buy us if they get the funds together which, after all that's gone on over just the last few weeks, seems crazy.
How can the Premier League let people who are not paying their obligations at other clubs come and do the same here?
The league should just close their window of opportunity by declaring they are not fit to buy a Premier League club.
We can pay them back their £200m with 25p on every hotdog sold at the new stadium!!!
7 Posted 23/05/2024 at 20:32:03
What does it mean?
8 Posted 23/05/2024 at 20:39:50
Anyone who can get around the Premier League's fit and proper rules using a multi-club Ponzi scheme can achieve anything.
The sky's the limit – up the 7s!
9 Posted 23/05/2024 at 21:24:33
Specific to debt restructuring, a haircut is the reduction of outstanding interest payments or a portion of a bond payable that will not be repaid.
This condition may arise when a company considers restructuring its debt and negotiates new terms with existing bondholders.
10 Posted 24/05/2024 at 08:27:46
If Mr Trotter comes back to you and says he bought the T shirts but they got knicked before he could re-sell them, sorry, all he can re-pay you is £20, you might decide to accept the money on offer, take “the haircut†of £80 in order to at least get back some of your money, and reflect upon the capitalist system.
11 Posted 24/05/2024 at 10:17:02
12 Posted 24/05/2024 at 20:29:01
Hope it's an exciting date for us.
13 Posted 27/05/2024 at 18:07:57
Unlikely, I know, but stranger things have happened…
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1 Posted 23/05/2024 at 07:48:26