23/05/2024 43comments  |  Jump to last

The Everton Fan Advisory Board were able to meet virtually with the Club's majority shareholder earlier this week to discuss the ongoing uncertainty over 777 Partners' takeover bid.

The FAB, a body of elected and appointed representatives that acts as an interface between Everton supporters and the Club's Board of Directors, requested a meeting with Farhad Moshiri in February but have only now been able to speak with him.

In the meeting that also included members of the Club's senior management, the FAB reiterated the fans' concerns over the suitability of 777 as owners of Everton and got clarity on "other issues" concerning ownership of the Blues.

While full details of the discussion cannot be divulged for legal reasons due to the Share Purchase Agreement (SPA) in place between Moshiri and 777 Partners over the potential sale of his 94.1% stake to the Miami-based firm, Moshiri did reveal that "he has received unsolicited approaches from other parties, but that he could not engage with any of them while the SPA is in place."

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The SPA is set to expire on 31 May, at which point the FAB have requested a follow-up meeting with Moshiri who would then be free to engage with other potential suitors.


Reader Comments (43)

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Ted Roberts
1 Posted 23/05/2024 at 20:35:00
Just hope that this turns into something positive, you never know.
Paul Hewitt
2 Posted 23/05/2024 at 20:50:12
I don't believe a word Moshiri says.
Les Moorcroft
3 Posted 23/05/2024 at 21:47:13
Well a week to go. Then it should hit the fan, which ever way it goes. Buckle in the ride is about to leave. UTFT.
Kunal Desai
4 Posted 23/05/2024 at 21:52:25
Wouldn't trust him as far as I could throw him. He's a liar just like his good friend buried 6 feet under.
Jerome Shields
5 Posted 23/05/2024 at 22:59:21
The Fan Advisory Board is doing a good job trying to get Moshiri to communicate with fans. But Moshiri is treating them with contempt by taking so long to meet them.

The Club’s conduct at the meeting is equally contemptuous. When the FAB was set up by the Club that were to be party to board decisions and an Everton Officer they spoke to. When they spoke to Thelwell, he gave them details, but insisted on confidentiality, which FAB upheld. Jamie Carragher considered this a brush-off by the Club to the Fans that FAB represent.

At this current meeting, the FAB were not party to the details of the Share Purchase Agreement. I doubt the Club Officers are party to the SPA details either. FAB have the status in the Club, as they where setup, of being entitled to be given details under confidentiality terms.

The fact that this Share Purchase Agreement has been a fiasco and still is, gives credence to the belief that it is an absurd agreement, by two absurd parties, Moshiri and 777 Partners. It is a pure brush-off attempt by Moshiri at this meeting to give credence to his ridiculous agreement. Other interested parties must be wondering what Moshiri is talking about

I do miss Jazz Bal, who was more adept at exposing the Club and Moshiri for what they are. FAB was more effective with him as Chairman.

Moshiri is nothing but a Muppet and it shows.

Darryl Ritchie
6 Posted 24/05/2024 at 03:13:55
All the drama that is going to happen; all that has happened, is about Moshiri, and only Moshiri.

The fans are merely very, very interested spectators.

Whatever Everton becomes going forward is completely in the hands of our current owner. It's going to get a lot worse before it gets better.

Tony Abrahams
7 Posted 24/05/2024 at 08:22:05
Well we don’t know why we came here tonight - even though we know things just aren’t right - Clowns to the left - Jokers to the right - stuck in the middle with you.

Just hopefully not for long Farhad🤞

Thank you for having the vision to create a magnificent stadium on the waterfront, but anyone who was prepared to spend so much money on a football club, and leave Kenwright in charge, deserves all they get, imo.

Maybe this is why he his treating us with so much contempt?

Mark Taylor
8 Posted 24/05/2024 at 09:07:44
Why would you sign a sale agreement that prevents you from considering better options for 8 full months (and counting)?

The original 777 press release said the completion was expected Q4 2023. That being the expectation, for what reason would a vendor provide such an absurdly long extension?

Danny O’Neill
9 Posted 24/05/2024 at 09:25:19
When are positions up for nominations on the FAB?

In this election year, I'm wanting to put my hat in the ring.

Subject to a vote obviously.

I think Dave Kelly has done a good job. Especially in speaking out and communicating.

Brian Harrison
10 Posted 24/05/2024 at 09:39:36
The FAB have done a great job in trying to get answers from the owner on what is happening, the problem is he isn't really interested in communicating with them. I am sure Dave Kelly and the rest of the FAB are as frustrated as every fan is with the ongoing situation, Moshiri does agree to a zoom meeting but in reality gives no clarity on the situation. Danny don't know when the nominations for the FAB are due but I would certainly vote for you.
Peter Gorman
11 Posted 24/05/2024 at 10:02:45
Mark @8 - why, why, why indeed?

It helps to stop thinking of Moshiri as a real person and realise that he is just Usmanov's puppet. Either that or he is simply an imbecile, I'm still slightly on the fence.

It is almost impossible to know for certain what Usmanov is doing in the background to shift his assets around sanctions but I'm certain that the man at least knows how to do it.

I get the impression that we're just watching the pieces fall into place. Anything else would just be absurd.

Stu Darlington
12 Posted 24/05/2024 at 10:08:38
You’d get my vote Danny,if I had one!
Andrew Heffernan
13 Posted 24/05/2024 at 10:17:25
An SPA of a private company is likely to hold sensitive commercial terms - its not unusual for this to remain confidential other than to the named parties and their professional advisors; it being in the public domain would likely negatively impact any future bid; I appreciate people like conspiracy theories but this is standard practice - as is any completion date. I would imagine 777 didn't think the EPL would request the documents they have, but I'm not surprised given the perilous financial position the club are in - hopefully these chancers will fall away and more appropriate buyer are identified - who in all likelihood will flip the club in 3-5 years with a healthy return on their investment. This is all about real estate!
Stephen Davies
14 Posted 24/05/2024 at 10:54:10
Andy Bell has just announced this morning that he's sold £30m of shares in A J Bell.

This follows George Downing selling a (£200M?) property a few weeks ago.

John Textor reportedly selling his shares at Palace (he has considerable stakes in a number of clubs).

Expect more of such reports over next few weeks as we enter the 'home straight'.

Roger Helm
17 Posted 24/05/2024 at 11:26:02
It is frustrating for fans to be in the dark, but there is nothing we can do about it other than wait and hope. One would think that, with the big fanbase, the stadium and the development possibilities around the stadium, some investors would be interested.

I don't think it is worth me speculating on situations I know nothing about, or worrying about things I can do nothing to change.

John Wilson
18 Posted 24/05/2024 at 11:30:00
Lyndon, all Everton fans probably care about is Moshiri had "received unsolicited approaches from other parties," with probably nearly, if not all, all of our fans not wanting 777 Partners.

Would this FAB update of Moshiri admitting there are potentially several parties interested in buying Everton (approaches/ other parties) have been better represented in your article title as that rather than just a general FAB update?

Danny O’Neill
19 Posted 24/05/2024 at 11:42:12
All I care about is Everton and our supporters.

My sister told me to take a break from it.

She knows I won't.

I'll take my nephew to the pre-season games.

Dale Self
20 Posted 24/05/2024 at 12:57:30
Thanks for that Stephen! I’m believing.
Pat Kelly
21 Posted 24/05/2024 at 13:02:40
One day, this could all be ours…
Eric Myles
22 Posted 24/05/2024 at 13:17:08
Mark #8, it's called a Contract.

Two parties sign it and are bound by the Terms and Conditions – if they don't, they're in breach and subject to damages.

Jerome Shields
23 Posted 24/05/2024 at 13:52:10

You have my support.

Peter Gorman
24 Posted 24/05/2024 at 16:16:57
Eric, I think everyone knows what a contract is.

I understood Mark to be asking why did Moshiri agree to the terms and why is he extending it, since 777 have presumably not been able to fulfil their end for quite some time.

I'll take Andrew's point that it is all very common practice.

Jay Evans
25 Posted 24/05/2024 at 16:51:05
Two things:

Firstly - read Stephen's post at 14. This is happening folks. Finally.

Second - Danny, my vote is also yours.

Mike Gaynes
26 Posted 24/05/2024 at 17:00:54
Danny, do you need a PR guy for your election campaign?
Stephen Davies
27 Posted 24/05/2024 at 17:02:41

I've fleshed that information out on another thread. Interesting reading.

Textor also owns Olympique Lyons

Dave Cashen
28 Posted 24/05/2024 at 17:04:57
O'Neill In!!!
Neil Copeland
29 Posted 24/05/2024 at 17:39:15
Danny for PM!

Oh, hang on a moment, I mean FAB.

You get my vote, Danny, go for it.

Bill Gall
30 Posted 24/05/2024 at 17:45:20
I do not want another investor that has ownership in other football clubs, we need someone who will concentrate on Everton as a viable opportunity.

As far as Moshiri not supplying the FAB board any information, there must be some clause in the original agreement that provides information that can not be disclosed until the agreement is over.

There does seem to be more names coming out as possible buyers; let’s hope they are more genuine in their finances than these charlatans 777 Partners.

Jay Evans
31 Posted 24/05/2024 at 19:55:57
Stephen 27, even if the Palace dude isn't able to sell his shares, Mr Downing is clearly positioning himself.

Andy Bell hasn't had a hit for years.

Blue Savannah is getting a re-release.

Tony Abrahams
32 Posted 24/05/2024 at 20:21:43
FAB - Dan has got a nice ring to it, Danny Boy, but you better be good, or you'll have your arl mate Brian, all over you!!
Barry Hall
33 Posted 24/05/2024 at 21:39:42
My first thought when reading the headline “Sure he did. The 776 other investors of the pyramid.”

I'm sure consistently relying on their money to fund the club each month with loans comes at a cost if extending the exclusivity period.

Don Alexander
34 Posted 24/05/2024 at 22:16:58
Danny and I have had a natter or two in recent years.

He's a 100% nailed-on scouser (as am I in my own humble opinion!) so he gets my total support to lead the FAB......... and don't blush lad!

Rob Halligan
35 Posted 24/05/2024 at 23:10:28
That link that Stephen put up @14, about Textor selling his 45% stake in Palace is dated 11 January 2024.

So has he sold his shares yet??

Stephen Davies
36 Posted 24/05/2024 at 23:33:22
Not yet, Rob, but according to reports he's engaged investment banking firm Raine Group to seek a buyer for Eagle Football's shareholding in Palace.
Mark Taylor
37 Posted 25/05/2024 at 00:20:03
Peter @24,

Thanks you for answering Eric's question. This is not about what a contract is, it's what is in it and why.

If 777's press release in September 2023 quoted Q4 2023, that would not have been done without consulting Moshiri so why at that point, would you draw up a contract with a completion date 6 or more months after that?

I don't think that original contract said April or May 2024. Goalposts are moving. Who knows why?

Eric Myles
38 Posted 25/05/2024 at 05:31:57
Peter #24, the simple answer is 777 offered Moshiri the best deal and there was no way forward for either party except with a contract or exclusivity agreement. It's normal business practice as Andrew says.

Mark #37, the goalposts are moving because the Premier League haven't approved the takeover and Moshiri still expects to get his £60 to £130 million from 777 Partners that no other potential investor would give him.

Mark Taylor
39 Posted 25/05/2024 at 13:54:20

I appreciate that Moshiri decided that was the best deal at the time, although was not MSP's offer at least on paper, more valuable?

That was seemingly blocked by R&MF yet as far as we can tell, they continue to be open to 777's bid, which I would argue might be a lot more risk to their loan security.

I appreciate you might disagree and that this is just a normal sale agreement that is going wrong, but personally, I think there is a strong possibility there is more to it than that. There is a lot in this that doesn't seem very logical to me, not least, how could Moshiri know that no-one else will entertain an offer that would match 777 if he won't consider them?

As I say, I can't imagine the original agreement had a cut-off as late as April, given the PR release I quoted from. Maybe it did, but it seems to be to be highly restrictive for Moshiri if that is the case.

Peter Gorman
40 Posted 25/05/2024 at 15:24:13

I'm sure you're right that 777 Partners offered him the best deal at the start of negotiations but it has been becoming increasingly doubtful that they will be capable of getting the finances together, so why is Moshiri persisting with a failing bid is the burning question? None of us would accept this kind of thing if we put our homes on the market.

Is he a moron? Or is there something we are missing?

Brian Wilkinson
41 Posted 25/05/2024 at 23:47:41
I said a while back Moshiri and 777 Partners might have a clause in place where Moshiri cannot listen to other interested parties, or at least discuss them until the timescale with 777 has elapsed.

I think Moshiri putting a deadline of 31 May might well be when he will be able to then talk to other interested personnel.

Let's not forget 777 have been funding loans to Everton so they must have some binding agreement for first refusal, With 31 May being quoted, that must be the final extension for 777.

For those saying Moshiri is keeping us in the dark, he probably cannot say anything for the time being.

Things will become clear after the deadline, where Moshiri will be able to discuss it and about other interested parties

Let's see what happens after the cut off date.

Danny O’Neill
42 Posted 26/05/2024 at 06:23:32
Thanks to all for the kind comments. And to you, Don.

I may live away, but not as far as some. For me it's a 2-hour train journey, not crossing oceans.

The pull to the home city is irresistible. My sister and cousins are constantly on my back to get "home".

And then there is Everton. I admit, I'm a blue addict. I think I'm beyond cure, no matter what they put me through.

I'm sure many can relate. We may live anywhere, but there is only one home city. And only one club.

Derek Thomas
43 Posted 26/05/2024 at 08:27:38
Somebody pointed out that, in a shonky pyramid scheme, they end up owing you money.

Only Everton could end up owing a shonky pyramid scheme £200 million – thanks, Moshiri!

Tony Abrahams
44 Posted 26/05/2024 at 19:59:10
This Shonky pyramid scheme has allowed the ground to continue be built, though, Derek, and if you read about Wander and 777 (the Financial Times article explains a lot), I'm sure they would have found it easy to get inside Moshiri's head after Bill Kenwright had finished with him.

It sounds like the chancers at 777 Partners have been desperate to purchase Everton so who knows what they offered to try and get their measly thieving paws into our club?

Derek Taylor
45 Posted 26/05/2024 at 20:32:41
I still can't see how 'a sacred Evertonian' such as 'the late departed' could ever have climbed into bed with Moshiri and his 'owner' Usmanov!

Surely his advisers would have carried out 'due diligence' before he cashed the multi-million cheque? Or were they ever consulted?

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