Topic: Everton - The 777 Unflushables

[rafathegaffa83]

Utterly unsustainable

And while the fans wait, the club’s day-to-day operations have been funded by more and more debt.

This reflects a marked change from how the club and its owner viewed its finances just 18 months ago, when Moshiri’s aides would confidently send out tables of all the Premier League teams’ debts. In them, Everton’s then net debt of £58.2m in the 2020-21 financial year meant 12 rival clubs had higher levels of borrowing.

That comparison looks less flattering now, however. Everton’s 2023 annual report states that net debt stood at £330.6m, leaving the club lagging only Spurs, Manchester United and Brighton by that measure to June 2023, according to analysis of accounts by the football finance expert Kieran Maguire. Meanwhile, total debts have grown since and the club is now thought to owe almost £550m to third-party creditors

The largest lender to Everton is Rights and Media Funding (RMF), a Cheshire-based company with zero employees that borrows its funds from opaque offshore companies in order to lend to football clubs. Everton owes RMF about £225m and is understood to be paying interest rates of 10.25%, meaning hundreds of thousands of pounds are flowing out of the club each week.

RMF has secured its loan by having rights to property around Goodison Park. It also has clauses in its agreement that are understood to have allowed it to veto a proposed takeover by the US sports investment group MSP Capital last year.
https://www.theguardian.com/football/2024/apr/17/everton-on-the-brink-questions-over-clubs-finances-are-more-urgent-than-ever

[RedSince86]

Wow, what a clusterfuck of a club.

Just to think our new main stand built and zoomed in from a live game on TV at Goodison set them into action to send them to this cusp of oblivion they see themselves at today.

An American lady who chose Everton as her club in 2021 was bemoaning the fact on X last night that she was being insulted by Blues, i'm guessing they were calling her a Wool etc.



https://twitter.com/balovesfooty/status/1780268391753769114

[Koplass]

She thinks Jordan Pickford is sexy?? 

[4pool]

Ahhh, the good old days...

[Son of Spion]

Wow, what a clusterfuck of a club.

Just to think our new main stand built and zoomed in from a live game on TV at Goodison set them into action to send them to this cusp of oblivion they see themselves at today...

Ifithadnerbinferbeingabletoseetheredshitesnewstandthroughthegapinthebullensandparkend. 

[Son of Spion]

She thinks Jordan Pickford is sexy?? 

She's certainly on a roll when it comes to questionable judgement.

I mean imagine living thousands of miles away, deciding to pick a club to support ... then picking that shower of shite. 

It's clear her judgement is terrible, so her also thinking T.Rex is sexy fits in well.

[FiSh77]

What's the current plan for the site when they (if it happens) vacate Goodison?

Feel like a hotel would do well there and might bring in jobs for the area, but I don;t know how popular that might be.

A booooooootique hotel?

[boots]

Wouldnt want to live in houses built on the site of Goodison. There'll be poltergoosts of dixie dean booing in the night. Flying babies and all the cups would disappear from the cup'ds.

[FiSh77]

Wouldnt want to live in houses built on the site of Goodison. There'll be poltergoosts of dixie dean booing in the night. Flying babies and all the cups would disappear from the cup'ds.

Don't forget the ghost of the cuckoo going off every hour

[FlashingBlade]

It's clear her judgement is terrible, so her also thinking T.Rex is sexy fits in well.

Tbf Marc Bolan did have something about him.

[ScouserAtHeart]

She thinks Jordan Pickford is sexy?? 

has to be a troll, dead giveaway

[Fromola]

A lot of this is because they had to have their vanity project on the docks.

Let's build a stadium we can't afford first off in the hope the council will pay for it  (after years of trying to latch into a groundshare), but then Ando got done with his hands in the till. Then bank of Uzi will pay for it and he got sanctioned. Problem was they'd already started the build at that point and they just found the finance from whatever pay day loan shark they could find to build their vanity project.

[ScouserAtHeart]

Just to think our new main stand built and zoomed in from a live game on TV at Goodison set them into action to send them to this cusp of oblivion they see themselves at today.

It'd be hilarious if FC Big Stand's Big Stand led to the dissolution of Everton

[12C]

She thinks Jordan Pickford is sexy?? 

The “lifers” are giving her grief.
They will be those “born and chosen”

[Crosby Nick]

Tbf Marc Bolan did have something about him.

I Love to Boo Gueye.

[gerrardisgod]

It’s about time Pickford saved something.

[[new username under construction]]

I Love to Boo Gueye.

Well done sir 

[FlashingBlade]

I Love to Boo Gueye.

Debtora

Telegram Big Sam

[newterp]

Without 777's loans they'd have gone into administration by now and probably been relegated. However, 777 are being chased for money in the courts, in the US and UK.

From the FT "US insurance group A-Cap, a lender to 777, late last month said it would attempt to raise $400mn in fresh capital and take back control of assets ceded to 777 Re because of credit rating downgrades. Separately, a lawsuit filed in New York last week sought to prevent the transfer of 777 Partners’ assets to a co-founder to protect creditors’ interests, calling the firm a “house of cards”. 777 declined to comment on the court case."

"The American firm is being pursued for $28.5m (£22.4m) in the UK High Court over alleged unpaid aircraft leasing fees. "

"The proposed takeover of Everton has moved into added time after the bidder 777 Partners was granted a last-minute extension to repay a £160m loan."

"MSP, Bell and Downing hold security over the new stadium ­development at Bramley-Moore Dock, as well as a charge over just over half of Moshiri’s 94% stake in the club, according to corporate documents filed in the Isle of Man. They could have chosen to have taken control of Everton themselves on Monday, but instead have granted 777 more time to repay the debt."

"The club have had to borrow hundreds of millions of pounds over the past two years to fund their operations, with debts to third-party lenders now thought to total about £550m."

"Everton have paid about £30m in interest charges to an opaque lender associated with the tax exile Michael Tabor, according to corporate records. The charges appear to have reached about £438,000 a week, according to the troubled club’s most recent set of accounts"

They're an absolute shambles financially, if they get relegated they could genuinely be liquidated. I wouldn't be surprised if at the very least they head into administration by the end of the season. You'd expect a buyer to come in, if they defaulted on the loan - don't think they'd actually be liquidated. 

hot damn

[FiSh77]

Zip Gun Boooooooooooooooooogie

[vblfc]

Do we think these need to be competing with Sir Jimmy Taxdodge for the non-existent  “Wembley of the North” money?
Would be good craic.

[Eeyore]

A lot of this is because they had to have their vanity project on the docks.

Let's build a stadium we can't afford first off in the hope the council will pay for it  (after years of trying to latch into a groundshare), but then Ando got done with his hands in the till. Then bank of Uzi will pay for it and he got sanctioned. Problem was they'd already started the build at that point and they just found the finance from whatever pay day loan shark they could find to build their vanity project.

Then just to top it off the cost of refurbishing Goodison gets slashed.




Now that will just get to smell Autumn Brown.

[only6times]

Remember the blues joy at topping the iTunes chart?

[A Red Abroad]

Then just to top it off the cost of refurbishing Goodison gets slashed.




Now that will just get to smell Autumn Brown.

 

[lfc_col]

I presume they like this fan though he chats as much rubbish as there local fans

https://twitter.com/BlueAce1878/status/1779183451389800825

[Black Bull Nova]

I presume they like this fan though he chats as much rubbish as there local fans

https://twitter.com/BlueAce1878/status/1779183451389800825

I love that Rhyl accent

[Black Bull Nova]

So, if they are borrowing to stay afloat they are making even more losses again this season (unless they sell their squad by the end of June)

[4pool]

Everton are like the guy who puts plates on top of poles and gets them spinning. 2-3-4...8-9-10....14-15 etc.

Eventually he gets to the point where he can't keep them spinning and they crash.

Everton with lender after lender, interest payment after interest payment, refinancing loans,  going to a loan shark ( 777 ) to buy them and every asset in hock as collateral including a new stadium not yet finished. Along with no increased income.

It's about to all come crashing down.

[12C]

hot damn

£2m a month outgoing on interest fees.
Borrowing £20m a month to keep the lights on from 777

Best way to make money from a football club is to lend it money.
777 will strip the corpse of Everton if they take over.

It will be like the scene in Scrooge where the undertaker and the housekeeper and the cook all turn up at the Ragman with what’s left of Scrooges belongings. (Alastair Sim Version)
Instead of a silver watch it will be a cuckoo clock

[12C]

Zip Gun Boooooooooooooooooogie

Zip tie boogie.

[DonkeyWan]

I presume they like this fan though he chats as much rubbish as there local fans

https://twitter.com/BlueAce1878/status/1779183451389800825

"There's one rule for us and one rule for the rest" says fan of team currently in trouble for breaking the one set of rules that apply to everyone, that they themselves helped create

[Peabee]

£2m a month outgoing on interest fees.
Borrowing £20m a month to keep the lights on from 777

Best way to make money from a football club is to lend it money.
777 will strip the corpse of Everton if they take over.

It will be like the scene in Scrooge where the undertaker and the housekeeper and the cook all turn up at the Ragman with what’s left of Scrooges belongings. (Alastair Sim Version)
Instead of a silver watch it will be a cuckoo clock

I hope 777 lose all that money they loaned if Everton go under. Then when they're in hold of the new stadium, I hope the reformed Everton turn down leasing BMD and decide to play at Goodison, leaving 777 with a stadium no-one will use. Then the council buy it pennies in the pound and lease it to Everton.

[TepidT2O]

£2m a month outgoing on interest fees.
Borrowing £20m a month to keep the lights on from 777

Best way to make money from a football club is to lend it money.
777 will strip the corpse of Everton if they take over.

It will be like the scene in Scrooge where the undertaker and the housekeeper and the cook all turn up at the Ragman with what’s left of Scrooges belongings. (Alastair Sim Version)
Instead of a silver watch it will be a cuckoo clock

£2m in interest  JUST to rights and media. Much more to 777, and MSP etc

[cornishscouser92]

£2m in interest  JUST to rights and media. Much more to 777, and MSP etc

The deferment of the loan reported in the media on Tuesday will have come with a big fee too no doubt.

[KJR71]

I love that Rhyl accent

Bollocks...Rhyl is never that sunny.

[TepidT2O]

Bollocks...Rhyl is never that sunny.

Rhyl, the least sunny place ever to have a sun centre

[Peabee]

Rhyl, the least sunny place ever to have a sun centre

Europe's first ever indoor surfing pool.

[TheShanklyGates]

https://www.bbc.co.uk/sport/football/68835735

The Esk is getting quoted on the BBC now

[Black Bull Nova]

What would be wrong is if Everton are allowed to push administration into next season by building up the debt even more and then have the penalties applied next season when there is a chance they may avoid relegation as a result. 10 points more this season would finish them, there is no guarantee it would next year.


If I were Forest, Luton (or Burnley) I would be hopping mad and I assume Burnley are mad enough already.


What about the legal action? Leeds, Leicester, Burnley?  Are they just waiting?

[WhereAngelsPlay]

https://www.bbc.co.uk/sport/football/68835735

The Esk is getting quoted on the BBC now

Own up you c*nts, which one of you is this 

Whistlin_Dixie
15:57

Done by the outbreak of WWI

Same by WWII

Then by someone else's fight - also in Belgium

And now by Ukraine.