Topic: Everton - The 777 Unflushables

[JRed]

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

Everton FC - The real victims of the Roman invasion of Britain.

[Crosby Nick]

Everton FC - The real victims of the Roman invasion of Britain.

I come to boo Caesar, not to praise him.

[DonkeyWan]

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?

I think you are underestimating administration a bit here. I have seen a few Everton fans saying similar, go into administration, take the ten points hit, stay up, problem solved.

Firstly, ownership and decision-making about all aspects of the club (bar playing and training) will be made by regulators. They will pay off as best they can using the assets available players, clubs, PFA then lenders. Only the only things Everton currently own are plasyers, Goodison and the incomplete BMD. The players were over-priced when bought and no one goes to a fire sale looking to spend big money. Whoever gets BMD will need to borrow £150m to finish it. Whoever gets Goodison will get a crumbling stadium no longer fit for purpose. The value of either will be greratly diminished unless some sort of deal can be reached with owners and a new club formed to take advantage of that. There is absolutely no guarantee 'New Everton' will be allowed into the PL. In fact, the threat of liquidation is very, very real.

Other clubs that have entered administration have had much lower debts and more assets to sell. Southampton went into administration owing £24m and posting a loss of £5m. That was 15 years ago, they had Bale and Walcott to sell and still went bust. Everton have Onana and Branthwaite. They also have debts totalling £550m. They are currently borrowing to pay the interest on those debts. I think lots of Everton fans think 'Make the end of season, stay up and survive' but the debts won't stop accumulating just because the season ends. The crisis will continue.

So, either they find a sugar daddy in the next couple of months, 777 find money to buy them, or they go bust.

[FlashingBlade]

I come to boo Caesar, not to praise him.

Et tu, Booooo-te?

[Terry de Niro]

I come to boo Caesar, not to praise him.

I came, I saw, I booed.

[boots]

Boodyche will hope for a better result than that at Birmingham's old Watling Street ground.

[cornishscouser92]

Everton v Forest - El cheatico?

[owens_2k]

Would I be correct in saying Moshiri gave 777 some sort of purchase exclusivity? The only way I can see Everton coming out of this mess in any decent state is if someone reputable comes in and makes an offer for the club which includes clearing all the debt. Similar to NESV (Now FSG) when we were taken over.

[CraigDS]

Would I be correct in saying Moshiri gave 777 some sort of purchase exclusivity? The only way I can see Everton coming out of this mess in any decent state is if someone reputable comes in and makes an offer for the club which includes clearing all the debt. Similar to NESV (Now FSG) when we were taken over.

That's not going to happen because no one reputable would even consider paying that sort of price for them plus have to foot the bill for the rest of the new stadium construction.

[McrRed]

I think you are underestimating administration a bit here. I have seen a few Everton fans saying similar, go into administration, take the ten points hit, stay up, problem solved.

Firstly, ownership and decision-making about all aspects of the club (bar playing and training) will be made by regulators. They will pay off as best they can using the assets available players, clubs, PFA then lenders. Only the only things Everton currently own are plasyers, Goodison and the incomplete BMD. The players were over-priced when bought and no one goes to a fire sale looking to spend big money. Whoever gets BMD will need to borrow £150m to finish it. Whoever gets Goodison will get a crumbling stadium no longer fit for purpose. The value of either will be greratly diminished unless some sort of deal can be reached with owners and a new club formed to take advantage of that. There is absolutely no guarantee 'New Everton' will be allowed into the PL. In fact, the threat of liquidation is very, very real.

Other clubs that have entered administration have had much lower debts and more assets to sell. Southampton went into administration owing £24m and posting a loss of £5m. That was 15 years ago, they had Bale and Walcott to sell and still went bust. Everton have Onana and Branthwaite. They also have debts totalling £550m. They are currently borrowing to pay the interest on those debts. I think lots of Everton fans think 'Make the end of season, stay up and survive' but the debts won't stop accumulating just because the season ends. The crisis will continue.

So, either they find a sugar daddy in the next couple of months, 777 find money to buy them, or they go bust.

That's a great summary, Mr Wan, thank you

[cornishscouser92]

Would I be correct in saying Moshiri gave 777 some sort of purchase exclusivity? The only way I can see Everton coming out of this mess in any decent state is if someone reputable comes in and makes an offer for the club which includes clearing all the debt. Similar to NESV (Now FSG) when we were taken over.

They've had an offer accepted however they've not met the conditions from the premier league, which is why the takeover hasn't gone through

These include:

Repaying the loans owed to MSP and two local businessmen
Convert £180m of 777's loans to Everton into equity
Inject £60m for day-to-day operational costs to complete the season
Fund about £100m for the completion of the club's new stadium

Any new party wanting to take over would need to do the owners' and directors' test again, provide a minimum of 12 weeks in operating costs - at about £30m a month - and provide funding to construction company Laing O'Rourke for the new stadium.

[cornishscouser92]

I think you are underestimating administration a bit here. I have seen a few Everton fans saying similar, go into administration, take the ten points hit, stay up, problem solved.

Firstly, ownership and decision-making about all aspects of the club (bar playing and training) will be made by regulators. They will pay off as best they can using the assets available players, clubs, PFA then lenders. Only the only things Everton currently own are plasyers, Goodison and the incomplete BMD. The players were over-priced when bought and no one goes to a fire sale looking to spend big money. Whoever gets BMD will need to borrow £150m to finish it. Whoever gets Goodison will get a crumbling stadium no longer fit for purpose. The value of either will be greratly diminished unless some sort of deal can be reached with owners and a new club formed to take advantage of that. There is absolutely no guarantee 'New Everton' will be allowed into the PL. In fact, the threat of liquidation is very, very real.

Other clubs that have entered administration have had much lower debts and more assets to sell. Southampton went into administration owing £24m and posting a loss of £5m. That was 15 years ago, they had Bale and Walcott to sell and still went bust. Everton have Onana and Branthwaite. They also have debts totalling £550m. They are currently borrowing to pay the interest on those debts. I think lots of Everton fans think 'Make the end of season, stay up and survive' but the debts won't stop accumulating just because the season ends. The crisis will continue.

So, either they find a sugar daddy in the next couple of months, 777 find money to buy them, or they go bust.

PL revenue is in a different ball park to 15 years ago though. They'd have to refinance the debt unless they got taken over by some oligarch, or Moshiri takes no money from the sale, the price of the club is the debt and Moshiri then takes the hit financially but has no further liabilities to the debt. If they go down then Liquidation becomes a near certainty unless they're taken over by the Saudi's etc.

They're most definitely up shit creek without a paddle - however.

[12C]

I come to boo Caesar, not to praise him.

Boodicca fought the Romans, that why they call her nickname Boo

[Kekule]

Everton FC - The real victims of the Roman invasion of Britain.

Before them, in 2000BC it was the bloody beaker folk, wasn’t it? Bloody beaker folk coming over here and fucking up Everton’s chances of winning the League with their bloody beakers.

Before them, in 4500BC, it was the Neolithic people, wasn’t it? Bloody Neolithic people….

[4pool]

PL revenue is in a different ball park to 15 years ago though. They'd have to refinance the debt unless they got taken over by some oligarch, or Moshiri takes no money from the sale, the price of the club is the debt and Moshiri then takes the hit financially but has no further liabilities to the debt. If they go down then Liquidation becomes a near certainty unless they're taken over by the Saudi's etc.

They're most definitely up shit creek without a paddle - however.

Estimated Premier League prize money and broadcasting revenue for 2022/23:

Manchester City – $210 million
Arsenal – $208 million
Manchester United – $205 million
Newcastle United – $202 million
Liverpool – $200 million
Brighton – $197 million
Aston Villa – $194 million
Tottenham Hotspur – $191 million
Brentford – $189 million
Fulham – $186 million
Crystal Palace – $183 million
Chelsea – $180 million
Wolves – $178 million
West Ham – $175 million
Bournemouth – $172 million
Nottingham Forest – $170 million
Everton – $167 million
Leicester – $164 million
Leeds – $161 million
Southampton $159 million

[DonkeyWan]

PL revenue is in a different ball park to 15 years ago though. They'd have to refinance the debt unless they got taken over by some oligarch, or Moshiri takes no money from the sale, the price of the club is the debt and Moshiri then takes the hit financially but has no further liabilities to the debt. If they go down then Liquidation becomes a near certainty unless they're taken over by the Saudi's etc.

They're most definitely up shit creek without a paddle - however.

True, but player's wages are also in a different ballpark. So Everton are much more exposed than, say, Saints were, because relegationm basically means annihilation. When 80% of income depends on broadcasting and 90% of your revenue goes on wages, no one will want to buy a team hovering above the relegation spots.

[Black Bull Nova]

Estimated Premier League prize money and broadcasting revenue for 2022/23:

Manchester City – $210 million
Arsenal – $208 million
Manchester United – $205 million
Newcastle United – $202 million
Liverpool – $200 million
Brighton – $197 million
Aston Villa – $194 million
Tottenham Hotspur – $191 million
Brentford – $189 million
Fulham – $186 million
Crystal Palace – $183 million
Chelsea – $180 million
Wolves – $178 million
West Ham – $175 million
Bournemouth – $172 million
Nottingham Forest – $170 million
Everton – $167 million
Leicester – $164 million
Leeds – $161 million
Southampton $159 million

$ ? or £

[Banquo's Ghost]

Before them, in 2000BC it was the bloody beaker folk, wasn’t it? Bloody beaker folk coming over here and fucking up Everton’s chances of winning the League with their bloody beakers.

Before them, in 4500BC, it was the Neolithic people, wasn’t it? Bloody Neolithic people….

#ifithadntbinfertheinventionofbronze

What I don’t understand is what value the incomplete BMD stadium has. If there’s no football team to play in it - or at best a severely diminished championship or lower team - what other activity could make it a worthwhile asset?

[rossipersempre]

Before them, in 2000BC it was the bloody beaker folk, wasn’t it? Bloody beaker folk coming over here and fucking up Everton’s chances of winning the League with their bloody beakers.

Before them, in 4500BC, it was the Neolithic people, wasn’t it? Bloody Neolithic people….

#ifithadntbinfertheinventionofbronze

[Black Bull Nova]

#ifithadntbinfertheinventionofbronze

What I don’t understand is what value the incomplete BMD stadium has. If there’s no football team to play in it - or at best a severely diminished championship or lower team - what other activity could make it a worthwhile asset?

It could be used as a back up tank for the waste treatment plant next door, we do know that it capable of holding 52,888 barrels of bitter and is ideal for the recycling of shite

[4pool]

$ ? or £

$

The figures were from a US website.

[thaddeus]

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

What bizarre behaviour.  Everyone knew they were pissing money away year after year but because it was "soft loans" to Moshiri then all was fine.

Everton burning through Moshiri's money (/Usmanov's money) whilst achieving absolutely nothing on the pitch and wrecking their reputation off it is quite funny.  It's annoying that so much money is being leeched by scumbags so hopefully all these payday-style lenders lose a fortune as well.  I guess administration would be the only way that could happen but even then it sounds like Moshiri has let these loan sharks get their claws into anything and everything that Everton own.

[12C]

What bizarre behaviour.  Everyone knew they were pissing money away year after year but because it was "soft loans" to Moshiri then all was fine.

Everton burning through Moshiri's money (/Usmanov's money) whilst achieving absolutely nothing on the pitch and wrecking their reputation off it is quite funny.  It's annoying that so much money is being leeched by scumbags so hopefully all these payday-style lenders lose a fortune as well.  I guess administration would be the only way that could happen but even then it sounds like Moshiri has let these loan sharks get their claws into anything and everything that Everton own.

I still chuckle about that blue I met who was slagging Koemann off for not spending Moshi’s million pound war chest the summer before the Red Christmas tree. He was going on about how Moshiri had cleared the debt out of his own pocket and had thrown a £100m into a war chest for players.
He went very quiet when I showed him a guardian article from the time which outlined the fact that they were still borrowing against their future TV money income despite Moshi putting all that money in.
That was early in Red Ron’s tenure.
He thought that all Ron had to do was spend the money on some players and success would follow.

Mind you he would have combusted when Rafa joined them. He thought Rafa was just lucky. Apparently that team he won the EC with, was a good team he inherited from Ged. He was just in the right place at the right time. (Istanbul coping mechanism)

Despite all the money Moshiri was supposed to have pumped in, they had to have a day to day expenses overdraft account with a Chinese Bank even before their famous transfer window win. They have been pissing money away for years. The fact that the same fans sat there wondering which megastar they would sign and ignored the actual warning signs (remember the ESK and his weekly transfer updates, caveats and all) are now screaming loudest.
Sadly there are some who still think they are hard done to.

[TepidT2O]

777 are now trying to sell Red Star and Stadard Liege to raise money to buy Everton. They are utterly broke

[disgraced cake]

777 are now trying to sell Red Star and Stadard Liege to raise money to buy Everton. They are utterly broke

These are going to be the biggest set of shysters the league has ever seen when it's all said and done.

[kesey]

Go and have a gander at the local leagues thread on GOT. All the teams they talk about are Wool teams or Welsh. Proper Scousers laaa !

 

[cornishscouser92]

True, but player's wages are also in a different ballpark. So Everton are much more exposed than, say, Saints were, because relegationm basically means annihilation. When 80% of income depends on broadcasting and 90% of your revenue goes on wages, no one will want to buy a team hovering above the relegation spots.

Oh their wage bill is ridiculous - You'd think these would leave and these are their top earners - which frees a lot of capital. Suspect they won't be replaced.
Doucoure £130k p/w
Pickford  £125k p/w
Gomes £110k p/w - Expires June 2024
Dele £100k p/w - Expires June 2024
Onana £100k p/w
Harrison £90k p/w - Expires June 2024
Gueye - £80k p/w - Expires June 2024
Coleman - £55k P/w - Expires June 2024
Danjuma £52k p/w - Expires June 2024
Young £40k p/w - Expires June 2024

They'll also have 25%-50% cut in wages in the event of relegation in the contracts you'd think... Unless someone has been very silly...

[[new username under construction]]

These are going to be the biggest set of shysters the league has ever seen when it's all said and done.

There have been many before but the universe has saved the best for Everton

[DarkOfTheManatee]

Where would they be now if they didn't have us as their neighbours? Still in the same mess?

I won't pretend to understand all the financial details, so maybe they were screwed from the moment Moshiri got his claws in them. But if they had taken the time at the beginning to build a Brentford or Brighton-esque structure behind the scenes using his money, and then judiciously spent that bulging transfer kitty on carefully scouted, Moneyball players, it doesn't feel unrealistic that they could've retained their status as a consistent upper midtable club and pushed on from there.

Instead, in their rush to compete with us ASAP, they basically burned £100m on Sigurdsson, Bolasie, Tosun and Rooney to have their own 'Fab Four' like Liverpool, they went for the big name manager who didn't care a jot for them so they could play 'compare the manager' with Liverpool, they pressed ahead with building an unsuitable stadium so they could have a capacity like Liverpool, and have the whole time been hampered by the hair-trigger fuses of fans who seem to have been driven close to madness by the contrasting fortunes of the two clubs.

A remarkable act of self-sabotage, and difficult to believe it wouldn't have gone better if they hadn't had that mindset behind so many decisions.

[Ray K]

777 are now trying to sell Red Star and Stadard Liege to raise money to buy Everton. They are utterly broke

From Standard Liege to the Substandard Blues

[rafathegaffa83]

777 are now trying to sell Red Star and Stadard Liege to raise money to buy Everton. They are utterly broke

They'll easily get a buyer for Standard Liege. They've been a distressed asset for years. But I can't imagine a scenario in which they can sell both teams in a few weeks. Clearly yet another sign they can't raise the money to fulfill the PL's conditions

[No666]

Any buyer will have to complete due diligence, which, as we know, is months-worth of combing through the detail.

[Graeme]

Any buyer will have to complete due diligence, which, as we know, is months-worth of combing through the detail.

That's months-worth presuming a standard set of owners. You'd want an even finer set of eyes casting over anything 777 have had their paws on.

[Mister Flip Flop]

What's utterly hilarious about them is they cheated to gain success and still gained no success. Everton that.

[Eeyore]

[Samie]

Why would you try and sell Red Star Belgrade? That part of the world always has talent coming through and you'd either have another golden period or make money off talented kids. 

[Boaty McBoatface]

The only piece of Everton memorabilia I've ever considered buying.

[Schmidt]

777 are now trying to sell Red Star and Stadard Liege to raise money to buy Everton. They are utterly broke

Laptop Eddie will be all over those bargains.

[TepidT2O]

Why would you try and sell Red Star Belgrade? That part of the world always has talent coming through and you'd either have another golden period or make money off talented kids. 

It’s not red star Belgrade.

[Statto Red]

Why would you try and sell Red Star Belgrade? That part of the world always has talent coming through and you'd either have another golden period or make money off talented kids.

It's not Red Star Belgrade, it's a French team called Red Star, think they're in the French 3rd tier.