Topic: Everton - The 777 Unflushables

[rodderzzz]

The Premier League has done Everton a favor by dragging out the 777 partners takeover.

Without doing that Everton would probably be in administration or worse by now. All because 777 have been chucking money in for 6 months or more so Everton could meet their financial obligations and keep the work going at BMD.

They haven't really done them a favour, administration this seson would have been another ten points deducted, and they'd have still stayed up. Good chance that gets handed to them next season now.

[Red Beret]

I remember how the PL dragged out the Saudis fit and proper persons test. They couldn't really say no, but they knew it was a bad look to allow them in, so just stalled in the hopes the Saudis would get pissed off and walk away - which they would have done if Bozo hadn't intervened.

In Everton's case, it's been 777 stalling, as they couldn't provide the book keeping and assurances the PL requested. But I don't think that was grounds to refuse them. It's the answers a prospective owner provides that allows the PL to say yay or nay; if the buyer is slow to provide the answers I don't think there's a time limit where the PL can pull the plug.

Either way it's more bad press for 777 and more debt for Everton. With a bit of luck they'll be on -15 at the start of next season, with some tougher promoted clubs to deal with.

[Motty]

It's only my opinion but in the short term 777 going pop could actually benefit Everton. It would be an interesting case in the UK as to whether there was ever any intention for Everton to repay the loans and whether the risk of lending to Everton on an unsecured basis was a viable endeavour.

Could end up being a moot point because now they are safe from relegation. Administration might be looking like a good option for some.

I mean I know why 777 are doing all this as their ponzi scheme business plan has been explained but surely going down this road of borrowing 200m to a club in the shit added with a really big risk that they won't pass the PL test is just plain fucking daft on their part. They deserve to lose the lot for such a schoolboy error to be honest

[Motty]

If a company you owe money to goes bankrupt you still owe the money, it doesn't get written off, it just goes to their creditors.

So they are even more fucked then as I'd imagine as the creditors will go after the owed money much quicker and harder.

[Black Bull Nova]

Either way it's more bad press for 777 and more debt for Everton. With a bit of luck they'll be on -15 at the start of next season, with some tougher promoted clubs to deal with.

That old top flight team Ipswich are joining the PL in order to accompany Everton on the way down.