Topic: Everton - The 777 Unflushables

[rafathegaffa83]

Guardian explainer says they owe RMF £225 m at 10.25% interest.
https://www.theguardian.com/football/2024/apr/30/everton-crisis-explained

That is mental

A really good summary that any major outlet should have been highlighting months ago. Never a good sign when major financial institutions aren't interested in helping you out . Their approach to stadium financing screams they were hoping for government investment to bail them out at some stage

[sminp]

777 sound like Ponzi schemers

They’re crooks. I reckon it’ll be the end of Everton if they eventually get their takeover approved. The problem for Everton is that’ll probably also be the end of them if the 777 takeover isn’t approved. They really are up shit creek without a paddle.

[Fromola]

I think there are some very dark days ahead for Everton. I don't live locally so in a way I'm not qualified to say it, but I almost don't begrudge them the derby win, as that might be it, for a very long time.

They could scab their way out of anything.

They'll still be dogs of war-ing their way to 15th place next season.

[disgraced cake]

They’re crooks. I reckon it’ll be the end of Everton if they eventually get their takeover approved. The problem for Everton is that’ll probably also be the end of them if the 777 takeover isn’t approved. They really are up shit creek without a paddle.

Keep going, I'm almost there

[DHRED]

They’re crooks. I reckon it’ll be the end of Everton if they eventually get their takeover approved. The problem for Everton is that’ll probably also be the end of them if the 777 takeover isn’t approved. They really are up shit creek without a paddle.

Storm clouds gathering over Goodison, literally and figuratively..

[Ray K]

Keep going, I'm almost there

[rafathegaffa83]

Also I know media organizations are now about transfer clicks rather than investigative journalism but revealing more about a company with zero employees that a PL club owes more than £200m to would make a career about a decade ago

[ScubaSteve]

Also I know media organizations are now about transfer clicks rather than investigative journalism but revealing more about a company with zero employees that a PL club owes more than £200m to would make a career about a decade ago

I think all the media want this club relegated. They’re toxic

Albeit I do feel a bit sorry for my bluenose friends

[FiSh77]

A bit like Chelsea anybody wanting an Everton player this summer needs their head looking at. Speaks volumes that at this point last season they had Onana and Pickford in the shop window for the right price. Right now, crickets.

Fixed that for yer

[thegoodfella]

So, how much of this is Rafa's fault?

[Brain Potter]

From the guardian article.....

"When companies fall into financial difficulties, directors are required to take professional advice and closely monitor a business’s finances to ensure that they are not trading while insolvent".

So the EFC directors have to take this advice when they are in serious difficulties, but aren't they basically insolvent already...without a monthly pay day loan they can't pay the running costs...it's completely mad. 

[Fromola]

They'll still demand the earth for Branthwaite and refuse to sell anyone cheap.

[TepidT2O]

They'll still demand the earth for Branthwaite and refuse to sell anyone cheap.

We really really ought to bid for him just to drive them over the edge.

[SK8 Red]

We really really ought to bid for him just to drive them over the edge.

I know you are joking but he's not good enough for where we need to be

[Black Bull Nova]

We really really ought to bid for him just to drive them over the edge.

£2m and a penny just to wind them up
They will be OK, they will appeal against adminstration and have a mass protest on county road, what is anybody worried about.

[SamLad]

don't know whether to laugh or cry .......

Everton have received a delayed payment of £16m from prospective buyers 777 Partners for day-to-day operational costs, taking the amount loaned by the Miami-based investment fund to more than £200m.

777 agreed to buy owner Farhad Moshiri's 94% stake in the club in September, but the protracted deal is yet to be ratified by the Premier League.

A £158m loan repayment to MSP Sports Capital, taken out for the construction of the new stadium on Bramley Moore Dock, remains the main stumbling block.

The Toffees were supposed to receive the latest payment earlier this month but a 777 spokesperson told BBC Sport: "As of Tuesday, 777 has sent in a fresh loan to cover the working capitals needs of the club."
https://www.bbc.com/sport/articles/cqqnkgv0k19o

[4pool]

don't know whether to laugh or cry .......

Everton have received a delayed payment of £16m from prospective buyers 777 Partners for day-to-day operational costs, taking the amount loaned by the Miami-based investment fund to more than £200m.

777 agreed to buy owner Farhad Moshiri's 94% stake in the club in September, but the protracted deal is yet to be ratified by the Premier League.

A £158m loan repayment to MSP Sports Capital, taken out for the construction of the new stadium on Bramley Moore Dock, remains the main stumbling block.

The Toffees were supposed to receive the latest payment earlier this month but a 777 spokesperson told BBC Sport: "As of Tuesday, 777 has sent in a fresh loan to cover the working capitals needs of the club."
https://www.bbc.com/sport/articles/cqqnkgv0k19o

It's good news. Staves off Administration for a month. Which means if they can't meet their financial obligations in June, they get points deduction for next season.

[ScouserAtHeart]

(*) A source close to EFC told Josimar that the club had enough cash available to honour payroll commitments until the end of the summer.

Who in the blue hell is Josimar

[ozired]

A budget Airline here in Australia has gone into Administration, who are owned by 777 Partners. This is part of the papers report

There are fresh questions about the financial health of the American private investment firm hoping to take over Everton after passenger planes belonging to an Australian airline it owns were repossessed and its carrier left on the brink of collapse.

777 Partners – which has loaned Everton more than £200m in the seven months it has been unsuccessfully attempting to convince the Premier League it has the funds to complete a proposed takeover of the Toffees – is in the grips of a new crisis in Australia, where an airline it wholly owns, Bonza, entered administration on Tuesday.

[JRed]

Why would 777 want to buy a club that it is constantly lending money to because the club cannot afford to pay its operating costs? Everton are not suddenly going to start earning more money to pay these costs themselves once the takeover is complete. I’d be extremely worried if I was a bitter. Although , they beat the red shite so that’s all that matters I guess.

[Brain Potter]

Surely the Premier League, or other financial authorities are getting uncomfortable with Everton's finances.
They need rescuing from themselves...you can't keep borrowing to pay the wage bill. It's nuts.

[FiSh77]

Surely the Premier League, or other financial authorities are getting uncomfortable with Everton's finances.
They need rescuing from themselves...you can't keep borrowing to pay the wage bill. It's nuts.

The premier league need fucking to be honest, it's all about image with them and instead of putting their foot down with the carpet baggers when it was fairly obvious they shouldn't be anywhere near a football club they were more concerned about the brand not being tarnished by a club going into administration, they should've told 777 to get to fuck and Moshiri to find another buyer, if they went into administration so be it, instead they've let it drag on for fuck knows how long and allowed them to pump in £200m or so in loans and still not look like getting the deal done, it's at the point now where they need them to take over just so the extra debt is converted to equity otherwise Everton are even more proper fucked than they would've been if 777 had been told to fuck off as soon as it became apparent they weren't fit for purpose

I love a good laugh at Everton but this has been an absolute shitshow from start to whenever it finishes, boils my piss the way the premier league carry on just to protect the brand

[paulrazor]

Who in the blue hell is Josimar

scored a belter for Brazil against Northern Ireland in 1986. The one against Poland was pretty good too

[Ray K]

Who in the blue hell is Josimar

This guy

<a href="https://www.youtube.com/v/yRY8-sRxUII?si=hMOskMllocFM9-d8" target="_blank" rel="noopener noreferrer" class="bbc_link bbc_flash_disabled new_win">https://www.youtube.com/v/yRY8-sRxUII?si=hMOskMllocFM9-d8</a>

Norwegian football writers named a magazine after him.

[Shankly998]

Why would 777 want to buy a club that it is constantly lending money to because the club cannot afford to pay its operating costs? Everton are not suddenly going to start earning more money to pay these costs themselves once the takeover is complete. I’d be extremely worried if I was a bitter. Although , they beat the red shite so that’s all that matters I guess.

Using the stadium as an asset to secure loans against. Everton are in a world of bother the only way to significantly reduce their debt burden is to sell a lot of playing staff but how do you do that without getting relegated and the financial hit that would entail. The new stadium is a white elephant it's not going to bring in that much extra income a year to make a difference to their debt burden. I'll just say it I couldn't care less if Everton ceased to exist we don't benefit at all from them being in the league anything that means we'll likely get more points in a season is fine by me it's as dispassionate as that same is true if United etc but they're not at risk of financial collapse like Everton

[PhilV]

Using the stadium as an asset to secure loans against. Everton are in a world of bother the only way to significantly reduce their debt burden is to sell a lot of playing staff but how do you do that without getting relegated and the financial hit that would entail. The new stadium is a white elephant it's not going to bring in that much extra income a year to make a difference to their debt burden. I'll just say it I couldn't care less if Everton ceased to exist we don't benefit at all from them being in the league anything that means we'll likely get more points in a season is fine by me it's as dispassionate as that same is true if United etc but they're not at risk of financial collapse like Everton

If they cease to exist I say we buy the stadium for £1 and use it for LFC Women or for the U21 and below teams, noice.

[blert596]

So what would happen in real time if tomorrow (or whenever) 777 are officially told by the PL that they're not getting to buy everton?

Are 777 entitled to ask for immediate repayment of their £200 mill? Or would they just leave them owing £200 mill and take monthly interest repayments?
Same with that other mob they owe money to?
If 777 are out then does the work on the stadium come to a complete halt? As do they have to be paying their debts first before carrying out any future investment?

[jacobs chains]

Good grief. Is Liz Truss their CFO or something?

She sort of was. Denise Barrett-Baxendale had no idea what she, or the owners, were doing. She, like Liz Truss, was the living embodiment of the Dunning–Kruger effect.

[Musketeer Gripweed]

One positive for them, they won't need to use their floodlights again for a few months. That'll keep their bills down a bit.

[Peabee]

don't know whether to laugh or cry .......

Everton have received a delayed payment of £16m from prospective buyers 777 Partners for day-to-day operational costs, taking the amount loaned by the Miami-based investment fund to more than £200m.

777 agreed to buy owner Farhad Moshiri's 94% stake in the club in September, but the protracted deal is yet to be ratified by the Premier League.

A £158m loan repayment to MSP Sports Capital, taken out for the construction of the new stadium on Bramley Moore Dock, remains the main stumbling block.

The Toffees were supposed to receive the latest payment earlier this month but a 777 spokesperson told BBC Sport: "As of Tuesday, 777 has sent in a fresh loan to cover the working capitals needs of the club."
https://www.bbc.com/sport/articles/cqqnkgv0k19o

They made payday. Which is good for their staff.

If I was working for Everton, I'd be looking for a new job asap.

[thaddeus]

So what would happen in real time if tomorrow (or whenever) 777 are officially told by the PL that they're not getting to buy everton?

Are 777 entitled to ask for immediate repayment of their £200 mill? Or would they just leave them owing £200 mill and take monthly interest repayments?
Same with that other mob they owe money to?
If 777 are out then does the work on the stadium come to a complete halt? As do they have to be paying their debts first before carrying out any future investment?

Moshiri would need to secure loans from another source or raise money from within the club (e.g. selling players).

A sportswasher has been their only clean route out since Usmanov was sanctioned and I think Saudi Arabia owning Newcastle has killed off any chance of that.  Which state wants to pump hundreds of millions into a club only to forever live in the shadow of Saudi Arabia?!

777 Partners would be right at the back of the queue when it came to getting their money back.  Unsecured loans and a lower priority than almost every other creditor.  I'm not sure what interest rates 777 are charging Everton so they may be happy just to farm those for a few years.

[fridgepants]

I could see the 777 losers doing to Everton what Dai Yongge is doing to Reading. Take over, asset strip, eventually fuck off our of the country, FA release a statement saying they'll set up a new committee to prevent such things at some point in 2027.

[Red Beret]

MSP have their loans guaranteed against 51% of Moshiri's shares, right? But wouldn't they also have to take the fit and proper person's test if they wanted to take control of Everton? Would they expect the PL to view them any differently to 777? Or if they are able to provide all the details requested are the PL's hands effectively tied so that they can't block a takeover?

[[new username under construction]]

MSP have their loans guaranteed against 51% of Moshiri's shares, right? But wouldn't they also have to take the fit and proper person's test if they wanted to take control of Everton? Would they expect the PL to view them any differently to 777? Or if they are able to provide all the details requested are the PL's hands effectively tied so that they can't block a takeover?

Is MSP the one with no employees?

[Mister Flip Flop]

Guardian explainer says they owe RMF £225 m at 10.25% interest.
https://www.theguardian.com/football/2024/apr/30/everton-crisis-explained

That is mental

Should be enough to see them go under. Delicious 

[Ray K]

Is MSP the one with no employees?

No, that's RMF (Rights and Media Funding). MSP is the one involved with the guy from Erasure.

It is hard to keep track of the various shysters funding them all right.

[12C]

Been told today that the insolvency firm have not been contacted by Everton and that all the money has been paid and everything is fine. Also there are no worries about going bust, not worried about the financial side of the club  because someone will always want to buy a Premier League Club. The Quaris are sniffing around as well.

Madness, it’s as though escaping the drop with games to spare means everything is OK and they don’t need to worry about a thing now because they would have been tenth ifithandnabeenforgettingcaughtcheating
They are clearly trading whilst insolvent.

“Not arsed” about the debt, that is currently running at a target of £240m just for this year?
They are filling the ground every game yet are needing £20m monthly top ups to their revenue to enable them to pay the wages and interest on the loans they are taking out to pay the bills. 

[redtel]

Another fine mess you’ve got me into Moshi.

Had a look back at Portsmouth who were the first PL club to go into administration back in 2010.

Deducted 9pts as a result, finished bottom, but uncannily beat the Red Shite at Fratton 2-0 and reached the FAC Final losing 1-0 to moneybags Chelsea. The PL has been a sea of bad owners and dirty money for a long time.

They had debts of £135mil at that point and after 2 seasons in the Championship and 1 in League 1 they finished up in the lower reaches of League 2. It’s been a long slow road back to the Championship.

Everton have both higher debts and weekly wage bill but is the half built stadium a help or hindrance to any new buyer? If they do avoid relegation this season how many players will have to go before we start again in August.

[DonkeyWan]

Is MSP the one with no employees?

That's RMF.

[ScouserAtHeart]

That's RMF.

Unbelievable!

Wait, no, that's EMF.