Topic: Everton - The 777 Unflushables

[4pool]

[Son of Spion]

https://www.theguardian.com/football/2024/apr/08/everton-hit-with-two-point-deduction-over-second-breach-of-financial-rules

The last paragraph of this article should be very concerning. They don`t have funding in place as yet to complete the stadium

I've been telling people this for a while. Usually when they say that "everton have built a stadium in the time it's took us to still not finish the ARE". They always seem completely oblivious to the fact that everton don't even have the funding in place to get the job done. Not only are they nowhere near finishing it, they haven't even got the money to do so.

[Black Bull Nova]

It's a green light for Newcastle to spend over FFP, they have a precedent now with Forest and Everton. Would be worth it to get round FFP, probably use injuries as an excuse.
As for Everton, there was always a reason why they were not starting the 2024/25 season at BMD, this is probably it.
Maybe me but why are they putting in all those blue seats when there is so much structural stuff to finish in and around the stadium, it seems like PR to me.

[Onward Liverpudlian]

Really annoying how they seem to be getting away with it (and they are!), and are there any journalists/columnists out there who actually believe they should be properly punished? All I'm seeing is how the nasty rubbish rules are being applied to cuddly old innocent Ev.

What about the fans of clubs who played by the rules and got relegated? They're very quiet too, it's all very strange.

[Liverbird88]

Just can’t flush these can we?

[Bobinhood]

So they hit them with 2 points to take them within 2 points of Luton in 17, and they play at the weekend?

what, is this wrestling now?

[Banquo's Ghost]

It's like being fined a quid for parking on double yellow lines when the car park across the road is charging a tenner. You're going to take the fine every time because you'll be better off.

And each time you get fined, it’s less to pay.

So if they had been a prudent club and followed advice, they would have sold one or more of their better players. Which likely would have seen them drop more points than just two.

To be fair to the PL, they do seem to have tried for a harsher punishment but the independent commission appears to have been comprised of three people named Furhead Mosheree, Frad Moshear and Fred Mushypeas. Much like when Abu Dhabi packed the CAS panel with their own lawyers who amazingly found there was nothing to see here, honest guv.

[Mister Flip Flop]

Tiny point deductions like this aren't a deterrent. It probably encourages clubs to break more rules safe in the knowledge the league will do nothing about it.

[moondog]

The PL have now made cheating worthwhile if a 2 point deduction is deemed right for a second offence. There is not 1 team (us included) who would be concerned by this punishment so they may as well all flaunt the rules, the PL is going to need a much bigger legal team to deal with the number of cases over the next few years, when tough penalties would have put an end to this type of cheating.

[LOHAG]

The PL have now made cheating worthwhile if a 2 point deduction is deemed right for a second offence. There is not 1 team (us included) who would be concerned by this punishment so they may as well all flaunt the rules, the PL is going to need a much bigger legal team to deal with the number of cases over the next few years, when tough penalties would have put an end to this type of cheating.

Agree with this. 10 points would have put the wind up everyone. Even the 6 for a first offence would get some of the relegation fodder twitching. But 2 pts is the difference between a win and a draw, and just like us this weekend you dust yourself off and go again.
I think they have been very lucky, which is why I dont get the appeal. Admitted guilt,were they expecting no punishment?
Anyway feels like points may become the least of their worries soon enough. Get those 777 fellas in charge and watch this whole pantomime conclude with administration.

[JRed]

Abu Dhabi and Saudi will see this as the green light to just go and spend whatever they want now. Can see them both spending upwards of £300M this summer now.

[Koplass]

Makes the Evertonians who were protesting look even more ridiculous.

They should be kissing the feet of the authorities who've allowed their club to cheat with impunity, whilst anyone around them who played by the rules has been punished.

Who's the cartel now?

[Kloppage Time]

They seem to be able to deal with Evertons charges piecemeal, this one this month minus 10 points, appeal? ok, reduced to 6 points another charge the following month, 2 points and so on,
why not the same for City?
Those not co-operating charges look simple enough. either they co-operated or they didn't?

[Son of Spion]

It's a green light for Newcastle to spend over FFP, they have a precedent now with Forest and Everton. Would be worth it to get round FFP, probably use injuries as an excuse.
As for Everton, there was always a reason why they were not starting the 2024/25 season at BMD, this is probably it.
Maybe me but why are they putting in all those blue seats when there is so much structural stuff to finish in and around the stadium, it seems like PR to me.

It's definitely PR. They keep putting out 'milestone' stories to make it look as though everything is moving along rapidly, despite the fact they don't even have funding to finish the build.

[12C]

It's like being fined a quid for parking on double yellow lines when the car park across the road is charging a tenner. You're going to take the fine every time because you'll be better off.

A mate of mine told me about a relative who always parks as he pleases. Reckons he has a one in ten chance of a ticket, and the money saved on parking fees is greater than the cost of the occasional ticket.

[12C]

They seem to be able to deal with Evertons charges piecemeal, this one this month minus 10 points, appeal? ok, reduced to 6 points another charge the following month, 2 points and so on,
why not the same for City?
Those not co-operating charges look simple enough. either they co-operated or they didn't?

This is it for me.
If you don’t co-operate with the league you don’t get to play in that league. They should be kicked out and not allowed back until they co-operate

[Wghennessy]

Tiny point deductions like this aren't a deterrent. It probably encourages clubs to break more rules safe in the knowledge the league will do nothing about it.

There is still a charge lingering that might carry another point. It is only 16mil over the limit and it was admitted by the club. How many points do you think it should be?

[Peabee]

That's exactly what it feels like. The ones really getting punished are those that play by the rules and don't overspend or have made decisions to comply with PSR (like Wolves) which has meant they've had to sell players and weaken their squad. Pointless having these rules.

It mirrors life then. Play by the rules and you lose out.

[Samie]

Everton face a THIRD points deduction as an ongoing investigation into stadium costs will extend beyond this season. [@TeleFootball]

[LuverlyRita]

That's what I don't get, even if they payed off their debts tomorrow they still don't have a viable business as their outgoings exceed their revenues. Without a Russian gangster propping them up they're fucked, unless they can somehow increase their income.

If they are borrowing to pay the players and keep the lights on and they don't have the money to complete the stadium, what else is there to talk about? They are not profitable or sustainable. End of.

[Drinks Sangria]

Surely relegation is the only acceptable punishment if they’re facing a third points deduction? They can’t keep getting away with minor, piddling punishments.

[Eeyore]

The Everton team arriving at BMD in Moshiri's downscaled yacht.

[FiSh77]

Too much red on that paddle lid

[Eeyore]

Too much red on that paddle lid

 

That's just Koeman hoping for a pay off.

[Persephone]

Surely relegation is the only acceptable punishment if they’re facing a third points deduction? They can’t keep getting away with minor, piddling punishments.

It's a "Sky 6" conspiracy don't ya know? Whatever that means.

[Fromola]

Everton are making around £22 per fan per attendance (rough estimate 2022/23). Revenue £17.3m


If they fill the stadium every game (including pre-season and they manage say, 4 home cup games) they should increase their revenue to around £28m. To meet their expectation of £50m this will have to involve,


1. Success in the cup and possibly european qualification
2. Finding people who previously don't attend but now seek corporate facilities
3. Getting about £13 more per fan (including all the 14,000 new ones who they need £35 from each) per game


It also assumes no cost increases (there will be)


Obviously


1. it can be a combination of the above
2. Worse than the above (no cup games, no full attendance, Championship ticket prices)

They're going to be shocked when the ticket prices come out at the new stadium. It's why they've held off moving mid season.

[Dr. Beaker]

That's just Koeman hoping for a pay off.

No it genuinely isn't mate, they are called Rigid Inflatable Boats or RIBs.

[Qston]

If they are borrowing to pay the players and keep the lights on and they don't have the money to complete the stadium, what else is there to talk about? They are not profitable or sustainable. End of.

The thread title should really be Everton - The 777 Unflushable Omnishambles

[CraigDS]

Surely relegation is the only acceptable punishment if they’re facing a third points deduction? They can’t keep getting away with minor, piddling punishments.

Your maths is wrong.

-6pts for first one
-2pts for second one
+2pts for 3rd

[oojason]

'Everton FC bidder 777 seeks extra time amid race for funding':-

777 Partners has indicated that it now believes its takeover of the Toffees will be completed late next month as it seeks an extension to a near-£160m loan repayment, Sky News learns.

https://news.sky.com/story/everton-fc-bidder-777-seeks-extra-time-amid-race-for-funding-13112257


'The investor trying to take control of Everton Football Club has pushed back its target date for completing the deal as it scrambles to raise hundreds of millions of pounds to fund it.

Sky News has learnt that 777 Partners has told stakeholders, including the Premier League and prospective lenders, that it now expects its takeover of the Toffees to be finalised late next month.

It had been seeking to close the deal by the end of this week.

City sources said on Wednesday that 777 had also requested in recent days an extension to a repayment deadline for a loan of nearly £160m.

The money is owed to MSP Capital and the prominent Merseyside businessmen Andy Bell - founder of the investment platform AJ Bell - and George Downing, and is due to be repaid by next Monday.

It was unclear whether the lenders had responded formally yet to that request.

777, which owns a number of sports assets but has faced increasing scrutiny over the financial health of its affiliated businesses in industries such as reinsurance, has approached a significant number of potential lenders to help fund the Everton deal.

Among them is Blue Owl Capital, a large US-based private credit provider which was said to have been involved in ongoing discussions with 777 as recently as Wednesday morning.

The Premier League has approved the takeover in principle but has stipulated a number of conditions which must be fulfilled in order for it to proceed.

Among them is that 777 deposits £60m into an escrow account for use by the club, and that it converts about £160m of loans it has already made to the Goodison Park club into equity.

It must also demonstrate that it has access to sufficient funding to complete the construction of Everton's new stadium at Bramley-Moore Dock.

Everton have been regular strugglers in English football's top flight in recent years - a far cry from their success in the 1980s, when they won several major honours.

The club has been owned for years by Farhad Moshiri, a British-Iranian businessman who has pumped an estimated £750m into it.

It has endured a particularly turbulent campaign because of two separate points deductions imposed by the Premier League for breaching Profit and Sustainability Rules.

The first, a 10-point deduction, was subsequently reduced to six on appeal.

The second, announced just days ago, saw Everton lose a further two points, hindering the club's battle against relegation from the Premier League.'

[swoopy]

Lol
They're so screwed

[rodderzzz]

'Everton FC bidder 777 seeks extra time amid race for funding':-

777 Partners has indicated that it now believes its takeover of the Toffees will be completed late next month as it seeks an extension to a near-£160m loan repayment, Sky News learns.

https://news.sky.com/story/everton-fc-bidder-777-seeks-extra-time-amid-race-for-funding-13112257


'The investor trying to take control of Everton Football Club has pushed back its target date for completing the deal as it scrambles to raise hundreds of millions of pounds to fund it.

Sky News has learnt that 777 Partners has told stakeholders, including the Premier League and prospective lenders, that it now expects its takeover of the Toffees to be finalised late next month.

It had been seeking to close the deal by the end of this week.

City sources said on Wednesday that 777 had also requested in recent days an extension to a repayment deadline for a loan of nearly £160m.

The money is owed to MSP Capital and the prominent Merseyside businessmen Andy Bell - founder of the investment platform AJ Bell - and George Downing, and is due to be repaid by next Monday.

It was unclear whether the lenders had responded formally yet to that request.

777, which owns a number of sports assets but has faced increasing scrutiny over the financial health of its affiliated businesses in industries such as reinsurance, has approached a significant number of potential lenders to help fund the Everton deal.

Among them is Blue Owl Capital, a large US-based private credit provider which was said to have been involved in ongoing discussions with 777 as recently as Wednesday morning.

The Premier League has approved the takeover in principle but has stipulated a number of conditions which must be fulfilled in order for it to proceed.

Among them is that 777 deposits £60m into an escrow account for use by the club, and that it converts about £160m of loans it has already made to the Goodison Park club into equity.

It must also demonstrate that it has access to sufficient funding to complete the construction of Everton's new stadium at Bramley-Moore Dock.

Everton have been regular strugglers in English football's top flight in recent years - a far cry from their success in the 1980s, when they won several major honours.

The club has been owned for years by Farhad Moshiri, a British-Iranian businessman who has pumped an estimated £750m into it.

It has endured a particularly turbulent campaign because of two separate points deductions imposed by the Premier League for breaching Profit and Sustainability Rules.

The first, a 10-point deduction, was subsequently reduced to six on appeal.

The second, announced just days ago, saw Everton lose a further two points, hindering the club's battle against relegation from the Premier League.'

Trying to push it out until the end of the season to see if they get relegated and lose the TV money first lol

[Hazell]

If 777 don't come up with the money MSP and Andy Bell and subsequently can't complete their takeover of Everton, could Everton be close to erasure?

[TepidT2O]

If 777 don't come up with the money MSP and Andy Bell and subsequently can't complete their takeover of Everton, could Everton be close to erasure?

Have a little respect?

[newterp]

If 777 don't come up with the money MSP and Andy Bell and subsequently can't complete their takeover of Everton, could Everton be close to erasure?

Oh baby, please, give them a little respect.

[oojason]

Who Needs Love Like That from 777, it seems to be The Circus. Sometimes fans may want Heavenly Action or a bit of Oh L'amour, but you also just have to say Stop!; Who Needs Love Like That. Nobody wants to be a Victim of Love, or on a Ship of Fools.


I'm just going to go sit down and rethink my listening habits form the 80's!

[Son of Spion]

I see a bitter has got a three year banning order for mocking the Munich Disaster at Old Trafford recently. 

[Bennett]

I see a bitter has got a three year banning order for mocking the Munich Disaster at Old Trafford recently. 

They've done him a favour. How is this a punishment?

[Statto Red]

I see a bitter has got a three year banning order for mocking the Munich Disaster at Old Trafford recently. 

Apparently he asked the judge to make it a longer ban. Boooooooooooooooo

[4pool]

City sources said on Wednesday that 777 had also requested in recent days an extension to a repayment deadline for a loan of nearly £160m.

The money is owed to MSP Capital and the prominent Merseyside businessmen Andy Bell - founder of the investment platform AJ Bell - and George Downing, and is due to be repaid by next Monday.

It was unclear whether the lenders had responded formally yet to that request.

This is the key to the deal. And if you're MSP wouldn't you be worried about the 777 Cowboys and lack of funding?

So why should MSP wait longer to get their money? Call the loan in is what they should do.