Topic: Everton - The 777 Unflushables

[Fromola]

Walking up Scotland Road on Sunday as our team bus came past. One lone blue voice also walking up the road started shouting as loud as he could - "YOU LOST THE LEAGUE, AT GOODISON PARK" at the soundproofed bus. Bet he felt dead made up inside. Probably went home to tell the family too.

Could have beat them and West Ham 10-0 it wouldn't have made any difference.

[Red Beret]

I'm amazed the PL haven't pulled the plug on his takeover. There must be some quirk of the rules that ties their hands.

[sminp]

I'm amazed the PL haven't pulled the plug on his takeover. There must be some quirk of the rules that ties their hands.

The PL is led by a bunch of moronic tossers, the only surprise is that they didn’t wave the takeover straight through despite all of the alarm bells that are ringing. In a rare moment of sense from our blue brethren, the Everton shareholders group have called on the PL and Moshiri to recognise that dragging this takeover on is a farce as it’s clear 777 are not ‘fit and proper’ owners.

https://www.bbc.co.uk/sport/football/articles/cld0p90qywqo

[thaddeus]

I'm amazed the PL haven't pulled the plug on his takeover. There must be some quirk of the rules that ties their hands.

I don't think 777 Partners currently meet the quite high bar for being disqualified as prospective owners:

The Premier League has tighter restrictions than the Football League or National League. In general, a businessman will fail the test if:

They have power or influence over another Football League club (No)
They hold a significant interest in another Football League club (No)
They become prohibited by law from being a director (No)
They are filing for bankruptcy (Not yet...)
They have been director of a club while it has suffered two or more unconnected events of insolvency (Not yet...)
They have been a director of two or more clubs of which, while they have been director, has suffered an event of insolvency (Not yet...)

As such all the PL can do is stall on giving their approval and hope that either Everton see sense or the 777 Partners house of cards begins falling down.

[Red Beret]

I don't think 777 Partners currently meet the quite high bar for being disqualified as prospective owners:

As such all the PL can do is stall on giving their approval and hope that either Everton see sense or the 777 Partners house of cards begins falling down.

that's what I thought. Basically, 777 could put any bullshit onto their accounts and the PL would have no choice but to take them at their word.

"Are you a fit and proper owner?"
"ummm... yes..?"
"Ok, then."

I said earlier, that the PL dragged out the Saudi takeover of Newcastle because they didn't want them in the league. If not for Bozo, the Saudis would have walked away. I think the PL have done something similar here, but then again 777 have been very slow to provide the information the PL requested.

I would think there needs to be a time limit for a prospective owner to be considered, but that might actually work against the PL if they're trying to stall.

[SamLad]

I expect this is a daft question but what the hell ......

Has there ever been an explanation of the criteria used to decide "fit and proper"?

I have a vague memory of seeing it once but damned if I can pinpoint it.

[Son of Spion]

I feel dirty, just been  served some kind of Everton as on Facebook.

You can now buy a mug that says You lost the league at Goodison Park.

One of the first comments: Be nice for you lot to lift a cup

Ironic, given that the Bitters have lost the league there for the last 37 years.

[Son of Spion]

Walking up Scotland Road on Sunday as our team bus came past. One lone blue voice also walking up the road started shouting as loud as he could - "YOU LOST THE LEAGUE, AT GOODISON PARK" at the soundproofed bus. Bet he felt dead made up inside. Probably went home to tell the family too.

They love bigging their part up, don't they. 

The league was gone before we rolled up at their shed.

[thegoodfella]

If 777 can be termed as a 'fit and proper' owner despite having no cash or resources to complete the takeover, not to mention a wide array of financial and legal troubles on the side, then I do not see why a consortium of RAWK members, led by our very own Capon, aka #sausages, cannot own Everton. We do not have any cash or resources either, but at least we are not being chased by creditors and debt collectors.

[oojason]

'Everton shareholders demand end to ‘farce’ of 777 takeover':-

Miami-based company accused of fraud amounting to £279m
‘We demand a decision now,’ Premier League is told

www.theguardian.com/football/article/2024/may/07/everton-shareholders-demand-end-to-farce-of-777-takeover





a snippet...


'Everton shareholders have urged the club’s owner, Farhad Moshiri, and the Premier League to end the “farce” of a proposed takeover by 777 Partners after the troubled company was accused of fraud worth hundreds of millions of dollars.

The investment company 777, co-founded by Josh Wander and Steven Pasko, agreed a deal to buy Moshiri’s 94.1% stake in Everton eight months ago but has been unable to meet the Premier League’s criteria for allowing the takeover to proceed. These include the repayment last month of a £158m loan to MSP Sports Capital and two local businessmen, Andy Bell and George Downing, with 777 having been granted a short-term extension to repay the loan. The Miami-based company was also reportedly late last week with a £15m loan to Everton for working capital. It has loaned the financially troubled club more than £200m.

Further doubt was cast over 777’s ability to fund its acquisition of Everton and pass the Premier League’s owners’ and directors’ test at the weekend when the company was accused of fraud in a lawsuit filed at a district court in New York. The lawsuit, the 17th in which 777 Partners and its affiliates have been named, was submitted by a pair of London-based asset management companies, Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund plc. They accuse 777 of pledging more than $350m (£279m) in assets as collateral to Leadenhall despite knowing the assets had been pledged to another lender (“double-pledging”), were not owned by Wander’s entities or did not exist.'



Not looking great at 777 owned Standard Leige either...


'Standard turns blood red due to the web of 777: "The house of cards is about to collapse"':-

https://sporza.be/nl/2024/05/07/standard-kleurt-bloedrood-door-het-web-van-777-het-kaartenhuis-staat-op-instorten~1715096171917

'Strong accusations are being made in the US about 777: they speak bluntly about fraud and about a house of cards that is about to collapse.'

^ the article seems a familiar tale to Everton...

[rafathegaffa83]

This seems a notable shift if Everton shareholders are calling for the end of the 777 takeover. To be fair they are a very small minority.

[LuverlyRita]

What's happened across the Park since sanctions were imposed on Putin's mates has given enormous credence to the speculation that Usmanov was the real power behind the Everton throne. Given that you're not allowed to hold a significant interest in two Football club, isn't there an overlap when Usmanov could feasibly have been involved in both Everton and Arsenal?

[LuverlyRita]

Walking up Scotland Road on Sunday as our team bus came past. One lone blue voice also walking up the road started shouting as loud as he could - "YOU LOST THE LEAGUE, AT GOODISON PARK" at the soundproofed bus. Bet he felt dead made up inside. Probably went home to tell the family too.

They are so utterly desperate to be relevant 

[Brain Potter]

What are those 2 giant blue cigarette lighters either end of the Park Stand in that picture above ?   

[LuverlyRita]

What are those 2 giant blue cigarette lighters either end of the Park Stand in that picture above ?   

Screens to block the view of Anfield 

[Vote For Pedro]

Walking up Scotland Road on Sunday as our team bus came past. One lone blue voice also walking up the road started shouting as loud as he could - "YOU LOST THE LEAGUE, AT GOODISON PARK" at the soundproofed bus. Bet he felt dead made up inside.

[Red Beret]

They are so utterly desperate to be relevant 

Who are?

[anfieldpurch]

This seems a notable shift if Everton shareholders are calling for the end of the 777 takeover. To be fair they are a very small minority.

They must have been reading RAWK..

[exiledintheUSA]

I'm amazed the PL haven't pulled the plug on his takeover. There must be some quirk of the rules that ties their hands.

Aye, brown envelope quirks.

[Peabee]

I'm amazed the PL haven't pulled the plug on his takeover. There must be some quirk of the rules that ties their hands.

Their "fit & proper" rules are pretty feeble.

[FiSh77]

Their "fit & proper" rules are pretty feeble.

If they were that feeble then 777 would already own the club, I don't think it's up to the PL to reject them, they just have to give them the green light when all the conditions have been met, it's on Moshiri to pull the plug

What I don't agree with as far as the PL goes is allowing them to pump money into the club while making what looks like very little effort to pass the fit and proper test, the whole thing has been dragged out for far too long with more and more debt being piled on the club, it's now at the point where if the deal collapses Everton are proper fucked and if 777 become owners Everton are probably proper fucked, the PL should've put pressure on Moshiri to get the deal done 6 months ago or find another buyer

[4pool]

This seems a notable shift if Everton shareholders are calling for the end of the 777 takeover. To be fair they are a very small minority.

Should have done that last October.

The only thing they're worried about is transfer spending this summer.

[So… Howard Philips]

Branthwaite has already got his price labelled glued on, that should pay the cleaners wages through to August.

Don’t you mean ‘Judas’ Branthwaite, once he moves on?

[So… Howard Philips]

What's happened across the Park since sanctions were imposed on Putin's mates has given enormous credence to the speculation that Usmanov was the real power behind the Everton throne. Given that you're not allowed to hold a significant interest in two Football club, isn't there an overlap when Usmanov could feasibly have been involved in both Everton and Arsenal?

That would be an ecumenical matter.

[DonkeyWan]

I expect this is a daft question but what the hell ......

Has there ever been an explanation of the criteria used to decide "fit and proper"?

I have a vague memory of seeing it once but damned if I can pinpoint it.

It's under section F of the PL handbook (here https://www.premierleague.com/about/publications).

[SamLad]

It's under section F of the PL handbook (here https://www.premierleague.com/about/publications).

thanks!

[Cafe De Paris]

I’m assuming that if 777 get knocked back by the prem what happens to the 200 mill they’ve used (of other people’s money) to keep the club operating.?

[only6times]

Walking up Scotland Road on Sunday as our team bus came past. One lone blue voice also walking up the road started shouting as loud as he could - "YOU LOST THE LEAGUE, AT GOODISON PARK" at the soundproofed bus. Bet he felt dead made up inside. Probably went home to tell the family too.

It's what Everton have done for the last 37 years.

[only6times]

I wonder if Carlo still has the Rolls Royce that Farhad bought him.

[Black Bull Nova]

Give them credit, they just won't die will they

[Anthony]

Give them credit,

That seems to be just about their only survival plan at the moment...

[4pool]

When you have to tell yourself there are others waiting in the wings to buy the club...just so you can sleep at night. Everton that.

[Brain Potter]

Supposedly Tim Cahill and a bunch of Qatari’s are going to appear from behind a curtain to rescue EFC.

[FiSh77]

I wonder if Carlo still has the Rolls Royce that Farhad bought him.

It's probably been repossessed

[A Red Abroad]

That seems to be just about their only survival plan at the moment...

 

[Jean Girard]

What are those 2 giant blue cigarette lighters either end of the Park Stand in that picture above ?   

It's 2 giant USB sticks with all their accounts, loans and IOUs on. 

[[new username under construction]]

USBoo stick

[shook]

Can someone ELI5 what is going on? Is this a fair summary?

Everton are skint and on the verge of going bust because of nearly a decade of financial mismanagement
A company Sport 777 are trying to buy/"save" Everton
That company themselves are on the verge of going bust?
What do they get out of this even if they do buy Everton?
If they go bust first, what is going to happen to Everton?
If 777 do buy Everton, and then both go bust, what happens?
If Everton are already in dire financial straits, what do 777 Sport gain from it?

All a bit baffling to me.

 https://en.wikipedia.org/wiki/Ponzi_scheme

[Black Bull Nova]

https://www.youtube.com/watch?v=ddSxo1aDut8


<a href="https://www.youtube.com/v/ddSxo1aDut8" target="_blank" rel="noopener noreferrer" class="bbc_link bbc_flash_disabled new_win">https://www.youtube.com/v/ddSxo1aDut8</a>




Come on, get on with it, I've nearly finished my popcorn

[Son of Spion]

Fella next door (a blue) reckons they won't end up owning their own stadium now. We've thought that for quite a while, but maybe it's dawning on some of them now, too.
He thinks Moshilad is a nut job, and agreed with me when I said it all fell apart once he couldn't launder uncle Uzzies dirty money anymore.

He was happy with the derby win but didn't clutch at the "you lost the league at Goodison" straw. Just said the win keeps them in the PL. Fair enough.