No they are not. If the deal doesn’t go through these loans will be at heavier interest rates than the bank would charge for sure.
Makes it increasingly difficult for a new group to step in.
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Makes it increasingly difficult for a new group to step in.
Not sure thats entirely true facts exist to support the source.
777 partnership has a reinsurance business based in Bermuda, 777 Re. 777 Re. is regulated by the Bermuda Monetary Authority and is 98% owned by Brickell Insurance Holdings LLC, with a 75% economic interest in favour of 777 Partners LLC.
They use the 3 billion asset of this insurances compony, to invest in companies including sports company's - Everton and leverage the 3 billion in value to borrow additional funds.
As a result the insurances company has likely over extended itself, this has led to a downgrading by AM Best - as they have invested and taken on more costs then the value of the group - thus if their polices get called in or their is an adverse financials event - think AIG - then 777 are finished.
As we have seen, they have failed to raise and provide capital and meet liabilities around the group in almost all of their companies and face various legal challenges its all based on what i describe above.
At some point a cash call comes or legal proceedings catch up with them and 777 are in real jeopardy of having their shell game - moving a limited amount of money around to meet immediate costs - collapses.
As i said, the source is supported by fact - the insurance risk downgrade, the loans, the AM Best dowgrade, their struggle to meet costs at other clubs and the legal proceedings the group faces.
As i say we know exactly where the funding is coming from, just ignoring to hoping for the best doesnt help anything.
We know exactly whats happening here.
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Heavier interest rates = administration = 777 lose all of the money invested. For 777 is more interesting to convert debt into equity with a 20 to 25% ownership.
So you know for a fact that the money (160 millions so far) is coming from that fund (reinsurance business)? I am not saying that this is not the case, or that it is the case...it is possible, like it is possible also that they have other investors that are making those funds available to us...as I say nobody know for sure.
If the money is coming from a cash call from investors it would be wildly known in the market as there is a front facing canvassing and pitching that happens- with 777 there hasnt been.
For example compare that to MSP - we know that the 100 mill they have loaned us came from private investors we even know who some of those investors are individually. They would have sailed through the PL fit and proper person test.
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I don't disagree with your view on the 777 probable source of funding, but at this stage I want to hear from the PL. Hopefully if they reject 777, we will know why that is...if what you say is indeed correct, PL will not approve. If it is approved, then there may be something else that hasn't be disclosed as of yet and nobody is aware.
I have 0 faith in the PL mate in integrity of decision making, that ship sailed a long time ago.
That is some stake to place at the poker table. And to have that a big a balls to place it.
One wrong move and the whole lot collapses.
Just to get Everton FC.
Eggsyblueskin
Player Valuation: £40m
Excellent post.
Too many people are ignoring the facts.
I hope the PL don’t , but I fear the worst.
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Mrk
Player Valuation: £40m
That implies that if the deal went through in time we'd be in a position to strengthen the squad. That seems extremely unlikely from a financial point of view.
Tony’s Carp
Player Valuation: £50m
There was unlikely to be much action even if they were approved but the fact they haven’t reached a decision on approval at all, coupled with their failure to resolve our appeal (which has a massive bearing on our potential prize money etc), make it pretty much impossible to financially plan any business at all. They are keeping us completely in limbo.
The PL dragging their heels on both all month pretty much amounts to a de facto transfer ban.
stamullenblue
Player Valuation: £20m
Dont understand why this is taking so long when they are surely not going to be approved anyway ..PL just need to say no and see where that leads us
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