777 Partners - Revised Poll Added 07/05/2024

[AndyRJ]

The Athletic saying there is no backup bidder unless all the creditors agree to large discounts on money owed, what a mess we are in.

I don't understand this unless Moshiri wants paying actual money for his shares and/or won't write his debt off.

In theory Moshiri should be writing his debts off and walking away with nothing for his shares because the club is worth about the remaining external debt i.e. £550m.

Anyone buying the club just needs to have the ability to re-structure that debt and finance it over the long term as a mortgage against Bramley Moore. The additional revenue from the ground should (assuming reasonable interest rates) cover that mortgage.

Most of our external debt is associated with the stadium which, when complete, should be able to be re-financed. I don't understand why any prospective buyers are only interested in us if they can write some of this down unless Moshiri is looking for a significant chunk of cash on top of our external debt.

 

[Simon Buttle]

so there is a back up bidder?

Not unless they get it on their terms by the sounds of things.

 

[Exeter_Gently]

Where is our knight in shining armour

 

[Melchizedek]

Can't help but feel like if 777 are approved we will set on an unavoidable course with administration.
I would like to think the PL can see this and let them know they will not be approved.
Even if the PL don't particularly want to help Everton, it would be hugely embarrassing for them to approve a takeover that lead to administration within a year or two.

Fingers crossed some other option presents itself because right now it's rock and a hard place for us.

 

[Moomin]

No, I don’t think we would. Stadium expenditure is ok for FFP generally
Going bankrupt is far more of an issue now

Quite a few of the loans are classed as working capital so interest can't be removed from the PSR calculation.

 

[Curtis]

Where is our knight in shining armour

Unfortunately sir Jim invested in man united....

 

[Ruairi77]

Not unless they get it on their terms by the sounds of things.

Right, and I wouldn't expect anything else tbh.
In fact the way 777 steamrolled in and guaranteed Moshiri X amount always seemed suspect to me.
The crowd before were playing hardball and Moshiri saw 777 as the easy out. A big red flag for me.

I cant remember their names but it seems like the club have 3 major creditors. One being 777.
Anyone worth their business salt lets the club go to the brink of administration in order to get the best deal.
Those creditors wont want anything to do with administration.

 

[Ruairi77]

Right, and I wouldn't expect anything else tbh.
In fact the way 777 steamrolled in and guaranteed Moshiri X amount always seemed suspect to me.
The crowd before were playing hardball and Moshiri saw 777 as the easy out. A big red flag for me.

I cant remember their names but it seems like the club have 3 major creditors. One being 777.
Anyone worth their business salt lets the club go to the brink of administration in order to get the best deal.
Those creditors wont want anything to do with administration.

It's exactly what FSG did with the shower across the park.
The only major difference was that Hicks and Gillette had no Kenwright.

 

[Tony’s Carp]

Not unless they get it on their terms by the sounds of things.

I think without a doubt there will be vultures hoping to get the club off Moshiri for a quid, take a massive haircut out of the creditors and end up owning a PL club with a brand new 800m stadium on the cheap. I'm not sure how realistic that is even in our current distress.

 

[Curtis]

It seems like the shady creditors located in the cayman Islands or some other similar tax haven , bill made a Faustian deal with basically dictate which deals go through so even though 777 initially agreed to meet their demands along with moshiri I'm sure they'll put pressure on moshiri themselves as it becomes more evident that 777 doesn't have means to satiate their demands

 

[windymiller]

And axe body spray too I'm sure

I know the finance bros call it Axe but it's Lynx, it will always be Lynx.

 

[PeregrineT]

I wonder, if Moshiri manages to finish the stadium by financing it with 777s funds, does he end up reaping a bigger return by then selling to someone else? In other words, if it falls through with 777 right when the stadium is being finished, is it better for him? He now can sell a club complete with new world class stadium.

 

[Efcjake]

The Athletic saying there is no backup bidder unless all the creditors agree to large discounts on money owed, what a mess we are in.

That was always going to be the case.

This is the Rights and Media funding Ltd issue that led to them rejecting MSP.

No second bidder is getting the club without guaranteeing payment to those creditors.

I don't even know if we could legally entertain second lary bids right now. We agreed a period of exclusivity with 777 and then agreed a deal which is undergoing premier league approval.

 

[Efcjake]

I wonder, if Moshiri manages to finish the stadium by financing it with 777s funds, does he end up reaping a bigger return by then selling to someone else? In other words, if it falls through with 777 right when the stadium is being finished, is it better for him? He now can sell a club complete with new world class stadium.

Either way there's probably 500 million quid of debt to be cleared.

Having the stadium built and capitalized as an asset will help the club valuation and aid in securing any other lending we need to keep running but it will be balanced out with the pile of liabilities incurred to build it.

 

[Tony’s Carp]

I wonder, if Moshiri manages to finish the stadium by financing it with 777s funds, does he end up reaping a bigger return by then selling to someone else? In other words, if it falls through with 777 right when the stadium is being finished, is it better for him? He now can sell a club complete with new world class stadium.

Posted something alongs these lines last night. Having seemingly given up on financing the stadium himself a year ago, he's somehow limped along without giving away a single share. Suddenly he might just be seeing the light at the end of the tunnel. It would surely be better for him to sell once we move, if he can find a way to get there.