777 Partners / Whatever the hell you like

[mikel_88]

Will this even get done before the end of the season, how can this still be going on. League should agree or tell them have failed it how can we be expected to move on with no news about this deal

 

[Moderatelywarmwater]

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.

777 also own another insurance company that they are now using the assets of. I suspect that’s where our loans have come from.

Of course, one national disaster and those insurance companies will need those assets and 777 will have to recover the funds sharpish…

 

[Bebeto]

The Newcastle deal went through quicker than this and there really is no way to compare our possible new owners with theirs.

Accept or reject them but for goodness sake make a decision.

Like everything the Premier league does it turns into a farce.

It's either on purpose (to delay from the pl) or they just don't have the capacity to handle multiple thing at the same time, possibly more likely. We are not a big club in their eyes, as per the words from masters, so priority on big club first then they'll look at 777 in details. If approval comes in the first half of Feb, then for me they left it late in purpose...if rejected in a couple of months, then again the delay decision is to make the most damage to the club.

 

[Moomin]

It's either on purpose (to delay from the pl) or they just don't have the capacity to handle multiple thing at the same time, possibly more likely. We are not a big club in their eyes, as per the words from masters, so priority on big club first then they'll look at 777 in details. If approval comes in the first half of Feb, then for me they left it late in purpose...if rejected in a couple of months, then again the delay decision is to make the most damage to the club.

Why would they delay it? How is it causing damage to the club?

 

[neil999]

I suspect the most likely reason for delay is 77 answering stuff late, based on them getting untroubled for doing things late for other clubs

 

[Bebeto]

Why would they delay it? How is it causing damage to the club?

The longer this goes on, the more likely we are to go into administration...once we have a decision, then we know what to do next. If rejected, then there is apparently other buyers interested. But that cannot start until the pl make up their mind...if approved, then why not approving it now so that at least we can perhaps get some funding to strengthen the squad.

 

[Eggsyblueskin]

Amused by the assumption some are seemingly entertaining that 777 would be funding some sort of transfer activity if they were in full control .
Only way they would put any money into transfers is by selling supporters bonds first to raise the cash then , after they’ve skimmed their share , the remainder would be made available to Thelwell.

 

[pfim]

I suspect the most likely reason for delay is 77 answering stuff late, based on them getting untroubled for doing things late for other clubs

More than likely this is the case.

 

[Moomin]

The longer this goes on, the more likely we are to go into administration...once we have a decision, then we know what to do next. If rejected, then there is apparently other buyers interested. But that cannot start until the pl make up their mind...if approved, then why not approving it now so that at least we can perhaps get some funding to strengthen the squad.

777 are already funding us now.

Everyone keeps talking about the Premier League having an independent regulator so they will be taking there time before making any decision to make sure its correct so they don't create more controversy.

Personally, I think the issue is with 777 providing answers or detail on its operations.

 

[Eggsyblueskin]

777 are already funding us now.

Everyone keeps talking about the Premier League having an independent regulator so they will be taking there time before making any decision to make sure its correct so they don't create more controversy.

Personally, I think the issue is with 777 providing answers or detail on its operations.

It is also possible that the criminal investigations and multiple lawsuits currently being pursued against them may be causing a small amount of consternation as to whether they are fit persons to be handed the keys to a PL club.

 

[MisterJ]

It's slightly tenuous (but good lawyers do argue such things) but I mentioned in the PSR thread the other day that if our arguments about the whole process being improper (and the fact the parliamentary committee themselves are questioning it adds weight) are successful and the sanction will be found to have been improperly arrived at, we can then start arguing the adverse effects of them imposing a sanction that was improperly constituted.

One of the chief effects is that the club has had to adjust its budgets around ten points worth of prize money, which is a substantial amount, enough to materially alter any plans we had for this transfer window. So if they were to start looking at a transfer embargo it could be argued that it should be backdated to cover this window as compensation for the adverse effects of an improper sanction.

Would be on the hopeful side but you don't ask you don't get!

Like your thinking

 

[efcfanwirral]

Will this even get done before the end of the season, how can this still be going on. League should agree or tell them have failed it how can we be expected to move on with no news about this deal

To be honest I'm more worried about what happens between them getting rejected and any future deal from someone else.

If Moshiri is unable, rather than unwilling, to put money in, we have some big problems once 777 are out the picture. The delay could be part of the plan - 777 keep the lights on (for something in return of course, my guess is something to do with the stadium), the PL doesn't have to potentially give us another points deduction and deal with the headache that'd bring. Works for everyone for now, especially if we somehow get past Wednesday without selling a major player so have a fighting chance of staying up.

What I don't understand, is what mechanism allows 777 to pretty much solely fund the club for months before being approved to take over. How come they're allowed to be a major creditor if they're not allowed to own us?

 

[matty1878]

To be honest I'm more worried about what happens between them getting rejected and any future deal from someone else.

If Moshiri is unable, rather than unwilling, to put money in, we have some big problems once 777 are out the picture. The delay could be part of the plan - 777 keep the lights on (for something in return of course, my guess is something to do with the stadium), the PL doesn't have to potentially give us another points deduction and deal with the headache that'd bring. Works for everyone for now, especially if we somehow get past Wednesday without selling a major player so have a fighting chance of staying up.

What I don't understand, is what mechanism allows 777 to pretty much solely fund the club for months before being approved to take over. How come they're allowed to be a major creditor if they're not allowed to own us?

or don’t have it and they’ve been lending us it? it’s mad!

 

[HalfTimeSayers]

The PL have leaked everything else about us recently, pity they can’t be arsed leaking the reason for the delay to Ornstein. i.e. information not provided, or concerns about their suitability. Literally the only 2 options for the delay and not a whisper.

If they genuinely are doing robust checks and getting the runaround by 777, we can’t have it both ways and claim the 10 points is due to them wanting to look tough and delay government regulation, but then turn round and demand they wave any old cowboys through the suitability check making themselves look culpable if 777 destroy us within 6 months.

However, it’s the PL processes that are once again at fault. This sort of thing should have clear, agreed and documented steps. Give prospective owners 4 weeks from first application to provide any and all requested info, with a very short period thereafter to clarify anything arising upon initial inspection. Failure to do so immediately classed as rejection, and no further applications will be entertained from that buyer for 12 months. Would soon weed out the charlatans and “protect the fans”.

 

[ForeverEverton]