777 Partners / Whatever the hell you like

[Moderatelywarmwater]

The Josi at article has been updated with this


A source close to EFC told Josimar that the club had enough cash available to honour payroll commitments until the end of the summer


Which is positive news

 

[Moomin]

So what is the state of play then ?

Are we going into insolvency or was that just wham ?

The numbers don't look great from the last set of accounts.

92% of turnover on wage bill.

Interest payments on the rights media loan is 30 million per year so that takes us over 115% of turnover without interest payments to MSP and other loans.

Throw in a stadium build which is costing about 20 million per month and its a total surprise we haven't gone pop already.

 

[dublinbluenose]

 

[JP5]

I don't see where any of this was refuted by the payment.

Everton call in insolvency advisers amid fresh doubt over 777 takeover

Everton have called in a firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover by 777 Partners

www.theguardian.com

That headline is ridiculous.

 

[Moomin]

That headline is ridiculous.

Why is it?

 

[MichaelEFC96]

That headline is ridiculous.

Simon Goodley is just as bad as Matt Hughes, pair of helmets.

 

[Goat]

The numbers don't look great from the last set of accounts.

92% of turnover on wage bill.

Interest payments on the rights media loan is 30 million per year so that takes us over 115% of turnover without interest payments to MSP and other loans.

Throw in a stadium build which is costing about 20 million per month and its a total surprise we haven't gone pop already.

It is really a miracle how we havent folded yet.

 

[Frenk]

Why is it?

Read the difference between Bloomberg and the Guardians version. Debt restructuring to insolvency. I do think they spiced it up, definitely click bait.

 

[Eggsyblueskin]

That headline is ridiculous.

It informs you what the article contains doesn’t it ?

 

[Eggsyblueskin]

It is really a miracle how we havent folded yet.

Soon

 

[1878blues]

Player sales have to be done by 30th June to count towards the rolling three year PSR thing (or at least for another year) so I expect a lot of early player trading for those clubs - including us - treading the line

Fair point however after June is into the next accounting period and will still be counted to next years PSR. Feel we may have learned a lesson with rushing the Richarlison deal and losing out on at least 10m. Suspect this summer will be about getting the right price than getting it done ASAP

 

[pfim]

Read the difference between Bloomberg and the Guardians version. Debt restructuring to insolvency. I do think they spiced it up, definitely click bait.

Same thing. We are insolvent without the 777 money coming in each month.

 

[pfim]

Fair point however after June is into the next accounting period and will still be counted to next years PSR. Feel we may have learned a lesson with rushing the Richarlison deal and losing out on at least 10m. Suspect this summer will be about getting the right price than getting it done ASAP

Not if we need the money for the 2024 calculation.

 

[1878blues]

The numbers don't look great from the last set of accounts.

92% of turnover on wage bill.

Interest payments on the rights media loan is 30 million per year so that takes us over 115% of turnover without interest payments to MSP and other loans.

Throw in a stadium build which is costing about 20 million per month and its a total surprise we haven't gone pop already.

isint the stadium already funded?

 

[1878blues]

Not if we need the money for the 2024 calculation.

I also agree just saying by looking at our accounts we are set for points deductions for the next 5 years at this rate