777 Partners / Whatever the hell you like

[john jako]

Take your blinkers off mate. I simply passed on some info I had from within 777. No opinion offered. You don't give anyone a chance to breathe with your suffocating rhetoric.

Who’s your sauce bez? Love a GOT ITK

 

[davek]

Yeh Obviously, but will Moshiri have acces to that money?

I have no idea mate, but it'd be reasonable to believe held see the need for the club to stay up next season.

 

[john jako]

You have info from within 777?! Wut?

Don’t you dare scare off another ITK

 

[Moomin]

Our possible insolvency is down to the size and stage of the project and the fact it is not yet generating a cash flow. Which is about 16 months away. Once we get to the stadium the debt becomes manageable and serviceable.

There will be people more willing to lend now rather than 12-18 months ago.

That being said, we’ve not actually appointed anyone. Just held talks about the possibility.

it’s just Simon goodley being obsessed with us and writing an article in such a way that it sounds alot worse than it is.

Problem we have and we can only go on the last set of accounts is that 92% of our turnover is going on the wage bill.

Interest payments for the Rights Media according to reports is 30 million per year. That is the interest only and no down payments.

God knows what the interest payments are for MSP at the min.

On top of all that we also have the rest of the stadium build to finance.

No one is going to restructure that. It is new owners or bust.

 

[AndyC]

Is that John guy the Esk? same long drawn out arguments etc - anyone know either of them?

John Blain on ToffeeTV is most definitely NOT the Esk.
Blain was a part of the Everton Business Matters podcast hosted by Paul (Esk) along with Rodger Armstrong.

 

[Exeter_Gently]

John Blain on ToffeeTV is most definitely NOT the Esk.
Blain was a part of the Everton Business Matters podcast hosted by Paul (Esk) along with Rodger Armstrong.

Do they talk anymore Andy?

 

[Blue_Berry]

Who’s your sauce bez? Love a GOT ITK

Not really sauced buddy. A blue nose mate has business dealings with them but not on the footy / sports side, and asked the question. So it's just what they're saying.

 

[Jokerdan]

Zzzzz - please fast me forward twelve months so I don't have to go through this charade for any longer.

April 2025 - so 777 have been granted a further extension. Well, who would have guessed

 

[pfim]

Exactly.


no it really isn’t. You engage with consultancy firms for lots of reasons.

And refinancing debt that has been used to fund a capital project is common place, particularly post major shifts in the macro economic environment.

Restructuring debt is absolutely not the same as insolvency.

The firm in question also engage with M&A. The article is careful not to specify why the company have been engaged.

You’ve just read it through the frame of the headline.

You restructure (or attempt to) when you see a triggering event in the near term (MSP loan maturity, breach of covenants etc) which would lead to a formal insolvency.

I have not read it through the frame of the headline. I've read it through the frame of a transaction that was supposed to close 4 months ago, each month since adding to the working capital loans at supposed usurious rates, as we can't pay bills with cash coming in.

Large debt maturities that can't be restructured lead to formal, declared insolvency.

You truly believe they have been engaged to consult on M&A? I think that's wishful thinking.

You use the word refinancing. If they could do that, they already would have. That they have not been able to loan against BMD at this stage of the construction is concerning, but not surprising given the cash flow issues and sale process.

 

[ClausThomsen]

What’s that mate?

A really hard 'popping' sound when pronouncing a hard P on a microphone. One of those things you sometimes don't notice until you do....then it becomes really annoying.

Probably not the biggest concern around 777 Partners if I'm honest.

 

[Blue peter]

Waiting in the wings, they’re basically Magaye Gueye

Either that or Paul McCartney is leading a band based consortium

 

[JP5]

Problem we have and we can only go on the last set of accounts is that 92% of our turnover is going on the wage bill.

Interest payments for the Rights Media according to reports is 30 million per year. That is the interest only and no down payments.

God knows what the interest payments are for MSP at the min.

On top of all that we also have the rest of the stadium build to finance.

No one is going to restructure that. It is new owners or bust.

The MSP loan is secured against the holding company that owns the club. If the loan is not repaid, either as part of the takeover or by moshiri himself, then they will in effect take control of the club.

just saying …

 

[AndyC]

Feel like the Josimar/Esk/Paul Brown axis is coming to a head with this now.

Throughout this whole process they've been intent on scaremongering the fanbase as much as possible with the mudslinging.

Whatever happens - it reflects really poorly on them all of this.

...exposing the sheer delusion of Moshiri in proclaiming 777 to be the best possible option for the club.
Moreorless every doubt they have expressed about 777 has come to fruition.
777 are a highly dubious outfit, they have businesses going into administration, their credit rating has sunk like a stone, their insurance businesses are under investigation, oh and they have the investigative journalists from FT, the NY Times and the Washington Post on their case as well as the three mentioned above.

And yet, so many people blame the messengers rather than the cause - unbelievable really.

 

[pfim]

So wtf does this mean?

Interesting that everyone's favorite fatalist is implying that we have the cash to make it through the end of the season, which is good news (as I'm sure there's a bit of MSP spin on that who are the most immediate creditor to satisfy).

As for where the money came from, I can only imagine it came straight from A Cap.

 

[pfim]

Feel like the Josimar/Esk/Paul Brown axis is coming to a head with this now.

Throughout this whole process they've been intent on scaremongering the fanbase as much as possible with the mudslinging.

Whatever happens - it reflects really poorly on them all of this.

Well the Esk's latest tweet is good news, so...