777 Partners / Whatever the hell you like

[Moomin]

2.66%!
But they went to the banks and found ‘proper’ lenders. Moshiri went and didn’t get any so carried on anyway. Brave or foolhardy? Time will tell. But it’s more the issue of high risk than timing.
Once we are in the stadium it makes refinancing at reasonable rates much easier to achieve

Apparently we did get an offer pre-covid from a Japanese bank of 3%

No bank would currently touch us right now.

 

[Timhowardsswearbox]

They are selling their grannies and their employees grannies. Soon there won’t be any grannies left.

 

[Moderatelywarmwater]

Apparently we did get an offer pre-covid from a Japanese bank of 3%

No bank would currently touch us right now.

I’ve always wondered if this was actually true or not. Didn’t Moshiri turn it down looking for a better offer?
Who knows what interest rate we are paying 777, I assume well over 10%

 

[Dublin blue 75]

I’ve always wondered if this was actually true or not. Didn’t Moshiri turn it down looking for a better offer?
Who knows what interest rate we are paying 777, I assume well over 10%

It's a while back but someone ran the calculation on what we are paying RMF based off their (limited in detail) accounts filed online. We are one of a couple of clubs with open borrowings from them but are by a distance the largest. From memory, someone backed the RMF income back into their assets (i.e. loans to us and others) and it was an effective rate of 12%.

Given 777 came along after and are lower in the repayment queue if we do go under, it is likely we will be paying a higher interest rate to them. Given our current circumstances, I will wager they may not be enforcing repayment and interest is capitalising until the 'sale' is resolved. Much can kicking.

 

[chippy1722]

IMO it's harassment.

Goodly has a vendetta against Everton and I bet his employers back him 100% with it.

I've never seen any of these journalists take an interest in Everton's finances when Kenwright was running us into the ground.

There's something more than football considerations going on here, for sure.

Kenwright getting loans off his friends against future revenue, and securing them big interest on their money was shadier than anything 777 will do.

 

[royalblue66]

My dad gets the Guardian. He rings me up on a regular basis and leaves messages about bankruptcy and more points deductions etc. He's 88 and lives in a care home, so I hope this guy's proud of himself! I just tell him it's scaremongering rubbish, but then again I told him that about the points deduction and we all know what happened there!

Same age has me, your Dad, my grand sons want to give him a good seeing to.
Regards to your Dad btw.

 

[JP5]

2.66%!
But they went to the banks and found ‘proper’ lenders. Moshiri went and didn’t get any so carried on anyway. Brave or foolhardy? Time will tell. But it’s more the issue of high risk than timing.
Once we are in the stadium it makes refinancing at reasonable rates much easier to achieve

Interest rates are c4-5% higher than they were then. The equivalent would be c8% today.

10% for private debt really isn’t that high based on current market rates.

 

[lieneverton]

In laymans terms, without a new, suitable owner (i.e. not 777 cowboys), how likely is administration in the next 6-12 months? Because from what I can see, it feels more likely than not.

 

[Mrbluenose]

In laymans terms, without a new, suitable owner (i.e. not 777 cowboys), how likely is administration in the next 6-12 months? Because from what I can see, it feels more likely than not.

The club needs competent, cashed up owners within the next few months or it is going down the gurgler.

I shudder to think what squad Dyche will have at the start of next season. Pot to piss in and all that.

 

[Moderatelywarmwater]

It's a while back but someone ran the calculation on what we are paying RMF based off their (limited in detail) accounts filed online. We are one of a couple of clubs with open borrowings from them but are by a distance the largest. From memory, someone backed the RMF income back into their assets (i.e. loans to us and others) and it was an effective rate of 12%.

Given 777 came along after and are lower in the repayment queue if we do go under, it is likely we will be paying a higher interest rate to them. Given our current circumstances, I will wager they may not be enforcing repayment and interest is capitalising until the 'sale' is resolved. Much can kicking.

I remember reading 12.75% was they rate they lent to other groups in the 777 umbrella. And it doesn’t seem unlikely, but really we don’t know

 

[Eggsyblueskin]

Kenwright getting loans off his friends against future revenue, and securing them big interest on their money was shadier than anything 777 will do.

Exactly the same.
No money going into the club .
Self -sustainability used as a fig leaf for no funds .
Overseen by remote control from afar.
Football clubs run purely for the benefit of the business model.
As with Kenwright , No Hope and No Future.
Supporters and club sweated to the maximum to generate dividends.

 

[ForeverEverton]

At this point do you think his inside man is deliberately trying to feed him the wrong information to see just what the esk will write?

Anything is plausible, just like 777 being able to claim the money is from them in the media when it wasn`t...

We don`t know but hopefully we can get some transparency soon.

 

[matty1878]

Anything is plausible, just like 777 being able to claim the money is from them in the media when it wasn`t...

We don`t know but hopefully we can get some transparency soon.

we can be minus -8 next season?

 

[edge]

we can be minus -8 next season?

No

 

[The binman chronicles]

2.66%!
But they went to the banks and found ‘proper’ lenders. Moshiri went and didn’t get any so carried on anyway. Brave or foolhardy? Time will tell. But it’s more the issue of high risk than timing.
Once we are in the stadium it makes refinancing at reasonable rates much easier to achieve

They only got that rate after it was built. I guess the bridging loans must have been more hence why they refinanced ahead of time. Whilst a stadium is being built anything might happen that could delay or cause the project to breakdown, banks don't like that sort of thing so they don't want to risk all their capital on it hence theirs was split between various 'proper' institutions. Much like we have now just with the investment firms.

Moshiri thought (hoped) the situation would improve and by stumping up the initial cash to get the ball rolling a lender would come on board but sadly it got worse. Spurs would have struggled under the same conditions, the only other choice was to postpone the build but how many times had we lived through that as a fanbase.

Mistakes were made, but that is easy to say looking back now we know what happened.