777 Partners / Whatever the hell you like

[pfim]

Spurs restructured after moving in, beforehand they had short term loans to complete the build. They would have been screwed over in terms of interest repayments if the timing was similar to ours.

Tottenham refinance £637m stadium debt but purse strings will not loosen

Daniel Levy has insisted he will continue to run Tottenham in the same way as in the past after announcing a refinancing of the club’s stadium loans

www.theguardian.com

The difference being they already had funding through more traditional channels, then refinanced into fixed-rate bonds. Meaning they had a plan in place to fund the stadium and executed on it.

We've been loaned money to build the stadium by a shadow group whose role was to front us our PL revenues for a season, but now has done that for two seasons. And two other private groups who are trying or have tried to buy the club.

 

[pfim]

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.

Their average rate before the refinancing was 3%. It is both a sign of the times and a sign of better credit risk. They refinanced because the original loans reached maturity. The splitting between the institutions is called syndication and is usually done in lock step with the club and all institutions. Everton have been piecemealing this together on a bar napkin.

Construction loans are different than conventional yes. Equity is the first money in, then you'll draw on the bank loan to make periodic payments until that loan is fully drawn. Typically you'll have a commitment letter though months before construction commences, so you have some level on certainty in funding. Once construction is complete and occupancy can be assumed, the loan typically converts to a term loan or possibly matures and needs to be refinanced.

There's no doubt we don't have this financing, or couldn't get it, because of our operating results. The organization has been poorly run top to bottom, and it hits every single aspect of the club.

 

[Azza]

Spurs restructured after moving in, beforehand they had short term loans to complete the build. They would have been screwed over in terms of interest repayments if the timing was similar to ours.

Tottenham refinance £637m stadium debt but purse strings will not loosen

Daniel Levy has insisted he will continue to run Tottenham in the same way as in the past after announcing a refinancing of the club’s stadium loans

www.theguardian.com

And neither them or West Ham have found a 'stadium sponsor' still.

And they're competing in and winning (if you count the Europa Conference League) European competitions.

USM money was essential to the project given we can't access low rate finance as it's clear the club and absolutely terrible at getting reputable partners involved with the club.

 

[Eggsyblueskin]

Perhaps Moshiri is deliberately using the veiled threat of administration to ‘encourage’ the PL to allow 777 to assume control.
Despite the fact that they have so far failed to provided the financial reassurances required and any purchase ,as it stands currently ,would be heavily leveraged.

 

[BNJ1878]

Another thing about all this that winds me up is "where the actual flip is Denise Barret-Baxendale?"

Pre spades in the ground and during the actual build she told Evertonians several times that funding options where 'close' and all would be announced in the very near future.

Absolutely loved the stink of her own turds that one, crowing about business awards on the Football Club Website, scolding teams for having betting companies as sponsors before an embarrassing climb down over Stake.com. She's then a willing participant in the smear campaign against the support by being the poor, terrified victim of the phantom headlocker (but didn't report it to the police).

The cherry on the cake was her and her fellow board members voting on their own severance package.

She needs her head shaving and parading around the pitch perimeter like a shamfull toffeelady pre Sheff Utd. Bring your rotten veg.

Useless tit.

 

[mightymoyes]

Perhaps Moshiri is deliberately using the veiled threat of administration to ‘encourage’ the PL to allow 777 to assume control.
Despite the fact that they have so far failed to provided the financial reassurances required and any purchase ,as it stands currently ,would be heavily leveraged.

why would the PL care? they've shown their contempt for Everton at every opportunity

 

[Curtis]

BMD isn't a massive mistake, it's just been executed by morons.

That statement just perfectly encapsulates Moshiri's reign as an owner. There's nothing wrong with ambition but it has to be orchestrated with competence thus even before the poorly conceived funding for the statement we spent billions on awful players and their wages with no resale value with no attempt to develop any modicum of commercial value I mean we were consistently in the top half of the league we could tried to capitalize on that and build the fan base and the brand yet as you mentioned poor execution has lead to the club being burdened by excessive debt and fighting for relegation every year now

 

[dublinbluenose]

why would the PL care? they've shown their contempt for Everton at every opportunity

Because a club going into administration on their watch would be a disaster for them too.

 

[hallamblue]

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.

We just need to live in the real world. Unfortunately this means selling Branthwaite and Onana, replacing them with loans or free transfers and any contracts we do renew need to be on reasonable wages

 

[mightymoyes]

Because a club going into administration on their watch would be a disaster for them too.

i haven't seen anything from the PL that says they would be bothered in anyway if we went into administration never mind consider it a disaster.

 

[dublinbluenose]

i haven't seen anything from the PL that says they would be bothered in anyway if we went into administration never mind consider it a disaster.

With the threat of an independent regulator being appointed, a club going into administration on their watch is a very very bad look.

 

[pfim]

i haven't seen anything from the PL that says they would be bothered in anyway if we went into administration never mind consider it a disaster.

It's the richest league in the world. A club filing for Administration would be a disaster for the league.

 

[HalfTimeSayers]

i haven't seen anything from the PL that says they would be bothered in anyway if we went into administration never mind consider it a disaster.

Doesn’t help them minimise external regulation if their self designed “sustainability” rules saw a club go under. Thats all they care about, their own rep and benefits, not the clubs or fans.

 

[Daytripper]

Another thing about all this that winds me up is "where the actual flip is Denise Barret-Baxendale?"

Pre spades in the ground and during the actual build she told Evertonians several times that funding options where 'close' and all would be announced in the very near future.

Absolutely loved the stink of her own turds that one, crowing about business awards on the Football Club Website, scolding teams for having betting companies as sponsors before an embarrassing climb down over Stake.com. She's then a willing participant in the smear campaign against the support by being the poor, terrified victim of the phantom headlocker (but didn't report it to the police).

The cherry on the cake was her and her fellow board members voting on their own severance package.

She needs her head shaving and parading around the pitch perimeter like a shamfull toffeelady pre Sheff Utd. Bring your rotten veg.

Useless tit.

 

[DuncansPigeons]

Failure to pay wages constituents a breach I think which may lead to points deduction

With the threat of an independent regulator being appointed, a club going into administration on their watch is a very very bad look.

It would make a mockery of their much loved PSR rules