777 Partners / Whatever the hell you like

[Lobworm]

Unfortunately yes. That's what happens when you lay the best part of 30 million in just a transfer fees on players like Gbamin and Bolasie, before you even start to count wages.

I am sure if we looked, there would be examples of highly paid fellas who were on the payroll, who were just as poor value for money, albeit not on crutches.

 

[maccavennie]

Wheb does the 777 agreement end again end of the month?

Yes

Then it'll be extended by Moshiri until end of August as their "multi club model is perfect for Everton"....at this point no one has told Moshiri they've lost every other club they owned

 

[John from Bootle]

Gomes, Brantwaite and Dele where out on loan that season for the accounts.

Harrison we know is on 90k per week. Beto and Danjuma will be on a half decent wage. Young won't be cheap. Pickford got a new contract. Wage bill will be slightly reduced but whatever saving we make will be consumed with interest payments on existing loans.

I take your point on the interest payments, but debt can be restructured by new owners. If anybody does buy us, I'd imagine they would be borrowing the money anyway, and that would then become the debt.

My only point was any prospective buyers won't be looking at books (projected or current/ongoing) that show a 92% wages to turnover ratio. Add in the new stadium and further projected cuts to the wage budget, then I don't think we're quite the unappealing proposition a lot of people think we are.

 

[CielosGrises]

I take your point on the interest payments, but debt can be restructured by new owners. If anybody does buy us, I'd imagine they would be borrowing the money anyway, and that would then become the debt.

My only point was any prospective buyers won't be looking at books (projected or current/ongoing) that show a 92% wages to turnover ratio. Add in the new stadium and further projected cuts to the wage budget, then I don't think we're quite the unappealing proposition a lot of people think we are.

If they are borrowing the money to buy us, that becomes more debt - on top of the debt the club already has to RMF, MSL etc.

Restructuring debt doesn't make it go away - just perhaps you pay over a longer period of time to help your cashflow.

 

[Librarian]

I take your point on the interest payments, but debt can be restructured by new owners. If anybody does buy us, I'd imagine they would be borrowing the money anyway, and that would then become the debt.

My only point was any prospective buyers won't be looking at books (projected or current/ongoing) that show a 92% wages to turnover ratio. Add in the new stadium and further projected cuts to the wage budget, then I don't think we're quite the unappealing proposition a lot of people think we are.

I think this is correct
The ‘as now’ position looks bad but with restructured debt, better income streams from the stadium and sponsorship opportunities it isn’t so bad.

Put it another way, imagine we had no new stadium, a buyer with a plan to build a new stadium would end up with similar levels of debt anyway.

The attraction is that they are getting the shares for a song.

 

[Walken]

I take your point on the interest payments, but debt can be restructured by new owners. If anybody does buy us, I'd imagine they would be borrowing the money anyway, and that would then become the debt.

My only point was any prospective buyers won't be looking at books (projected or current/ongoing) that show a 92% wages to turnover ratio. Add in the new stadium and further projected cuts to the wage budget, then I don't think we're quite the unappealing proposition a lot of people think we are.

His point is complete guesswork with no actual figures to paint a worst case scenario

 

[kev]

This was from the Fan Advisory Board statement on May 14th (8 days ago)
"We have received a response today, confirming that Mr Moshiri will meet the FAB next week."
Anybody heard any updates on this?

 

[Moderatelywarmwater]

We got 48 points this season meaning that we’re currently a mid table side. If we weaken the squad and achieve 10 less points next season, then we’ll probably still stay up.

We might get more points, it’s quite possible. But we might get relegated too. This next 12 months will be tight and hard. But let’s hope there’s a more sensible plan in place and that our creditors realise that they will have to expect a more reasonable return on the money they have leant of they want to see all of their money back. Hopefully common sense will break out and all will be well. But the next 12 months could be really tough on the pitch before things get better

 

[Dublin blue 75]

Inter Milan Seized by Oaktree After Chinese Owner Defaults on Debt​

Bloomberg.com
By Giulia Morpurgo and Irene Garcia Perez
May 22, 2024 at 10:22 AM GMT+1
Updated on
May 22, 2024 at 11:30 AM GMT+1
Oaktree Capital Management took ownership of Italy’s Inter Milan after its Chinese owner defaulted on a loan.

The US fund has taken control of the football club from conglomerate Suning Holding Group Co. as of Wednesday after it failed to repay €395 million ($428 million), Oaktree said in an emailed statement. The collateral backing the debt was a majority stake in the football club.

“As new owners, we recognize our responsibility to Inter Milan’s community, history and legacy,” Alejandro Cano, managing director and co-head of Europe for Oaktree’s global opportunities strategy, said in the statement. “Our initial focus is operational and financial stability.”

Read More: Pimco Deal With Inter Milan Owner at Risk as Deadline Looms

Suning had been in talks with Pacific Investment Management Co. to refinance its debt in recent weeks, but it couldn’t get a deal signed before the Oaktree loan came due on Tuesday.

Oaktree loaned the money to Suning in 2021 to help support Inter Milan’s finances as the pandemic kept stadiums closed to the public. Documents signed at the time and seen by Bloomberg News stated that following a default, creditors or representatives acting for them were entitled “immediately and without demand, advertisement or notice of any kind” to enforce the pledge granted by Suning, including seizing collateral if repayment isn’t possible. Inter is one of the most storied football clubs in Europe. It won Italy’s domestic Serie A league this season and was runner-up in UEFA Champions League last year.

It wouldn’t be the first time a creditor has taken ownership of a football club in Milan. In 2018, Elliott Management swapped the debt of AC Milan into equity in the club after the previous owner defaulted on its liabilities.

Following the Oaktree takeover, Inter still has some outstanding liabilities, including €415 million in high-yield bonds sold to institutional investors and set to mature in early 2027. Those notes are issued by Inter Media and Communication SpA, a unit owning the club’s broadcast and sponsorship rights. The cashflow from those first repays obligations to bondholders, before trickling through to the rest of the group.

 

[Bob Elstone]

Prentice - what a joke.

File him next to thelwell and Denise.

 

[Daytripper]

Prentice - what a joke.

File him next to thelwell and Denise.

What’s he done now?

 

[Eggsyblueskin]

Still drifting aimlessly without hope or purpose as the skies darken and a storm gathers ahead.
Meanwhile the captain is secure in his cabin with a barrel of rum and will answer to no one .
The plaintiff cry of the gulls overhead seem to say ‘Abandon hope ye mortals , For your story is done, your hull is rotten and your rudder is gone.

 

[Armaghtoffee]

Still drifting aimlessly without hope or purpose as the skies darken and a storm gathers ahead.
Meanwhile the captain is secure in his cabin with a barrel of rum and will answer to no one .
The plaintiff cry of the gulls overhead seem to say ‘Abandon hope ye mortals , For your story is done, your hull is rotten and your rudder is gone.

 

[DanB90]

Still drifting aimlessly without hope or purpose as the skies darken and a storm gathers ahead.
Meanwhile the captain is secure in his cabin with a barrel of rum and will answer to no one .
The plaintiff cry of the gulls overhead seem to say ‘Abandon hope ye mortals , For your story is done, your hull is rotten and your rudder is gone.

 

[OnlyTheBestIsGoodEnough]

Inter Milan Seized by Oaktree After Chinese Owner Defaults on Debt​

Bloomberg.com
By Giulia Morpurgo and Irene Garcia Perez
May 22, 2024 at 10:22 AM GMT+1
Updated on
May 22, 2024 at 11:30 AM GMT+1
Oaktree Capital Management took ownership of Italy’s Inter Milan after its Chinese owner defaulted on a loan.

The US fund has taken control of the football club from conglomerate Suning Holding Group Co. as of Wednesday after it failed to repay €395 million ($428 million), Oaktree said in an emailed statement. The collateral backing the debt was a majority stake in the football club.

“As new owners, we recognize our responsibility to Inter Milan’s community, history and legacy,” Alejandro Cano, managing director and co-head of Europe for Oaktree’s global opportunities strategy, said in the statement. “Our initial focus is operational and financial stability.”

Read More: Pimco Deal With Inter Milan Owner at Risk as Deadline Looms

Suning had been in talks with Pacific Investment Management Co. to refinance its debt in recent weeks, but it couldn’t get a deal signed before the Oaktree loan came due on Tuesday.

Oaktree loaned the money to Suning in 2021 to help support Inter Milan’s finances as the pandemic kept stadiums closed to the public. Documents signed at the time and seen by Bloomberg News stated that following a default, creditors or representatives acting for them were entitled “immediately and without demand, advertisement or notice of any kind” to enforce the pledge granted by Suning, including seizing collateral if repayment isn’t possible. Inter is one of the most storied football clubs in Europe. It won Italy’s domestic Serie A league this season and was runner-up in UEFA Champions League last year.

It wouldn’t be the first time a creditor has taken ownership of a football club in Milan. In 2018, Elliott Management swapped the debt of AC Milan into equity in the club after the previous owner defaulted on its liabilities.

Following the Oaktree takeover, Inter still has some outstanding liabilities, including €415 million in high-yield bonds sold to institutional investors and set to mature in early 2027. Those notes are issued by Inter Media and Communication SpA, a unit owning the club’s broadcast and sponsorship rights. The cashflow from those first repays obligations to bondholders, before trickling through to the rest of the group.

Do these guys know anything about relegation asking for a friend