777 Partners / Whatever the hell you like

[Pabbers]

? No one knows who Josh Wander or Steve Pasko are in the US. No one cares.

If they weren't buying Everton, they wouldn't be in the NYT.

So Everton matter to the NYT, but US Business men dont ??

 

[ForeverBlue92]

The thing is though, the bigger the threat of bankruptcy, the more attractive we are. My fear is that we will be bought out after the bankruptcy when we are at our cheapest.

Look at the mancs, they were talking about 6b for company that has a turn over of 500m. The RS have a much bigger turnover/income these days than Man U. If the RS were for sale, they would be a similar price. To buy them now, you are having to pay a premium that very few people can afford.

Where as we will be sold for a pound, because of the hundreds of millions in debt. Or we will go into bankruptcy, the creditors will get whatever the insolvency solicitors manage to get for the debt from the new owners, usually a few pence per each pound of debt that the new owners will have to pay. Then the new owner will have a debt free club, with a brand new stadium paid for, or very nearly paid for.

To buy us now, its going to be at least 750m, which is the amount of debt, and we are losing money every year. To buy us after bankruptcy it maybe a few tens of million. If you are going to buy a club, would you buy one for buttons with no debt after bankruptcy, or would buy someone like the RS or the mancs for 6b when they only generate 5-600m a year.

Purely from a business point of view, as a business man you would by the club in bankruptcy. Thats the big fear for me.

A very insightful post my friend. Personally I dont believe it'll get to the point of any kind of administration.

 If the 777 deal collapsed, I would imagine Mr Moshiri would drop his asking price until the point that a credible buyer took a nibble.

He would rather walk away with say £200m than nothing at all.

 

[Mikey_Fitzgerald]

All we can really do is hope that 777 falls through and someone decent pops up to buy us

It's unlikely I grant you

 

[pfim]

So Everton matter the NYT, but US Business men dont ??

Yes, Everton are much more newsworthy than these anonymous "businessmen."

I live in Florida, 3 hours drive from Miami where they are based. I've never heard of them until now. Same with the "property tycoon" from Minnesota.

These jokes write themselves, folks.

Say what you want about MSP, but people know who they are and what they have done.

 

[mikel_88]

I still think 777 will finish the deal and get the club problem is i cant say what way it will go good/bad

 

[Pabbers]

The thing is though, the bigger the threat of bankruptcy, the more attractive we are. My fear is that we will be bought out after the bankruptcy when we are at our cheapest.

Look at the mancs, they were talking about 6b for company that has a turn over of 500m. The RS have a much bigger turnover/income these days than Man U. If the RS were for sale, they would be a similar price. To buy them now, you are having to pay a premium that very few people can afford.

Where as we will be sold for a pound, because of the hundreds of millions in debt. Or we will go into bankruptcy, the creditors will get whatever the insolvency solicitors manage to get for the debt from the new owners, usually a few pence per each pound of debt that the new owners will have to pay. Then the new owner will have a debt free club, with a brand new stadium paid for, or very nearly paid for.

To buy us now, its going to be at least 750m, which is the amount of debt, and we are losing money every year. To buy us after bankruptcy it maybe a few tens of million. If you are going to buy a club, would you buy one for buttons with no debt after bankruptcy, or would buy someone like the RS or the mancs for 6b when they only generate 5-600m a year.

Purely from a business point of view, as a business man you would by the club in bankruptcy. Thats the big fear for me.

If we went into admin or bankrupcy we would be forced to sell everything and anything to pay off any debt.

We would lose the half built ground, all of the players, the legacy project gone and we would get relegated...maybe even drop further down.

That "asset" would then NOT be one in the elite league earning the TV money. It would be a lower league club with no ground at all.

 

[Sussex]

Too many red flags coming to the surface for this lot to be credible.

I mean saying to the FCA we can't lay our hands on a recent set of unaudited accounts. They tried that tricked in Belgium and got away with it. Surely they can't be that naive and try it again. FFS

A couple of missed payrolls and bonuses not paid. Not paying your own staff is effing low

And they are always borrowing off of Pete to pay Paul. And then sometimes borrowing off of Paul to help Pete.

I don't think this lot are any better than the shambles we currently got running us. Out of the frying pan and into the fire

 

[Pabbers]

Yes, Everton are much more newsworthy than these anonymous "businessmen."

I live in Florida, 3 hours drive from Miami where they are based. I've never heard of them until now. Same with the "property tycoon" from Minnesota.

These jokes write themselves, folks.

Say what you want about MSP, but people know who they are and what they have done.

Well im not sure anyone or many people in New York or Florida really know what an "Everton" is, so I doubt iuts newsworthy in the slightest.

 

[efcfanwirral]

The thing is though, the bigger the threat of bankruptcy, the more attractive we are. My fear is that we will be bought out after the bankruptcy when we are at our cheapest.

Look at the mancs, they were talking about 6b for company that has a turn over of 500m. The RS have a much bigger turnover/income these days than Man U. If the RS were for sale, they would be a similar price. To buy them now, you are having to pay a premium that very few people can afford.

Where as we will be sold for a pound, because of the hundreds of millions in debt. Or we will go into bankruptcy, the creditors will get whatever the insolvency solicitors manage to get for the debt from the new owners, usually a few pence per each pound of debt that the new owners will have to pay. Then the new owner will have a debt free club, with a brand new stadium paid for, or very nearly paid for.

To buy us now, its going to be at least 750m, which is the amount of debt, and we are losing money every year. To buy us after bankruptcy it maybe a few tens of million. If you are going to buy a club, would you buy one for buttons with no debt after bankruptcy, or would buy someone like the RS or the mancs for 6b when they only generate 5-600m a year.

Purely from a business point of view, as a business man you would by the club in bankruptcy. Thats the big fear for me.

Guess there's gambles involved all round, let us go bankrupt and we will get relegated and it could take a long time to come back (mainly down to financial "fair play" rules). Or if you've got the money to buy a premier league club with a new stadium coming, hoping they stay up, that can bring loads of riches going forwards. But that's only if they have the money. and if we stay up.

I wonder if there would be more potential buyers, even with the debts, if we were more stable on the pitch and there wasn't a danger of a major drop in our value straight after buying us?

 

[Tony’s Carp]

The NYT does not have any sort of bias or agenda against EFC or anyone involved in the deal.

It's not necessarily about bias really. It's just that journalists and publications require stories. Tariq Panja is one of a great many "business of football" type journos who have occupied that space in recent years and tbh there probably aren't enough stories in that niche to sustain them all. Right now it's us and Man United.

These guys have got to eat and to eat they need to publish stories, I'm not saying anything is necessarily untrue but they need to make the most of every morsel of info they get. A smooth process does nothing for them. We should for sure be highly sceptical of 777 but should also acknowledge the reality of how the media works and be sceptical of what they publish and / or how important it really is.

 

[jinkyali]

Aston Villa were bought for approx 60m when they faced the threat of administration.

That will be in the minds of interested parties.

 

[Martin Alvito]

So Everton matter to the NYT, but US Business men dont ??

The Prem matters to the NYT. Everton is a Prem club. Its sale is news, if there's anything newsworthy about the sale.

Dodgy prospective owners who won't cough up financials render the story newsworthy.

 

[pfim]

Well im not sure anyone or many people in New York or Florida really know what an "Everton" is, so I doubt iuts newsworthy in the slightest.

They definitely know. Every PL match here is available via broadcast or stream. The club has had USMNT stars in its ranks. It's why PL revenues are going up and why these clubs are so attractive, for the right price.

 

[HalfTimeSayers]

Ehh…

It states they have gotten the cash for the Everton loan through A-Cap. And at the end they have produced a prospectus to raise more capital in part to purchase Everton (which is coincidentally not far off from what they would owe Moshiri for his shares). So they’ve borrowed expensive money to loan it on to Everton, and no one knows where they are getting the cash for EFC, including 777.

They haven’t been able to produce audited financial accounts now for at least two fiscal years. A business of its supposed size not having an audited set of accounts is baffling, at least if everything is above board. The fact that they can’t produce these accounts likely means an auditor wouldn’t sign off on them.

Don’t forget the TWO missed payrolls.

Even if this goes through somehow, these people are clowns and don’t have their crap together. You can question individual claims or sources, but in the aggregate it’s impossible to ignore. I can’t recall another sale of a major sports entity having this much negative press about the purchaser’s financial standing, AFTER the deal has been agreed.

There is too much speculation (mixed with some very very worry facts), that’s the problem and it’s very unfair on the fanbase. They aren’t raising millions of dollars of capital with the last 2 or more financial years being unaudited, or at least unapproved. Prosecutions under Sarbanes-Oxley etc in the US (and by extension US owned companies in the UK - it should make the PL requirements look like child’s play) do happen. Audit firms alone are terrified of being even close to a company that turns out to be dodgy. But you can’t just not have an audit or tax audit when you are that size and no one minds and you carry on touting for huge investments.

Honestly, none of it really makes sense at this point. On paper they shouldn’t get near any negotiating tables, but alas they do. Wish we could just go back to worrying about how many CMs we would line up with.

 

[pfim]

It's not necessarily about bias really. It's just that journalists and publications require stories. Tariq Panja is one of a great many "business of football" type journos who have occupied that space in recent years and tbh there probably aren't enough stories in that niche to sustain them all. Right now it's us and Man United.

These guys have got to eat and to eat they need to publish stories, I'm not saying anything is necessarily untrue but they need to make the most of every morsel of info they get. A smooth process does nothing for them. We should for sure be highly sceptical of 777 but should also acknowledge the reality of how the media works and be sceptical of what they publish and / or how important it really is.

It's not the sale that is newsworthy, it's the purchasers and their fitness.

I don't recall any stories from Tariq Panja about MSP's dubious financial standing when they were under contract.

It's not the source of the information that needs to be questioned, it's 777.