777 Partners / Whatever the hell you like

Revised Polling options on who wants a 777 takeover

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  • Poll closed .
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Lobworm said:
TBF we weren't moaning when he brought in Ancelotti and a WC golden boot winner. I think the recruitment of players is what's f**ked us, this current debacle is 5 years in the making.
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That's one managerial decision out of five and even that could only last 18 months. I wouldn't exactly say it was good either. We finished bottom half with him. I agree with the bad spending but I'd argue bringing in Carlo and James was bad moves too. Very short sighted.
 

pfim said:
The ratings agency that rates them. The New York Times that states they could not provide them to the FCA when requested.

I thought this was common knowledge.
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Links?
There’s this by the NYT / Tariq Panja but no mention of being unable to produce the required docs to FCA.
equally there’s stories of AM Best Downgrading 777 from ‘A’ to ‘B’ but that means anything from Good to Fair - 3 B gradings are available in a rating scheme that goes A - F with 15 grades within that range.
www.theinsurer.com

777 Re downgraded from A- to B by AM Best on material decline in capital ratio | The Insurer

AM Best has downgraded the financial strength rating of 777 Re from A- to B and its long-term issuer credit rating from “a-“ to “bb” as it highlighted a “material de...
www.theinsurer.com www.theinsurer.com

NB I’m far from arguing they are model owners, just desperately seeking something that categorically shows them to be terrible ones.
And I appreciate there’s an awful lot of noise about them, but as I said I’m interested in substantiation over speculation.
IMG_6284.webp
 
As a PRIVATE company in the US, are 777 Partners LLC actually under any obligation at all to have audited accounts? That would sound horrendous over here, and you’d think they still would for the purposes of finance raising. But don’t think they are under any obligation to release any public financial information, just government returns (IRS etc).

Not ideal when an external body is trying to assess your financing and suitability obviously.

Also, any details of what they have provided to the FCA would absolutely not be leaked by the FCA. So that’s a curious story, which has been well publicised.

Still wouldn’t touch them with someone else’s barge pole.
 
Neiler said:
We’re actually going to post a profit in the next few weeks mate, small one mind.
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BlueandBald said:
That's one managerial decision out of five and even that could only last 18 months. I wouldn't exactly say it was good either. We finished bottom half with him. I agree with the bad spending but I'd argue bringing in Carlo and James was bad moves too. Very short sighted.
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If anything we probably brought them in too late. The majority of the money had already been spent.
 

jazzy said:
Spot on. If Carlo got the gig when say Silva did and had spent half the money we did we would have won multiple trophies , be in Europe every season and relegation would never concern us
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Not sure about that like. I just don't think a top manager with a proven track record would have made so many poor purchases as his second rate predecessors.
 
Bedfordblue said:
Links?
There’s this by the NYT / Tariq Panja but no mention of being unable to produce the required docs to FCA.
equally there’s stories of AM Best Downgrading 777 from ‘A’ to ‘B’ but that means anything from Good to Fair - 3 B gradings are available in a rating scheme that goes A - F with 15 grades within that range.
www.theinsurer.com

777 Re downgraded from A- to B by AM Best on material decline in capital ratio | The Insurer

AM Best has downgraded the financial strength rating of 777 Re from A- to B and its long-term issuer credit rating from “a-“ to “bb” as it highlighted a “material de...
www.theinsurer.com www.theinsurer.com

NB I’m far from arguing they are model owners, just desperately seeking something that categorically shows them to be terrible ones.
And I appreciate there’s an awful lot of noise about them, but as I said I’m interested in substantiation over speculation.View attachment 239269
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The other information is in this thread, I'm not going back and reposting everything.

If you have audited statements, it's as simple as dropping a pdf file onto a secure site to share them.

It should have been one of the easiest boxes to check off.
 
pfim said:

The other information is in this thread, I'm not going back and reposting everything.

If you have audited statements, it's as simple as dropping a pdf file onto a secure site to share them.

It should have been one of the easiest boxes to check off.
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Thing is that’s a perfect example of what I’m on about.
Someone said they haven’t provided the accounts and the deals about to stall (in Oct), and the same story then says someone else said everything requested has been submitted in time and there’s no issues.
FCA (understandably) didn’t comment.
Yet the common perception is there’s a problem……. it’s a completely unsubstantiated non story.
Everyone’s entitled to their opinion on 777, all I’m saying is I’m remaining on the fence in the absence of anything other than rumours.
 
HalfTimeSayers said:
As a PRIVATE company in the US, are 777 Partners LLC actually under any obligation at all to have audited accounts? That would sound horrendous over here, and you’d think they still would for the purposes of finance raising. But don’t think they are under any obligation to release any public financial information, just government returns (IRS etc).

Not ideal when an external body is trying to assess your financing and suitability obviously.

Also, any details of what they have provided to the FCA would absolutely not be leaked by the FCA. So that’s a curious story, which has been well publicised.

Still wouldn’t touch them with someone else’s barge pole.
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There is no regulation I'm aware of for a private entity to be required to have audited numbers, other than obvious things like government contractors.

They are not under any obligation to make public that information, no.

Having said that, most private entities above a certain dollar figure have them for a variety of reasons:

1. Govt contracts
2. Bank or other financing
3. Potential sale of a business

I've reviewed 1000s of companies in my life, I can only think of one instance where a business over $20M in revenue did not have audited numbers. And the owner was forced to get two years of audited statements done so that he could sell the business.

They should have them, and they should be readily available. Just as they should:

  1. Meet their obligations as they come due with the BBL
  2. Meet their obligations as they come due with Vasco da Gama
  3. Meet their obligations as they come due with Standard de Liege
There's an obvious trend here, I cannot think of a reason why anyone would ignore it.
 
Bedfordblue said:
Thing is that’s a perfect example of what I’m on about.
Someone said they haven’t provided the accounts and the deals about to stall (in Oct), and the same story then says someone else said everything requested has been submitted in time and there’s no issues.
FCA (understandably) didn’t comment.
Yet the common perception is there’s a problem……. it’s a completely unsubstantiated non story.
Everyone’s entitled to their opinion on 777, all I’m saying is I’m remaining on the fence in the absence of anything other than rumours.
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Yes, the NYT says they have not provided the statements, and 777 say they have. One party has a reason to obfuscate, they other doesn't have an obvious one.

I would hope the NYT is not printing unsubstantiated stories. Then again I can get a good look at T Bone by sticking my head up a cow's butt, but I'd rather just take the butcher's word for it.

If you're looking for cold, hard facts of this when it exists between a regulatory agency and a private entity, you're asking for something that doesn't exist. Your bar is too high.

Two of their clubs have been under transfer bans since the deal was announced, related to payments. That is not unsubstantiated, and it certainly is a problem.
 

They've got approval from the FCA.
hmmm

[Paid Content - Blacklisted]/5157412/2023/12/22/everton-takeover-777-approved/

777 Partners have moved closer to its takeover of Everton after its bid received clearance from the Financial Conduct Authority (FCA).

Everton’s majority shareholder, Farhad Moshiri, signed an agreement with 777 Partners in September that would see the Miami-based group acquire Moshiri’s 94.1 per cent shares in the Premier League club in full.

Any prospective takeover remains subject to regulatory approval from the Premier League and the Football Association.

The FCA is a financial regulatory body in the UK which regulates financial firms providing services to consumers and maintains the integrity of the financial markets.

The body operates independently from the government and any company wishing to carry out regulated financial service activities in the UK must secure its approval.

777 Partners had always remained confident of securing FCA approval, as had other related parties with knowledge of the proposed deal.

There remains several significant hurdles to overcome before any takeover can be completed, however, with a decision not expected to be made before January.

GO DEEPER
What we know about 777's proposed takeover of Everton

777 Partners is a private investment firm, founded in 2015 and led by managing partners Steven Pasko and Josh Wander.

It holds a background across several sectors including aviation, financial services, insurance and media, while it has recently built a global multi-club network of football clubs.

777 Partners first football investment came in 2018 with a minority stake in Spanish club Sevilla, which it increased to 7.5 per cent in 2020.

777 Partners bought 99.99 per cent of Italy’s oldest football club Genoa in September 2021 and five months later it bought a 70 per cent controlling stake in Brazilian team Vasco da Gama.

In March 2022, 777 Partners bought 100 per cent of Belgian club Standard Liege and the following month it purchased French side Red Star.

It bought a minority stake in Australian club Melbourne Victory in October 2022 before securing incremental control of the club, up to 70 per cent, over a five-year period.

Its most recent investment prior to the bid to buy Moshiri’s shares in Everton came with a 64.7 per cent acquisition of German club Hertha Berlin in March 2023.

Everton would not be the first English sports club to be bought by 777 Partners, after it acquired a 45 per cent stake of basketball club London Lions in 2019.
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