777 Partners / Whatever the hell you like

[pfim]

Couple of things:
Interest on the loan for the money that they give us so far is on 777, not us.
All required information was provided to the PL. The PL is the one that keeps asking more information based on what was provided to date. Perhaps they are doing their due diligence making sure they are making the right call, or they are just playing for time to punish us.
Belgian authorities did not waive them through...the issue with liege right now is not only with 777 but also their previous owner that he is not willing to pay his fair share for legacy issues that should have been handled before 777 takeover.

1. Apparently not.

2. They could not provide audited financial statements (sound familiar)? And the Belgian authorities relented because the prior ownership was unstable (sound familiar)?

 

[pfim]

There are rules in business...for me is perfectly acceptable for moshiri to wait on the PL before making his move bearing in mind the commitment 777 has shown to date. PL has to decide ASAP. Either yes or no rather than delaying everything.

I'm not sure what you mean by this. If you mean pay your bills on time, pay your employees on time and use appropriate risk tolerances with other people's money, yes, I agree.

The PL doesn't NEED to do anything. The purchase is between Moshiri and 777. If they can't affect the sale because the PL is not satisfied that 777 can fund the club for the next three years, that falls back on Moshiri and 777.

He would be a moron to sit back and wait for the PL. He should be speaking with other people, as I'm sure he has. A period of exclusivity doesn't prevent people from speaking.

 

[AndyRJ]

I'm not sure what you mean by this. If you mean pay your bills on time, pay your employees on time and use appropriate risk tolerances with other people's money, yes, I agree.

The PL doesn't NEED to do anything. The purchase is between Moshiri and 777. If they can't affect the sale because the PL is not satisfied that 777 can fund the club for the next three years, that falls back on Moshiri and 777.

He would be a moron to sit back and wait for the PL. He should be speaking with other people, as I'm sure he has. A period of exclusivity doesn't prevent people from speaking.

He's definitely a moron.

It worries me slightly that he is continuing to have full faith in 777 and they may be pulling the wool over his eyes regarding the approval process with the Premier League i.e. they are telling him and everyone else they have provided everything when in reality they either haven't or there are major issues with what has been provided.

Someone, either 777 or Moshiri, need to decide ASAP that the deal is dead in the water. I pray Moshiri is already looking at alternatives but i really don't believe he is.

 

[pfim]

He's definitely a moron.

It worries me slightly that he is continuing to have full faith in 777 and they may be pulling the wool over his eyes regarding the approval process with the Premier League i.e. they are telling him and everyone else they have provided everything when in reality they either haven't or there are major issues with what has been provided.

Someone, either 777 or Moshiri, need to decide ASAP that the deal is dead in the water. I pray Moshiri is already looking at alternatives but i really don't believe he is.

He had 777 lined up as soon as the MSP deal fell apart.

I don't think he needs to do anything at the moment. He raised 320 million in about 8 months time. He only needs to do something when he needs cash.

 

[Simon Buttle]

I'm not sure what you mean by this. If you mean pay your bills on time, pay your employees on time and use appropriate risk tolerances with other people's money, yes, I agree.

The PL doesn't NEED to do anything. The purchase is between Moshiri and 777. If they can't affect the sale because the PL is not satisfied that 777 can fund the club for the next three years, that falls back on Moshiri and 777.

He would be a moron to sit back and wait for the PL. He should be speaking with other people, as I'm sure he has. A period of exclusivity doesn't prevent people from speaking.

There were some comments in an esk post on twitter a few weeks back with a few people asking about a rumour that the BMD site was being cleaned up a little so that another 'interested party' could view it and it was suggested that it defo wasn't 777.

 

[AndyRJ]

He had 777 lined up as soon as the MSP deal fell apart.

I don't think he needs to do anything at the moment. He raised 320 million in about 8 months time. He only needs to do something when he needs cash.

He'd already been speaking with 777 before MSP and for whatever reason went with MSP initially then back to 777 when that fell apart.

You'd have to hope that he's spoke to numerous parties and has someone else he can fall back on when, hopefully, the 777 deal is dead!

 

[RomanReigns]

anyone that wears a baseball cap to a business meeting is a walking red flag

 

[Bebeto]

According to what I have read the Belgian authorities did have serious concerns about 777, but because Liege were in serious financial difficulties they allowed 777 to assume control.
You are splitting hairs about the loan , the point is it is a loan and not a gift as you intimated.
And the interest rates are relatively high , which Everton will have to repay.
If all the required information had been satisfactorily provided to the PL they would have been approved by now . We can see how long the approval process takes when the applicant has the necessary funds and can provide the information , with Ratcliffe at ManU, that took around 50days to compete , 777 are still unable to satisfy the criteria around 150 days after applying.
Clearly they are having problems providing the necessary information .
Supporters of Liege , Hertha , and Vasco de Gama have been vociferously protesting about their ownership citing lack of investment and ambition, it’s not hard to see why .
This group only take out , they don’t put in.

The loan would be converted into equity if 777 is approved by the PL...if not nobody really knows, as there was talk of 777 becoming minority shareholders. Liege supporters have been unhappy for some time as you aluded to with not only 777 but also their previous owner. They are not doing that badly to be fair as like any big club, they are going through a transition right now same as anderlecht has been for the past few seasons. Vasco is doing well...the only bad one in there is hertha which should have been challenging to come back to the bundesliga but they are not...Genoa is doing very well in seria a...its easy to find holes in any projects especially with football which is not an exact science...for me the concept of multi club ownership is a great one, but you need access to a massive sum of money to make it a success. Like you I am not sure really how much money if any at all has 777 access to, other than long term debt or at least that how its looking from the outside. We know they have tried to get big investors in, but so far it doesn't look like they have succeeded, something that could change if suddenly they own everton.

 

[Bebeto]

I'm not sure what you mean by this. If you mean pay your bills on time, pay your employees on time and use appropriate risk tolerances with other people's money, yes, I agree.

The PL doesn't NEED to do anything. The purchase is between Moshiri and 777. If they can't affect the sale because the PL is not satisfied that 777 can fund the club for the next three years, that falls back on Moshiri and 777.

He would be a moron to sit back and wait for the PL. He should be speaking with other people, as I'm sure he has. A period of exclusivity doesn't prevent people from speaking.

So tell me what would have happened now without that 180 million we got from them...I don't care if they don't pay their bill in time in their other businesses, something that again its very easy to read the big headlines, but when looking at the small print you see a different perspective. They are still operating many businesses, some with success returning profits, some with less in particular in their football investment. Then we do not know for sure what was agreed under that period of exclusivity, unless you have access to the contract?

 

[pfim]

So tell me what would have happened now without that 180 million we got from them...I don't care if they don't pay their bill in time in their other businesses, something that again its very easy to read the big headlines, but when looking at the small print you see a different perspective. They are still operating many businesses, some with success returning profits, some with less in particular in their football investment. Then we do not know for sure what was agreed under that period of exclusivity, unless you have access to the contract?

This is the number 1 indicator of financial distress. They can't pay their players at Liege on time. Those aren't the big headlines, they're the small print that you mention. Their largest investment is suffering credit downgrades.

You seem to want to give them credit because they're able to borrow 180 million and lend it to the club, even though they've proven to be bad operators.

Bad operators with money is how we are where we are today.

I'm not sure what type of exclusivity deal would prevent an owner from having a conversation with someone else? I guess I'm just basing that on experience.

 

[Blast_of_Cannock]

anyone that wears a baseball cap to a business meeting is a walking red flag

You trying to tell me Trump is not an upstanding citizen?

 

[Tony’s Carp]

He had 777 lined up as soon as the MSP deal fell apart.

I don't think he needs to do anything at the moment. He raised 320 million in about 8 months time. He only needs to do something when he needs cash.

It's an outside shot given how poorly he's run us, but it's not inconceivable Moshiri is actually being quite clever here. Like you say he's raised a packet for the stadium without either putting in a penny himself or relinquishing ownership of the club.

 

[Bebeto]

This is the number 1 indicator of financial distress. They can't pay their players at Liege on time. Those aren't the big headlines, they're the small print that you mention. Their largest investment is suffering credit downgrades.

You seem to want to give them credit because they're able to borrow 180 million and lend it to the club, even though they've proven to be bad operators.

Bad operators with money is how we are where we are today.

I'm not sure what type of exclusivity deal would prevent an owner from having a conversation with someone else? I guess I'm just basing that on experience.

Again you have to look at the details, not the headlines...they have been issues with late payments indeed for the last 2 months but in each case for very different reasons...dont be fooled by the headlines especially when looking at it from abroad with probably badly translated pieces that sound very alarming. I am not saying that they have done wonders for liege, but I am saying that they will not be going bankrupt any time soon. I wouldn't say that a multi billion business is a bad operator...they obviously doing stuff right to grow the business...dont get me wrong, I would prefer if the PL says no and we have other people with a better pedigree out there for our club and more money to at least be able to clear the huge debt from day one...however that's probably unlikely as not many billionaires out there wants to own a football club.

 

[Joey66]

Moshiri really nèds to find a back up buyer as 777 they will never get the go ahead of the Premier

 

[Eggsyblueskin]

Again you have to look at the details, not the headlines...they have been issues with late payments indeed for the last 2 months but in each case for very different reasons...dont be fooled by the headlines especially when looking at it from abroad with probably badly translated pieces that sound very alarming. I am not saying that they have done wonders for liege, but I am saying that they will not be going bankrupt any time soon. I wouldn't say that a multi billion business is a bad operator...they obviously doing stuff right to grow the business...dont get me wrong, I would prefer if the PL says no and we have other people with a better pedigree out there for our club and more money to at least be able to clear the huge debt from day one...however that's probably unlikely as not many billionaires out there wants to own a football club.

It is never good business practice to your bills late.
For one thing it invariably incurs penalties for late payment which obviously means you end up paying more.
For another thing it eventually erodes trust in your business and people become reluctant to deal with you .
Paying your employees late is also not advisable , it depresses morale, and is a breach of faith .
All of the above are indicators of a poorly run or struggling business, it strongly suggests a business lacking sufficient liquidity to operate .
Add this to the fact they are making people redundant and have lost an important member of staff who oversaw their finances and left abruptly a few weeks ago , its hard to escape the conclusion that this group is already seriously stretched.
I run my own business and on the evidence above I wouldn’t risk a penny dealing with 777 at the moment .