777 Partners / Whatever the hell you like

[nsno-chris]

From today's Daily Mail

Stop reading after this

Not arsed what that paper has to say following chief Kopite and his constant negative reporting on us

 

[pfim]

Middle of April or just before could be D-Day, MSP are due to be repayed 150 mill +.

Talk about jeopardy.

I'm not sure of the timing, but it all depends on their collateral and their ability to collect.

 

[Neiler]

I'm not sure of the timing, but it all depends on their collateral and their ability to collect.

Or Moshiri could fund it.

We could negotiate with MSP.

Neither position is ideal.

If 777 stop funding say in March, we need working capital and also the MSP money.

The security for MSP is the stadium company, high stakes.

 

[Dixieslaces]

From today's Daily Mail

By IAN HERBERT

PUBLISHED: 13:00 EDT, 26 March 2024 | UPDATED: 13:38 EDT, 26 March 2024

They were packing them in at the famous Winslow pub on Goodison Road last Friday evening, as the Everton FC we used to know was remembered.

Neville Southall, Derek Mountfield, Peter Reid and Paul Bracewell were signing old photographs and shirts, ahead of an event over the road at the People’s Club bar, in Goodison’s Park End stand.

There, Reid and Bracewell, engine room of that side, discussed some great days and nights in the old ground. There was a reverential hush as they lingered on the legendary 3-1 win over Bayern Munich, which helped Everton win the European Cup Winners' Cup, in 1985. The talk was a sell-out, of course.

Looking back is something Everton fans are having to do more and more these days, because the future doesn’t really bear thinking about.

The headlines have all been about sustainability rules and points deductions, with the club in front of a Premier League independent commission for a third time this week. But that noise has obscured the more significant scandal of how Everton have been brought to the brink of insolvency by Iranian-born, Monaco-based Farhad Moshiri, a fool at the wheel of the club since 2016, whose custodianship has made the Glazers look highly competent proprietors by comparison.

Everton's prospective owners have been told to prove access to more than £400m.

The Premier League's demands are so substantial that 777 will be unlikely to meet them

We discovered at the weekend that Moshiri, who burnt through £750million to no material effect before his Putin-supporting business associate Alisher Usmanov was sanctioned and the cash dried up, is demanding at least £60m for Everton, rising to a possible £130m, from an American investment company, 777.

The sum is far higher than anyone else is prepared to pay Moshiri, which explains why all credible buyers have walked away and 777 have been swanning around the directors’ box, entertaining the idea of being the keeper of the keys, when their dismal track record at other clubs suggests that they should be nowhere near the place.

There are unpaid wages at Standard Liege. The threat of a transfer ban at Brazilian club Vasco da Gama. Genoa having to crowd-fund for a £4million training ground. 777 are run by Josh Wander, who was recently subpoenaed by a Danish model who alleges that he took and shared a ‘non-consensual explicit photograph’ of her. Wander denies this.

On Saturday morning, there was a glimmer of light through all this gloom for Everton, though supporters needed to be supreme optimists to spot it.

The Premier League have spent six months considering whether 777 are fit to own the club and the Bloomberg agency revealed details of the financial guarantees they have been ordered to provide.

The numbers are meaningless to many fans - £185m in cash, a loan facility of £345m - but the demands are so substantial that 777 will likely be unable to meet them. The leading Everton financial analyst, The Esk, tells me he believes there is a mere five per cent chance of the takeover happening. ‘The way 777 are viewed in the investment community, I also find it hard to believe another company will come in with them,’ he says.

The short-term consequences could be grave. If no other buyer can be found to pay what Moshiri is demanding, the club could become insolvent and fall into administration, bringing a further points deduction - because a major loan repayment falls in April and Moshiri is certainly not paying it. That would still be preferable to 777.

The legacy of the Moshiri era at Everton could be a first period outside of the top-flight since the early 1950s and the job losses that come with insolvency. That is not a certainty, though.

If no other player can be found to pay what Moshiri is demanding the club could become insolvent and fall into administration - bringing upon a further points deduction

There are other potential buyers in the wings – including a US investor, with the funds, management experience and a track record with US sports franchises and European football. And administration is not the end.

‘Everton has the capacity to recover, given that we’ve got a near-complete new stadium, a huge fan base and so much untapped potential,’ says The Esk. ‘If we technically went out of business, we would survive it. We would come back.’

So much of the collateral damage of this wretched Moshiri period cannot be undone, though. Consider Graeme Sharp - legend of that ‘80s side and Everton’s top post-war goal scorer.

By accepting a request by the late Bill Kenwright to join the board as an ‘advisor’ and link back to better times, he unfairly found himself associated with the club’s mismanagement, was discredited and ultimately told to stay away for his own safety.

The legacy of the Farhad Moshiri era could be a first period outside of the top-flight since the early 1950s

It looks like Everton might avoid daylight robbery and somewhere down the road, a new dawn will break

Sharp was devastated and is still estranged from the club he loves; a legend whose appearance at a recent reunion of members of the 1984 FA Cup winning team was actually a surprise to some of those old teammates, who feared this fracture meant he wouldn’t join them.

‘So glad you’re out!’ they told the man whose image dominates the stadium exterior wall on Goodison Road. Sharp’s boardroom role was not one of decision-maker, though those who screamed ‘Sharp Out’ hadn’t the remotest appreciation of it.

A few doors down from the Winslow on Friday, a poster in the window of one of the redbrick terraces said everything about the fate that has threatened the terribly diminished and vulnerable Everton. ‘Burglary Hotspot.’

It looks like Everton might avoid daylight robbery and that somewhere down the road, a new dawn will break for them. After these long years of hell and with more bumps to come, it’s currently just hard to see it that way.

Share or comment on this article: A chink of light for Everton after years of scandalous decline... and dismal 777's record suggests they should be nowhere near, writes IAN HERBERT

So much in there, but £60 million rising to £130 million to purchase the Club, I mean I must have missed this pricing structure but that seems ridiculously low?!

It's not a good read but as Esk is quoted on multiple occasions, i guess we can see the influence on the editorial, however, the April payment does us, as it is. It looks that simple for me.

Am I missing something here?

 

[Dixieslaces]

Stop reading after this

Not arsed what that paper has to say following chief Kopite and his constant negative reporting on us

Sadly, i read it and now the cats gonna get it

 

[Goat]

So much in there, but £60 million rising to £130 million to purchase the Club, I mean I must have missed this pricing structure but that seems ridiculously low?!

It's not a good read but as Esk is quoted on multiple occasions, i guess we can see the influence on the editorial, however, the April payment does us, as it is. It looks that simple for me.

Am I missing something here?

The 60m-130m is merely a first payment.

It was widely reported they are paying 550m, as long as we remain a Premier League club.

 

[Neiler]

So much in there, but £60 million rising to £130 million to purchase the Club, I mean I must have missed this pricing structure but that seems ridiculously low?!

It's not a good read but as Esk is quoted on multiple occasions, i guess we can see the influence on the editorial, however, the April payment does us, as it is. It looks that simple for me.

Am I missing something here?

No mate I’m amazed he’s getting 60 mill and only 777 would give it to him, his stake is worth nothing in my opinion, given the clubs debt position and ongoing need for capital.

With MSP and the additional working capital required, the choice for Moshiri is, what’s worth more holding out for less then 60 mill or conservatively putting in around another 220 mill + to keep us going until the end of the season, until the window anyway and we can sell players - which is now a necessity.

An option may be to renegotiate with MSP or he restructures the debt, I think Moshiri would find it difficult to restructure.

If the above doesn’t reconcile the directors such as they are have a legal obligation to put us into administration, if we can’t pay our debts.

 

[Dixieslaces]

No mate I’m amazed he’s getting 60 mill and only 777 would give it to him, his stake is worth nothing in my opinion, given the clubs debt position and ongoing need for capital.

With MSP and the additional working capital required, the choice for Moshiri is, what’s worth more holding out for less then 60 mill or conservatively putting in around another 220 mill + to keep us going until the end of the season, until the window anyway and we can sell players - which is now a necessity.

An option may be to renegotiate with MSP or he restructures the debt, I think Moshiri would find it difficult to restructure.

If the above doesn’t reconcile the directors such as they are have a legal obligation to put us into administration, if we can’t pay our debts.

Pretty dire isn't it.

 

[pfim]

Or Moshiri could fund it.

We could negotiate with MSP.

Neither position is ideal.

If 777 stop funding say in March, we need working capital and also the MSP money.

The security for MSP is the stadium company, high stakes.

I doubt they'd want to own or have a stake in something that isn't going to generate any cash for 18 months. Possible, unlikely.

 

[Neiler]

I doubt they'd want to own or have a stake in something that isn't going to generate any cash for 18 months. Possible, unlikely.

I’d imagine not, they also have to fund the completion and who’d want it only us, there might be a second white knight on the horizon we can bring to the table, that might be a few months off.

But if your MSP and negotiating, your nailing us in a renegotiation, with your investors interests and their return paramount.

It’s also a ridiculous position to be in to be relying on the good will of the MSPs of this world to keep the club going.

 

[Goat]

I find it insane that people think Moshiri is walking away with only 60m.

Maybe if the 777 deal breaks down, but theres a very very good reason hes sitting there waiting on 777 and thats the massive premium they are giving him.

The loans helps of course.



Miami-based private equity firm 777 Partners has agreed a deal to acquire English Premier League football club Everton FC in a deal worth around £550m, subject to approval from the relevant authorites , according to reports.


Several investors have held discussions with the club’s majority shareholder Farhad Moshiri since talks over a deal with MSP Sports Capital collapsed last month, but 777, which is also involved with Spanish side Sevilla, Germany’s Hertha Berlin, and Standard liege of Belgium, has emerged as the cub’s new owner.

In February, Moshiri told Everton’s fans’ advisory board the club was “not for sale” but the British-Iranian businessman, who has invested over £750m since 2016 without with little return on or off the pitch, has agreed to sell his 94.1% stake in the club to 777 Partners.

 

[Muggins]

Aren't R&M just a reincarnation of Vibrac? I'm sure someone said that it was essentially the same mob.

I think you’re right.

 

[Dixieslaces]

I find it insane that people think Moshiri is walking away with only 60m.

Maybe if the 777 deal breaks down, but theres a very very good reason hes sitting there waiting on 777 and thats the massive premium they are giving him.

The loans helps of course.



Miami-based private equity firm 777 Partners has agreed a deal to acquire English Premier League football club Everton FC in a deal worth around £550m, subject to approval from the relevant authorites , according to reports.


Several investors have held discussions with the club’s majority shareholder Farhad Moshiri since talks over a deal with MSP Sports Capital collapsed last month, but 777, which is also involved with Spanish side Sevilla, Germany’s Hertha Berlin, and Standard liege of Belgium, has emerged as the cub’s new owner.

In February, Moshiri told Everton’s fans’ advisory board the club was “not for sale” but the British-Iranian businessman, who has invested over £750m since 2016 without with little return on or off the pitch, has agreed to sell his 94.1% stake in the club to 777 Partners.

I've seen this figures and hence my astonishment at that quoted £60-130million. However, we know that Moshiri is a lying, deceitful pos, who has basically sunk this club, so nothing at all would be surprising at this stage and administration is seemingly the inevitable outcome, as I believe MSP will nail us hard if we have to renegotiate and this just kicks the can, as far as I can make out?

 

[Muggins]

I find it insane that people think Moshiri is walking away with only 60m.

Maybe if the 777 deal breaks down, but theres a very very good reason hes sitting there waiting on 777 and thats the massive premium they are giving him.

The loans helps of course.



Miami-based private equity firm 777 Partners has agreed a deal to acquire English Premier League football club Everton FC in a deal worth around £550m, subject to approval from the relevant authorites , according to reports.


Several investors have held discussions with the club’s majority shareholder Farhad Moshiri since talks over a deal with MSP Sports Capital collapsed last month, but 777, which is also involved with Spanish side Sevilla, Germany’s Hertha Berlin, and Standard liege of Belgium, has emerged as the cub’s new owner.

In February, Moshiri told Everton’s fans’ advisory board the club was “not for sale” but the British-Iranian businessman, who has invested over £750m since 2016 without with little return on or off the pitch, has agreed to sell his 94.1% stake in the club to 777 Partners.

This 777, do they just use their investment fund to buy sports clubs hoping they turn small amounts of profit to return to investors? I don’t get it, I’m crap at finance, but why would anyone put money in an investment fund that uses its money on high risk ventures? Is it the stadium… I can see why investing in a multi use venue could be less high risk, especially Bramley Moore. Is it because Everton is still a private company, so no share fluctuations when they squeeze the life out of the club to give back dividends or whatever them things are?

 

[Neiler]

I've seen this figures and hence my astonishment at that quoted £60-130million. However, we know that Moshiri is a lying, deceitful pos, who has basically sunk this club, so nothing at all would be surprising at this stage and administration is seemingly the inevitable outcome, as I believe MSP will nail us hard if we have to renegotiate and this just kicks the can, as far as I can make out?

Company’s are valued, by their assets, debt position and ability to make money mate.

Our debt position stands at about 600 mill +. mill to external lenders, the company doesn’t make money - needs serious investment, ongoing injections of working capital to fund the stadium and keep the club in business and faces an existential threat of being kicked out of one of its pluses, PL membership.

He's lucky to be getting £69 mill.

The only thing going for us, is we are currently a member of a very wealthy private membership club, that opportunities to get involved don’t come up very often in.

Moshiri is in a shockingly bad negotiation position.

Wouldn't be surprised if we are eventually sold for something nominal.