777 Partners / Whatever the hell you like

[Ruairi77]

why the wait? coz they dont exist

because if the 777 deal falls through the sellers will be desperate and lower the price.

Just like trying to buy a house that's gone sale agreed.
You can tell the estate agent that you'll offer X if the deal falls through.
The estate agent wont mention that to anyone because X is likely to be considerably less than the accepted offer.

All the while, the seller still has to pay the huge mortgage and all the leans they'd taken out on the house.

 

[Toffeeback]

Reading between the lines of the PL's response to the EFC FAB, this is going to go on forever until Moshiri accepts these cowboys don't have the funds to take us over, and looks for another buyer.

Meanwhile the club is on financial life support taking high-interest loans from 777 who are acting like a loan shark on steroids.

Grim grim grim.

Letter confirms what we pretty much knew, it's open-ended until 777 can satisfy the financial requirements set out by the league (which, if they could they would etc etc). The process won't be ended by the league, it'll be ended by Moshiri or 777, or we wait and see the outcome of the MSP situation.

Yeah, I think that letter spells out pretty clearly what's going on: 777 has passed the "disqualifying events" part of the process (the only part of the process where the league would formally "reject" the buyer), but they haven't sufficiently proven to the league that they have enough money for this purchase, given all of the set parameters. So this is not going to end until either Moshiri or 777 ends it. That's a bit of a gut punch, honestly, as we're now completely beholden to the whims of an absentee owner and a bunch of clown "investors" with no one else to save us.

 

[Goat]

Everton is a grand old club, trampled into the ground by the actions of a few

No hope and perhaps worst of all, no answers - Everton fans deserve the truth at long last about how their club has come to this

inews.co.uk

Found this a fair read.

Doesnt say anything regarding 777 getting approval tho.

You may hate the Premier League’s PSR regulations. You may believe that they stop outsiders from joining the elite clique and it is hard to argue against that on a basic level – it solidifies the status quo rather than precipitates movement and competition between clubs of different financial strata that were established by historic success.

But there have to be checks at some point. And if your solution to Everton’s gross overspending and loss-making is “they should be allowed to spend more without circumspection” rather than “they should be motivated to spend less, more wisely”, then you are campaigning for clubs to be pushed closer to the precipice by wanton mismanagement. It’s hard to imagine how much closer Everton could get without toppling off the edge of the cliff.

The individual cases read like bad jokes. Cenk Tosun, the striker signed for £27m who remained for the entirety of his four-and-a-half year contract before leaving on a free and scored nine league goals. Davy Klaassen, who cost £24m and played 250 league minutes before being sold for less than half his purchase price. Oumar Niasse, signed for £13.5m and who was still playing up front more than three years after being told he wouldn’t be receiving a squad number.

The pattern is the greatest proof of the largesse. Everton’s list of £20m-plus signings is almost exclusively abject. It is now seven managerial appointments since one reached 70 matches before leaving and, if Sean Dyche departs in the summer, that run will continue. This is a club where bad things happen, one that declares “never again” after each inglourious escape and then promptly does too little to ensure that they won’t be saying the same next year.

 

[blulouie]

Can you link this mate, I cant find it.

News now mate

 

[Goat]

News now mate

Everton borrow yet more money from 777 Partners to cover wages and stadium costs

Everton could also hear the verdict of their second alleged FFP breach as early as next week

inews.co.uk

It links to that story, but I dont think it says they will get approval?

Its hard to read cos it keeps asking me to sub.

 

[summerisle]

Everton borrow yet more money from 777 Partners to cover wages and stadium costs

Everton could also hear the verdict of their second alleged FFP breach as early as next week

inews.co.uk

It links to that story, but I dont think it says they will get approval?

Its hard to read cos it keeps asking me to sub.

Everton borrow yet more money from 777 Partners to cover wages and stadium costs​

Exclusive

Everton could also hear the verdict of their second alleged FFP breach as early as next week​

The would-be owners are pumping money into Everton already (Photo: AP)

March 27, 2024 5:37 pm(Updated March 28, 2024 12:47 pm)

Everton‘s would-be owners 777 Partners will advance another loan to the club at the end of March to cover wages and costs of building the new stadium on Bramley Moore docks, i understands.

The loan is being sanctioned with the anticipation of a decision on their long-running takeover finally being made after the Easter break, with sources close to the US group insisting it is now “highly likely” another tranche of funding will be made available to the club.
Although the size of the loan is unknown it will take their total investment in the club closer to the £200m mark – cash which will be converted into equity if the takeover is approved.

It is a high-risk strategy because if it falls through they will go to the back of the queue of creditors as their loans are regarded as “junior debt”.
It could also be viewed as a sign of the group’s bullishness around their bid for Everton, with the Premier League having given the buy-out conditional approval last week after face-to-face meetings.

A deal was first struck in September and fans, 777 Partners and owner Farhad Moshiri are all understood to have pressed the Premier League for much-needed clarity.

But the deal is not done yet and the Premier League’s conditional approval came with conditions attached. Investigative website Josimar reported those to be that 777 Partners pay off a loan due to fellow US investors MSP Capital by the end of April, proof of funding for the new stadium project and funds to be placed in an escrow account to keep the club going until the end of the season. That report hasn’t been disputed by 777 Partners, i understands.

The loan will avoid the feared “cliff edge” i reported last week, with Everton unable to draw from any other sources of funding with the takeover process ongoing.
There have been claims of alternative interest from US investors but Moshiri has signed an exclusivity agreement with 777 Partners so is unable to explore those further until there is a definitive resolution on the deal he struck in the autumn of 2023.

April looks set to be an absolutely huge month for the Toffees, with the verdict of a commission into a second alleged breach of the Premier League’s Profit and Sustainability rules set to be delivered early in the month.

i has been told that could come as early as next week – but there is a deadline for a decision by 8 April as the Premier League look to fast-track the cases involving the Toffees and Nottingham Forest, who are appealing their own four-point deduction.
Everton were charged earlier this year after submitting their accounts and are facing the prospect of another points deduction in addition to the 10-point punishment earlier this season. That was later reduced to six points after appeal.

A points deduction would plunge Everton closer to the drop zone. They have a four-point cushion over Forest but ahead of a crucial trip to Bournemouth on Saturday they are winless in the league since 16 December.

Meanwhile the club’s Fan Advisory Board – which is sanctioned by the Premier League and holds regular communication with the Everton hierarchy – has written to Moshiri, the Premier League and 777 Partners to call for more clarity on the deal.
They have called for Moshiri to provide assurances of alternative funding while they have asked for more engagement from 777 Partners and to answer some of the questions that have arisen about the group’s sources of funding. 777 have indicated they will acknowledge receipt of the letter this week.
FAB chairman Dave Kelly said: “Our club is caught up in an endless swirl of uncertainty. In football terms, it’s like the referee has been sent to the VAR monitor but is stuck there with no sign of sharing a decision so the game can move on.
“Whilst we understand that some of the decisions being considered are complex and we hope that they are subject to the rigour and scrutiny they deserve, supporters, players and this great club of ours are being left in limbo. We’re now asking for some long overdue clarity on how we can all move forward.”

 

[Goat]

Everton borrow yet more money from 777 Partners to cover wages and stadium costs​

Exclusive

Everton could also hear the verdict of their second alleged FFP breach as early as next week​

The would-be owners are pumping money into Everton already (Photo: AP)

March 27, 2024 5:37 pm(Updated March 28, 2024 12:47 pm)

Everton‘s would-be owners 777 Partners will advance another loan to the club at the end of March to cover wages and costs of building the new stadium on Bramley Moore docks, i understands.

The loan is being sanctioned with the anticipation of a decision on their long-running takeover finally being made after the Easter break, with sources close to the US group insisting it is now “highly likely” another tranche of funding will be made available to the club.
Although the size of the loan is unknown it will take their total investment in the club closer to the £200m mark – cash which will be converted into equity if the takeover is approved.

It is a high-risk strategy because if it falls through they will go to the back of the queue of creditors as their loans are regarded as “junior debt”.
It could also be viewed as a sign of the group’s bullishness around their bid for Everton, with the Premier League having given the buy-out conditional approval last week after face-to-face meetings.

A deal was first struck in September and fans, 777 Partners and owner Farhad Moshiri are all understood to have pressed the Premier League for much-needed clarity.

But the deal is not done yet and the Premier League’s conditional approval came with conditions attached. Investigative website Josimar reported those to be that 777 Partners pay off a loan due to fellow US investors MSP Capital by the end of April, proof of funding for the new stadium project and funds to be placed in an escrow account to keep the club going until the end of the season. That report hasn’t been disputed by 777 Partners, i understands.

The loan will avoid the feared “cliff edge” i reported last week, with Everton unable to draw from any other sources of funding with the takeover process ongoing.
There have been claims of alternative interest from US investors but Moshiri has signed an exclusivity agreement with 777 Partners so is unable to explore those further until there is a definitive resolution on the deal he struck in the autumn of 2023.

April looks set to be an absolutely huge month for the Toffees, with the verdict of a commission into a second alleged breach of the Premier League’s Profit and Sustainability rules set to be delivered early in the month.

i has been told that could come as early as next week – but there is a deadline for a decision by 8 April as the Premier League look to fast-track the cases involving the Toffees and Nottingham Forest, who are appealing their own four-point deduction.
Everton were charged earlier this year after submitting their accounts and are facing the prospect of another points deduction in addition to the 10-point punishment earlier this season. That was later reduced to six points after appeal.

A points deduction would plunge Everton closer to the drop zone. They have a four-point cushion over Forest but ahead of a crucial trip to Bournemouth on Saturday they are winless in the league since 16 December.

Meanwhile the club’s Fan Advisory Board – which is sanctioned by the Premier League and holds regular communication with the Everton hierarchy – has written to Moshiri, the Premier League and 777 Partners to call for more clarity on the deal.
They have called for Moshiri to provide assurances of alternative funding while they have asked for more engagement from 777 Partners and to answer some of the questions that have arisen about the group’s sources of funding. 777 have indicated they will acknowledge receipt of the letter this week.
FAB chairman Dave Kelly said: “Our club is caught up in an endless swirl of uncertainty. In football terms, it’s like the referee has been sent to the VAR monitor but is stuck there with no sign of sharing a decision so the game can move on.
“Whilst we understand that some of the decisions being considered are complex and we hope that they are subject to the rigour and scrutiny they deserve, supporters, players and this great club of ours are being left in limbo. We’re now asking for some long overdue clarity on how we can all move forward.”

Yeah as I thought, not really anything solid there, just a load of indications.

 

[HalfTimeSayers]

There defo was an inews story earlier saying 777 had now proved they had funds to pay MSP and cover running costs etc. No sources or anything. Usual speculative guff.

 

[matty1878]

because if the 777 deal falls through the sellers will be desperate and lower the price.

Just like trying to buy a house that's gone sale agreed.
You can tell the estate agent that you'll offer X if the deal falls through.
The estate agent wont mention that to anyone because X is likely to be considerably less than the accepted offer.

All the while, the seller still has to pay the huge mortgage and all the leans they'd taken out on the house.

whatever will work for us

 

[Ruairi77]

whatever will work for us

to continue the Analogy,
the buyer in the case of the sale agreed, cant get his bank to sign off on his new mortgage.

I reckon this will continue till the summer when 777 eventually pull out. I also dont think MSP will take the chance to buy the club.
Thats when things will get really interesting as the price keeps dropping but the debt keeps mounting.

 

[Moderatelywarmwater]

to continue the Analogy,
the buyer in the case of the sale agreed, cant get his bank to sign off on his new mortgage.

I reckon this will continue till the summer when 777 eventually pull out. I also dont think MSP will take the chance to buy the club.
Thats when things will get really interesting as the price keeps dropping but the debt keeps mounting.

777 only need to meet the requirement once. For a moment. And then it’s downed.

 

[Ruairi77]

777 only need to meet the requirement once. For a moment. And then it’s downed.

I presume the requirements include proof that they have funds to run the club for at least 24/25

 

[Eggsyblueskin]

There defo was an inews story earlier saying 777 had now proved they had funds to pay MSP and cover running costs etc. No sources or anything. Usual speculative guff.

Perhaps it was another baseless claim from 777 ( something they’ve been doing throughout this process,( claiming approval was imminent when it clearly hadn’t been ), and it was amended after the journalist checked with the PL?
Just speculating on my part .

 

[Adscum]

Just a thought on this, the FAB have absolutely knocked it out of the park in the way they've represented the fan base with these 3 open letters.

It's given us exactly the clarity we needed as a fanbase.

 

[TmoMoney0721]

I don't think anyone has a clue whether MSP actually want to take control of the club in the state we are in anymore than 777 do.