777 Partners / Whatever the hell you like

[Tony’s Carp]

Already dodgy dealings with my club in Germany.

Hertha Berlin: Former owner confirms 777 Partners paid less than €15m up front for majority stake​

Ex-owner Lars Windhorst has yet to be paid in total for his stake.​

That’s not really a dodgy deal, it’s the terms that Windhorst agreed to, similar to the terms agreed by Moshiri. It might be a bad deal for Windhorst, but that’s his problem.

Hertha Berlin: Former owner confirms 777 Partners paid less than €15m up front for majority stake - SportsPro

Former Hertha Berlin owner Lars Windhorst revealed to a London court that he has yet to be paid in total by 777 partners for his stake.

www.sportspromedia.com

 

[OneTrueLegend]

Sportrac is a load of crap. From our last set of accounts

View attachment 228437

The staff costs there, dont just include the players wages. They include all non playing staff. The current manager is on £5m a year, the board members pay themselves just over £3m a year each, you have all the backroom staff.
Plus we like to sack managers and all their backroom staff normally go with them and we continue to pay them for the remainder of their contracts, so we are still paying; Lampard £6m, Benitez £7m

Outside of the playing staff the club employ over 500 FTE plus just under a 1000 casual staff

 

[MrGrumpy]

Yes, but it would seem that the money from MSP has gone straight to LoR to cover money we owed them. So essentially we are straight back to square one, owing regular monthly payments to LoR which exceed our current income. That seems to be confirmed by the reporting of the loan from 777 which is for working capital AND stadium costs.

If there was any of the MSP money left then there would be no need for any further capital injection from 777 or anyone else.

We pay in advance not after the work

 

[AndyRJ]

We pay in advance not after the work

No we don't.

 

[MrGrumpy]

No we don't.

We do

 

[AndyRJ]

We do

Proof please.

I can tell you that in over 20 years working in the Construction Industry and on Major Projects, I've never come across a client that pays in advance. It's unheard of.

 

[ChrisPW75]

I've just looked over the accounts and no, the stadium expenses are not accounted for in the operating expenses. Moshiri is out of cash he can or will access to fund the stadium and any club losses. They make a point in the accounts to state Moshiri gave a letter to the directors indicating a commitment to fund the club's losses for a period of no more than twelve months but that this wasn't a legally binding arrangement.

In those latest accounts the first 200 million or so of the stadium build is from a loan converted to equity by Moshiri.

Whatever new accounts we have will feature these new short term funding agreements for the stadium and operating costs and we will likely see interest payments ballooning in these next accounts as we never had to pay much besides what was used on the R&M facility since Moshiri didn't charge us interest and converted the debt into equity.

This very well could be a loan to service our loan repayments and cash flow issues beyond increasing our position with R&M which will be repaid in the event the takeover goes through. It makes sense to lend from the future owners who could convert it to equity and remove the liability rather than extending an already expensive loan facility with a different financer.

Many thanks

 

[ChrisPW75]

The stadium company has it`s own set of accounts....

EVERTON STADIUM DEVELOPMENT LIMITED overview - Find and update company information - GOV.UK

EVERTON STADIUM DEVELOPMENT LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Thanks

 

[Blue83]

are we guna no?

If 777 are successful for us then no, if it's a failure you'll be sure the truth will come out

 

[Dublin blue 75]

Already dodgy dealings with my club in Germany.

Hertha Berlin: Former owner confirms 777 Partners paid less than €15m up front for majority stake​

Ex-owner Lars Windhorst has yet to be paid in total for his stake.​

the vendor in that transaction also has a chequered past... 777 do find some peculiar bedfellows

 

[Bazlar]

If 777 are successful for us then no, if it's a failure you'll be sure the truth will come out

I really can't see this going through the various channels with 777. The Government will surely get involved. Maybe Peel also

 

[Sussex]

Proof please.

I can tell you that in over 20 years working in the Construction Industry and on Major Projects, I've never come across a client that pays in advance. It's unheard of.

I have no proof either but this is Everton.

 

[Moomin]

The staff costs there, dont just include the players wages. They include all non playing staff. The current manager is on £5m a year, the board members pay themselves just over £3m a year each, you have all the backroom staff.
Plus we like to sack managers and all their backroom staff normally go with them and we continue to pay them for the remainder of their contracts, so we are still paying; Lampard £6m, Benitez £7m

Outside of the playing staff the club employ over 500 FTE plus just under a 1000 casual staff

I would rather believe our audited accounts rather than a random website on the internet who has no access to our wage bill but just assumptions.

The staff costs are what they are and all clubs will report them as such in the same way.

 

[EuroTexan]

I have no proof either but this is Everton.

We were supposedly significantly in arrears in paying LoR. Can you be in arrears on paying in advance? I guess you technically could be, but of all the things to be worried about, I'm doubting that would be one.

 

[Sussex]

We were supposedly significantly in arrears in paying LoR. Can you be in arrears on paying in advance? I guess you technically could be, but of all the things to be worried about, I'm doubting that would be one.

I should have put a winky eye emote thingy. I was trying to be funny but failed. Miserably.

However I don't disagree with what you said.