777 Partners / Whatever the hell you like

[Exeter_Gently]

Got a feeling that something significant will break following the weekend. Sense it's getting to that point now.

It will be me doing a significant break of wind.

 

[Victus]

I really did take for granted all those years we were quietly normal.

 

[roy vernon]

Would new owners strive to repay 777 do you reckon or settle for them turning their "investment" in to equity with a shareholding in the club/stadium?

Is it a possibility that new owners could let 777 have their equity and then wait for the administrators to inevitably take control of 777 in the near future, at which time the new owners could buy 777s share from the administrators for far less than 200 mill? Or is that too simple, I'm not sure how these things work?

 

[Exeter_Gently]

I really did take for granted all those years we were quietly normal.

Its always interesting though isn't it.

 

[Dublin blue 75]

The media narrative of 'Plucky Everton' was driven by the former Chairman and his willing accomplice, Moyes.

"Look how well we're doing!"

We'd have been doing even better with a bit of investment, even spending some of our own money earned from TV and prize money rather than spending it on 'other operating costs' that spiralled under Kenwright.

Everton FC. The first Leveraged buyout if the premier League era.

Clap! Clap! Clap!

The incrementally higher annual 'Other expenses' under the Kenwright era need proper analysis. Lawnmowers and blue gravel around the pitch? We didnt even get the tat cladding on the outside of GP until Moshiri era paid for that.

Stinks.

 

[BNJ1878]

I just asked or posed similar question in the Moshiri thread. Whatever money they have put in, for me sounds like they may fail to get back, however if it was dependant on clauses and 777 didnt meet those clauses, will it be payable back, or if, as is looking a possibility 777 go to the wall, will it be/could it be written off?

I don't know the answer but I'm sure some in here will? not sure how this side pans out but if 777 do go to the wall it would seem that money to us is dead for them?

No expert, but even if they go to the wall they'll have administrators appointed to try and recover whatever they can on behalf of those they owe.

Nobody is sure, but it's widely reported that the 777 money is a very junior debt and has no security in terms of stadium or ckub share attached. (This only triggers on completion)

I don't think the club (whoever owns us) would be under massive pressure to pay them back. I suppose it's also a possibility a deal may be done to pay the administrator a much smaller percentage of what was loaned for a speedy resolution.

 

[Dublin blue 75]

I just asked or posed similar question in the Moshiri thread. Whatever money they have put in, for me sounds like they may fail to get back, however if it was dependant on clauses and 777 didnt meet those clauses, will it be payable back, or if, as is looking a possibility 777 go to the wall, will it be/could it be written off?

I don't know the answer but I'm sure some in here will? not sure how this side pans out but if 777 do go to the wall it would seem that money to us is dead for them?

I'll bet some of the lawyers acting for those to whom 777 owe money will absolutely have an eye on taking a % share of BMD as indirect recovery of their bad loans. Their chances of this are questionable but they will definitely be planning for this.

 

[Exeter_Gently]

The incrementally higher annual 'Other expenses' under the Kenwright era need proper analysis. Lawnmowers and blue gravel around the pitch? We didnt even get the tat cladding on the outside of GP until Moshiri era paid for that.

Stinks.

He did get that mazzy Martinez sign tho...

 

[BNJ1878]

…Dyche said it last week;

View attachment 256157

Not had a manager that walks around with a wheelbarrow transporting his massive bollocks for ages.

He's spot on by the way. We're Everton.

High time a few were reminded of our status.

 

[kenada_blue]

Everton FC Pursued by Another US Investor as 777 Takeover Falters​

• McLaren F1 backer was in talks to invest in club last year
• 777 already asked for more time to complete lengthy takeover

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By Jamie Nimmo and David Hellier
May 9, 2024 at 12:42 AM GMT+1
Updated on
May 9, 2024 at 9:02 AM GMT+1
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US investment firm MSP Sports Capital is exploring a takeover of Everton FC as the current bid for the Premier League football club falters, according to a person familiar with the matter.
MSP, which has lent money to fund the Liverpool-based club’s new stadium, is looking at its options, given the existing offer by rival firm 777 Partners is now under threat, the person said, asking not to be identified discussing confidential information.
Representatives for MSP and 777 declined to comment, as did a spokesman for Farhad Moshiri, Everton’s majority shareholder.
Everton has held talks with restructuring advisers after 777 struggled to complete its takeover from Moshiri, Bloomberg reported last week. The Miami-based investor agreed to buy the football club last September, but talks have dragged on, and the firm recently asked for more time.
While awaiting Premier League approval for its bid, 777 has lent Everton around $200 million. Josh Wander, co-founder of 777, and some of his colleagues have been frequent attendees at Everton’s matches.

777’s long-standing pursuit of Everton has hinged on repaying a £158 million ($198 million) loan to a group of investors led by MSP. The loan was due to be paid on April 15, but 777 gained a last-minute extension.
New York-based MSP considered investing in Everton last year, but talks collapsed without a deal. Its other investments include a stake in the McLaren Formula One team, and European football clubs such as Brondby in Denmark, Augsburg of Germany and Estoril in Portugal.
The firm is headed by Jeff Moorad, a former sports agent who was previously a part-owner and chief executive officer of both the Arizona Diamondbacks and San Diego Padres baseball teams. Moorad founded MSP in 2019 with chairman Jahm Najafi, who is vice-chairman of the Phoenix Suns and has a stake in the basketball team separately.
Read More: Everton FC Buyer Accused of Fraud, Double-Pledging Assets

Last week, lenders to 777 accused it of fraud, claiming that the firm borrowed against $350 million of assets that it didn’t own, that didn’t exist or were already promised to someone else. Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund Plc filed a complaint in a New York federal court, alleging that Wander double-pledged assets backing loans to the firm in a breach of agreements. 777 hasn’t commented on the allegations.
GDA Luma Capital, a private equity firm specializing in distressed debt, has held talks about offering financing to 777 to enable it to continue funding the construction of Everton’s new stadium and meet ongoing capital requirements, Bloomberg also reported last week.

Multiclub model​

777, whose business activities include insurance and aviation, began investing in football teams in the aftermath of Covid. It has followed the so-called multiclub model deployed by a number of groups, including Manchester City’s parent company City Football Group, Eagle Football and Red Bull.

Its stable of teams range from Genoa in Italy’s Serie A to Vasco da Gama in Brazil. The teams’ performances have been mixed, with Red Star Paris winning promotion this season to France’s second tier and its Belgian team Standard Liege having one of its worst seasons ever.
Some of 777’s clubs have faced financial issues, and earlier this week Standard Liege was hit with a transfer ban.
Everton would have been 777’s highest revenue-generating asset, as broadcast income in the Premier League is the highest in Europe.
Everton recently cemented its place in next season’s Premier League after flirting with relegation — again — from the lucrative division. The club was docked eight points for financial breaches but has still done well enough to finish above the bottom three. Premier League football comes with minimum annual broadcast fees of £100 million.

MSP would've have their feet under the table with us already if it wasn't for Kenwright, Mosh and all the R&M Fund sharks eyeing up some other skirt (777).

Not surprised they'd be sniffing again as they have a piece.

 

[Dublin blue 75]

He did get that mazzy Martinez sign tho...

What a manager.

 

[BNJ1878]

The incrementally higher annual 'Other expenses' under the Kenwright era need proper analysis. Lawnmowers and blue gravel around the pitch? We didnt even get the tat cladding on the outside of GP until Moshiri era paid for that.

Stinks.

It was questions about these ever increasing costs that led to him cancelling AGMs the first time round.

He got properly rattled when people kept asking him. lol

 

[Exeter_Gently]

It was questions about these ever increasing costs that led to him cancelling AGMs the first time round.

He got properly rattled when people kept asking him. lol

One horrible deceiving scumbag.

 

[ste d' indica]

Whoever comes in instead need to put Everton first.

I can dig it.

 

[Tony’s Carp]

Is it a possibility that new owners could let 777 have their equity and then wait for the administrators to inevitably take control of 777 in the near future, at which time the new owners could buy 777s share from the administrators for far less than 200 mill? Or is that too simple, I'm not sure how these things work?

If it was as simple as them not having the dough for a full takeover it would be a possible option to convert their debt to minority equity and have them as silent partners rather than creditors. If they had a viable football business there may even have been benefits to this in terms of accessing their multi club setup.

But the way things are collapsing in on them I don’t think that’s a viable option, if you give them equity then with all their assets being fought over by the likes of ACAP or Leadenhall you have no idea where those shares end up. And while the fraud allegations right now are civil there is a definite possibility of criminality and I don’t think credible investors would want the hassle of being in any way associated with them.