On Friday 15 September 2023, Everton Football Club announced the following:

777 Partners has signed an agreement with Farhad Moshiri to acquire his full stake in Everton Football Club, which accounts for 94.1 per cent of the Club’s shares…

Closing of the transaction is expected to occur in the fourth quarter of 2023 and remains subject to regulatory approval, including from the Premier League, the Football Association, and the Financial Conduct Authority.

Out of respect for this process, 777 Partners will not be providing any further comment during this period of regulatory review.

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So what has to happen for this transaction to be completed?

777 Partners have to satisfy the terms of their agreement with Farhad Moshiri. My understanding is that little or no cash will change hands initially and that the final price paid for Farhad Moshiri’s shares will be subject to several conditions including the result of the Premier League’s independent commission enquiry and Everton’s performance on the pitch including survival in the Premier League in season 2023-24.

All of this is subject to the conditions within the statement and further conditions not in the public domain.

Regulatory Approval

Clearly regulatory approval is an issue known to all, and has been the subject of much speculation in the media and elsewhere. Despite winning regulatory approval in several European Leagues, will 777 Partners, collectively and individually, meet the more stringent “fit and proper owners” test applied by the Premier League? Questions remain as to Josh Wander’s previous (but now spent) conviction and as to the financial resources 777 Partners have to (i) meet their obligations to Farhad Moshiri and (ii) the very significant future capital requirements of Everton Football Club.

Whilst requiring approval from the Football Association and Premier League is self-evident, the FCA were added by clubs as a necessary regulatory authority in March of this year.

What other approvals are required?

As was seen just recently, Rights and Media Funding had the authority and right to block MSP’s partial ownership of Everton through rejecting the 25% ownership stake offered to MSP.  For 777 Partners acquisition of Everton, they would require the approval of not only Rights and Media Funding but also now, MSP – lenders to the Everton Stadium Development Company. I can say with some certainty that that approval is not a given.

In the event of not getting the approval of both creditors, the deal fails, or the creditors need to be re-paid. That would require 777 Partners to find in the region of £350 million to repay Everton’s main creditors. Is that possible? There’s nothing to suggest on top of the price of Moshiri’s equity, 777 Partners have access to that level of funding.

Everton’s cash and capital requirements

In addition to the above, Everton still require further working capital to meet their operating costs and future financial commitments to Laing O’Rourke.

Where does that come from in the near term and looking out beyond the next few months?

Despite being in receipt of more than £100 million from MSP in recent months, the funds paid to the Everton Stadium Development Holding Company (ESDHC) are currently exhausted. ESDHC needs further funding, and needs it in the short term. Our obligations to Laing O’Rourke continue. How is that paid in the interim period between now and a successful conclusion and recapitalisation? Bear in mind I think neither are likely.

Furthermore, Everton Football Club needs additional cash despite the positive cash flow and reduced wage costs arising from the last transfer window. The club continues to have negative cash flow and without additional capital or funding cannot meet its future obligations. How is this achieved in the coming months?

One of the attractions of having MSP as lenders to the stadium and investors in the club, was their ability to draw in successful local business people in the form of Andy Bell and George Downing. The club has lacked for many years the inclusion of successful local business people at board level – this was to be a big positive. It is unlikely in the extreme to be achieved in the questionable event of 777 Partners gaining control.


I can see the potential attractions of the announcement today to both Farhad Moshiri and 777 Partners. For Moshiri, if concluded, it would end what has become a nightmare association for all parties, huge losses for him and the near destruction of a proud football club. For 777 Partners it promotes the image of a successful multi-club model, still in its acquisition and growth stages.

The reality, in my opinion is far from this. The club clearly needs new ownership both for financial reasons and for leadership, direction and frankly its survival prospects.

The city of Liverpool needs a successful Everton Football Club, it needs the successful completion of the Everton stadium at Bramley-Moore Dok – not only for the cash spend during construction but as a catalyst for economic redevelopment and growth in North Liverpool and beyond.

Uncertain future

There is nothing to suggest that 777 Partners are the solution to Everton’s ownership or financial difficulties. I don’t believe they will overcome the regulatory and other hurdles to acquire the club. That leaves Everton facing a hugely uncertain future. Without a committed owner (Moshiri has shown his hand to that effect) and without immediate cash injections the existential threat Moshiri spoke of (perhaps his only accurate statement in 7 years) is very real.

We face the most uncertain of futures. We shouldn’t be wasting time thinking 777 Partners provide any of the required solutions, nor even that they will achieve their objective of ownership.

They are an unnecessary distraction to our fight for survival. Moshiri, the board, all of us have to recognise that and focus on short-term survival and long-term solutions including the right owners – otherwise, we will become a large footnote in history.

Reader Comments (67)

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Peter Carpenter
1 Posted 15/09/2023 at 16:22:28
A grim analysis but not at all surprising.
Trevor Powell
2 Posted 15/09/2023 at 17:17:56
Does anybody really think the Premier League will find them unsuitable owners?

Just look at some of the ownerships in the Premier League. Perhaps, they will get approval because they are not responsible for any capital punishments, murders etc?

David Bromwell
3 Posted 15/09/2023 at 17:21:56
Wow, Paul, that certainly puts all the hyped takeover claims into perspective. Clearly Moshiri wants out asap and seems willing to take an enormous financial hit. Rather than solving the issues over ownership, it clearly appears from your analysis that things have just got a whole lot worse.

On a brighter note, I take it that your posting today indicates you are feeling better and hopefully on the mend. Thank you as always, and just maybe one day you will be able to report on some positive financial news.

Stephen Colby
4 Posted 15/09/2023 at 17:21:57
To distill The Esk's excellent summary of the hurdles this proposed deal faces, there are at least three separate termination clauses 777 Partners will probably face.

1) The FCA are going to dig very deeply into 777's financial bona fides.
2) Both Rights & Media Funding and MSP have to approve said takeover.
3) ESDHC needs continual funding, as do our current negative operating costs, and 777's liquidity must prove sufficient to meet these needs.

The Esk, as usual, is spot on. "We shouldn't be wasting time thinking 777 Partners provide any of the required solutions, nor even that they will achieve their objective of ownership."

I think we badly need a White Knight.

Neil Tyrrell
5 Posted 15/09/2023 at 17:47:44
The fact that they announced an agreement surely indicates Moshiri and 777 Partners are confident of approval by the relevant parties?
John Raftery
6 Posted 15/09/2023 at 17:59:46
Thanks for this sobering but unsurprising assessment, Paul. Is there a scenario in which the FCA approve, or more likely raise no objection to the takeover but the Premier League and/or the FA take a different view?

In particular, is it possible a leveraged buyout may be deemed legitimate by the FCA but not by the Premier League which now has a ceiling on leveraging of 2/3rds of the value of the purchase? And what extent would that rule stand up to legal challenges by the prospective purchaser?

I think any White Knight will need to have pockets as deep as Jim Radcliffe.

Barry Rathbone
7 Posted 15/09/2023 at 18:01:55
Well, Mr Esk if you have called this correctly against an almost universal cry of "it's a done deal" I will tip my hat to you.
Barry Hesketh
8 Posted 15/09/2023 at 18:12:02
The Bobble @ElBobble:

Rights and Media Funding Limited have also indicated their satisfaction with the agreement between Everton Football Club and 777 🔵
Contrary to reports earlier this week, the DCMS (Govt) have no issues over the proposed takeover of Everton Football Club by 777 🔵

Brian Williams
9 Posted 15/09/2023 at 18:36:51
Barry, it is a done deal between 777 Partners and Mr Moshiri and that's what the stories that reported as much were referring to, IMO, but it still has to pass all the relevant tests.
Raymond Fox
10 Posted 15/09/2023 at 19:05:44
We shall see; this is only Paul's opinion looking at it from the outside.
David West
11 Posted 15/09/2023 at 19:17:29
Paul, do you think Moshiri is using 777 Partners? To smoke out any other interested investors? Do you believe Moshiri is being played? Or the other way around?

Reading your analysis, there seems to be a belief that both parties know it's not going to happen, who benefits?

I was expecting a couple of chinks of light from your article but it seems all one-sided, do you believe there's no scenario where 777 Partners could succeed?

John Daley
12 Posted 15/09/2023 at 19:28:23

I'm not intending this as a pop at you, but it was only a couple of days ago that you were claiming, “Despite all reports there is nothing imminent with 777 partners. I cannot be clearer than that.” So, you're obviously not in the loop here.

Several stories today state that ‘sources close to the deal' have said Rights and Media Funding are ‘satisfied' with the arrangement. Their previous concerns were said to have revolved around the fact that MSP was not putting enough money into the club in return for the equity it was due to receive (25%). That doesn't automatically translate to them having a problem with a full buyout from another party, does it?

Even if they do have a problem with it, they don't possess the power to ‘block' any deal but rather have a right to demand repayment in full of its debt. We don't know the breakdown of any deal or how much money 777 Partners are supposed to be chucking at it.

Whether or not they have the required funds is the real issue here and, despite the track record of fuckwittery at the top, one would think some assurances and evidence of such would surely have been sought by a man trying to claw back what he can before any agreement was reached and announcements made. Surely?

I mean, Bill must have filled him in on how that bloke in a bedsit he nearly sold out to bedazzled him with the fact he carried around a fancy briefcase, with the whole charade only coming to light when, like Alan Partridge, he patted the leathery bastard, it popped open and all that fell out was a copy of Practical Pig Keeping and a packet of crisps.

I'm very interested in where this information could possibly have come from though:

My understanding is that little or no cash will change hands initially and that the final price paid for Farhad Moshiri's shares will be subject to several conditions including the result of the Premier League's independent commission enquiry and Everton's performance on the pitch including survival in the Premier League in season 2023-24.”

So he effectively agrees a sale now for a final amount to be determined some 8 months later and dependent upon both on- and off-field fortunes?

How can that possibly fly with the sums at stake?

Christine Foster
13 Posted 15/09/2023 at 20:01:54

I hope you are feeling much better, thank you for an excellent perspective which frankly does not bode well for the club or the supporters. After my initial relief that the end of a horrendous period of years for the club, the fears of jumping out of the frying pan into the fire are very real.

But I cannot help but think there is much not disclosed in the background. The MSP deal for 25% of the club for £150M fell through because, we are told, Rights and Media Funding were not happy with the implied valuation of the club at what would be £600M. This current deal is for a lot less, so why would they be okay with it?

The ongoing funding is also crucial, even without the new staadium, the cash burn far exceeds cash flow. We need more income and less costs, in normal business that usually means a company is cut back to the bone.

Given that is not an option, the only other way is debt. 777 may be asset rich but they are cash poor. So a long-term loan arrangement for equity with MSP or a 777 Saudi PCP may be a guaranteed side letter to the agreement.

This raises conflict-of-interest issues, insolvency and exactly how they intend to get rewards for investors. None of which means there is a bucket of cash for the future.

The only way I see all this happening is if 777 Partners secure cash for running the business until the stadium is built; it's then sold and leased back to the club on the never-never... a large-scale asset strip.

777 in the meantime do what they know best, leverage a large fanbase for every penny, make the football side pay for itself by operating within its means. Result being a large base to exploit, a return on initial expenditure through stadium sale and lease back, (pays off creditors if need be).

And of course the company valuation would be probably the same, if in then good working order, and after they had pocketed from the sale of the stadium... Yep, a good old asset strip... distressed sale from a distressed owner. It's how companies make money.

Despite all of the above, we would be the jewel in the crown for 777. For the team, I think it's a concentration of youth and consolidation. The step up to competing with the top table is through 777... we will have a much better-run club but not an elite one; that would be Part 2.

Barry Hesketh
14 Posted 15/09/2023 at 20:16:24
To follow on from John Daley's questions, I might also point out that back in 2016, Paul was very confident that the arrival of Moshiri would see this club of ours get back on the road to stability and who knows glory.

Most times no matter our personal expertise, we can get things wrong, either because we have a blind spot in relation to an individual or group, or because we didn't have the full picture set out before us.

At the end of the day, unless we are in the room with the decision-makers, we can only offer an opinion, perhaps sometimes an educated opinion, but only an opinion nevertheless.

Dave Lynch
15 Posted 15/09/2023 at 20:33:35
Barry @14.

I'm convinced we would be in a much better place and in a healthier state if Moshiri was not taken in by Billy Bullshit. He provided the money he promised but the mismanagement at board level was astounding to say the least.

God knows what yarns Billy Bullshit spun him but they must've been believable, Moshiri is (imo) only culpable of being a naive fool.

Barry Hesketh
16 Posted 15/09/2023 at 20:35:14
Having read a few more posts on another website, one linked Tweet states that MSP would get their £100M loan repaid in full, should a takeover become reality and 777 agree to those terms.

Another linked a Telegraph report saying that there are performance related clauses in the deal. I assume that means, should the worst happen and Everton dropped out of the Premier League, then it would be cheaper for 777. That's just a guess on my behalf, hopefully, somebody can find Boscombe's piece on the Telegraph website.

The media in general are seemingly against this deal happening, for whatever reason. Perhaps Bill doesn't like the potential new owners and he's using his influence with the media to get his point across – who knows?

Barry Rathbone
17 Posted 15/09/2023 at 20:35:48
Brian @9,

Surely that would mean the public announcement would be something like "agreement in principle reached contingent on passing the fit and proper tests".

I haven't heard any reports saying anything other than "done deal" which suggests those involved have insider knowledge… or they're deluded as hell.

In retrospect, you might be spot on.

Kieran Kinsella
18 Posted 15/09/2023 at 20:46:06

Paul the Esk also about a week ago said there was no evidence the mooted loan from MSP had even happened, then a few days ago he said "Oh yeah it did."

He also said months ago the sale with MSP had been agreed. So whatever his sources, they don't seem to know more than anybody else. His number crunching is good but his insights into the goings on seem to be amiss.

Andy Crooks
19 Posted 15/09/2023 at 20:48:26
Paul, you have laid it out plainly. If this goes through where does it leave your analysis?

I respect your opinion and would ask, what, in your view, is best for us? Can you offer a bit of hope? Might you be mightily wrong?

Dave Abrahams
20 Posted 15/09/2023 at 20:57:01
Dave (15), I go along with that, Moshiri was unbelievably naive.

I always go back to that AGM when Kenwright was gushing in his praise of Moshiri, calling him the man who keeps giving.

Yet Kenwright, along with a few more, didn't hesitate to rush in and spend his wealth with hardly any thought of how they were spending it or with any plan or organisation in what they were putting together in what sort of team they were building.

A fool and his money was really taken to the cleaners season after season and none of them giving him any sensible advice.

Don Alexander
21 Posted 15/09/2023 at 21:41:10
I'm bemused by the way Paul is challenged by some of us.

He always writes in an understandable way about the dark financial morass those at our top have deliberately created, and expand ever since day one of Moshiri's involvement. He works with the best information available to him albeit some of it may be "hearsay". He can hardly be criticized for ever having overstated the now emerging depth of the well of despair into which we've been plunged from within, can he?

So what if he, like others in 2016, expressed no adverse opinion on Moshiri. Who could have? He was an unknown enigma with the close financial association of a very dodgy Russian.

Who at that time knew he'd turn out to be Kenwright's puppet too - and get fucked over too, just like Kenwright always does to us true Toffees?

Barry Hesketh
22 Posted 15/09/2023 at 21:48:20
Don @21,

I accept that Paul does provide a very valuable service to us the fans, particularly when scrutinising the accounts and other such business matters, and most of us are truly grateful to him for that insight.

But that doesn't mean that he can't be challenged or that we should accept fully his interpretations of what will transpire in the future. All views can and should be questioned. I'm sure that Paul will come along, fairly soon, to give his informed reply to the questions posed.

Kieran Kinsella
23 Posted 15/09/2023 at 21:58:06
Esk on Twitter saying Moshiri must resign as it is a conflict of interest for him to be at the club as this wraps up.

But he owns 94% of the club. So do the other 6% of owners get to call the shots on the basis they didn't decide to sell their shares?

Seems like a peculiar suggestion. If the deal has been agreed what "conflict" is there in Moshiri hanging around waiting to see if it actually happens?

What's he going to do tap the genius of Bill Kenwright and use that knowledge to bankroll another club?

Barry Rathbone
24 Posted 15/09/2023 at 22:00:54
Don @21,

Although you won't find much evidence of caution on forums when Moshiri bought in the popular cry being mindless cries of "we're rich" and salvation guaranteed. But I think there was a goodly amount who quietly sat back and thought, "Let's wait and see…"

Certainly my view.

Barry Hesketh
25 Posted 15/09/2023 at 22:04:08
Kieran @23,

I imagine Paul, means that Moshiri should resign from the board as he recently became a board member, but perhaps, I'm incorrect?

Don Alexander
26 Posted 15/09/2023 at 22:06:02
Mine too at the time, Barry (#24).

Seven years ago, I said on TW that his reported wealth was mid-table at best, when compared to the owners of other Premier League clubs, but by Christ has he massively underachieved on even that.

John Raftery
27 Posted 15/09/2023 at 22:18:07
Dave (20) I remember that comment at the January 2018 AGM. The thought occurred then as to who at Board level actually sought assurance the huge outlay on transfer purchases made sense from both a playing and financial perspective. It turned out nobody did.

As fans, perhaps we were complicit in the naïveté gripping the club in those early years. Concerns about the fees offered for individual players were often met with comments like ‘Why worry, it's not our money!'

Looking back, we had an owner, chairman and board too eager to excite the fans and the media circus with a series of eye-catching purchases which ultimately proved disastrous.

We needed somebody within the club, probably a cold-hearted, unsentimental and unpopular chief executive, to press the pause button and ask ‘What are we doing here? Does it make sense?' Sadly the club had nobody of that calibre in the summer of 2017 or in the years which followed.

Barry Hesketh
28 Posted 15/09/2023 at 22:29:24
Farhad Moshiri has agreed for the payments of the sale of Everton to be staggered over a number of years in order to help the clubs financial position. [@_pauljoyce]

777 will pay a set amount to Farhad Moshiri for Everton, but there are factors by which that figure can rise and fall depending on Everton's on- and off-field progress. [@_pauljoyce]

It would seem that Farhad is very anxious to rid himself of Everton, he appears to be giving 777 a lot of leeway, that would suggest that 777 are the only game in town?

Brendan McLaughlin
29 Posted 15/09/2023 at 22:30:15
Indeed John #27

"It turned out nobody did."

Not only that but it appears that Moshiri significantly contributed by allowing too many cooks to spoil the broth.

Very much wrong man, wrong place and wrong time.

Jeff Armstrong
30 Posted 15/09/2023 at 22:57:28
Barry #28,

It would seem Usmanov… sorry, Moshiri is happy to get any money back from EFC, be it on the drip, stadium return or annual payments, anything at all as long as they are rid of the millstone that is Everton and their new stadium… "Pease, someone take this mess off us and give us what you can."

Usmanov can afford the loss, he's 80 odd and will be happy to part with his error.

Kieran Kinsella
31 Posted 15/09/2023 at 23:10:27

Isn't that an unusual idea? Kenwright didn't go anywhere during or after Moshiri talks, ditto Ken Bates etc. I can't think of a precedent for it.

Dupont Koo
32 Posted 16/09/2023 at 00:13:57
Who else and what else can we sell to generate cash while staying afloat? Pickford? Onana? The financial black hole of the club keeps sucking things in and has no signs of closing.

I am certain that 777 Partners are trying to bluff their way across the poker table, which at least 1 of the 3 regulatory bodies would not be fooled.

So, nothing happened and let's move on!

Ed Prytherch
33 Posted 16/09/2023 at 00:27:21
Brendan 29, As I read your post I thought you said "too many crooks spoil the broth". A Freudian slip on my part.
Pete Neilson
34 Posted 16/09/2023 at 08:29:31
The staggered payment plan has probably been accepted as it's all that's on offer. 777 haven't yet paid the full €15M for their majority stake in Hertha Berlin yet. Mind you, their previous owner comes across as not exactly being on the ball, maybe he sought advice from our board.


Jimmy Carr
35 Posted 16/09/2023 at 08:38:13
Paul's reading of these issues makes them understandable for financial dullards like me.

The plot thickens.

Duncan McDine
36 Posted 16/09/2023 at 08:57:57
Jeff 30, that is also my take. No other scenarios add up.

The timing of when Everton suddenly became piss poor tallies up with Putin's mates getting sanctioned.

Paul Birmingham
37 Posted 16/09/2023 at 08:59:03
I'm not convinced about this proposed agreement getting passed, but thats based only on media footage and no concrete facts. Who really knows whose funding this proposal?

Bit if it was passed, as Everton would be 1/8, of the 777, collection of clubs, how would Everton get direct support for their operational needs on and off the park?

Seems like a business case , for any need, will Everton be indirectly supporting other clubs in their collection - Hertha Berlin, or Vasco de Gama, or vice versa?

I hope Everton FC, can move onto better times, and also keep BMD, as owners.

Beat Arsenal, is the most pressing need.


Ray Roche
38 Posted 16/09/2023 at 09:03:50

Usmanov was 70 last week, not nearly 80.

Nick Armitage
39 Posted 16/09/2023 at 09:08:03
A board and exec shake up is long overdue but the price of that, is a leveraged buy out by private equity shysters with zero capital to invest.

Only 2 options, recapitalise with even more debt and/or fleece the fans.

This won't end well.

Tony Everan
40 Posted 16/09/2023 at 09:10:44
777 is a financial labyrinth. A Norwegian journalist did a piece looking at them in June, it’s worth a read, but I find it difficult to understand. So many different diverse companies, layers of insurance companies, debt, financial and legal challenges.

It sounds like a house of cards. I want to be optimistic but I am really struggling to be anything but negative about this takeover. I look forward to the analysis of the transparency and detail that they have promised. Maybe that will give us guarantees and assurance.


Lee Cooper
41 Posted 16/09/2023 at 09:12:28
Catherine is right on the money – having managed and received financing for a few hospitality venues in the USA, here's my take on the likely future:

777 is a done deal as money talks and bullshit walks… In their minds, 777 Partners have just bought an asset that will guarantee 50k-plus bums on seats every 2 weeks. Their #1 priority is to milk every penny in corporate sales, food and beveages, and as much of everything else as possible from the new stadium at Bramley-Moore Dock.

They wanna turn Everton and the stadium into a money-making machine – to be fair, that part of our club has always been rubbish. They obviously want us to get results on the pitch because that will increase revenue; however, what is concerning is that, if we do go down, they will pay less money to Moshiri, so that's not a great incentive to get results - which shouldn't and may not be allowed.

I was told by some cockneys that the revenue from the Spurs stadium was massive compared to playing income – and basically helps mitigate the Financial Fair Play rules cos it's all income. 777 Partners are going to turn the new stadium into Disneyland – dead expensive but a lot of fun – for the corporate groups and tourists who wanna watch a Premier League match or tour the stadium.

Not so good for the average 90% of season ticket holders, most of whom don't spend any real money at the ground, probably because you can't!

If they get it right, they will spend on players, but only after the new stadium starts bringing in significant revenue and that's far from guaranteed given the current fanbase (very few of us with more than a pot to piss in) compared to the global wealthy fanbase of the dark side.

It's going to be a lot more for season ticket holders to go the match in the not-to-distant future… and I mean a lot more. The stadium will end up being a Trojan Horse or a life saver, but something had to change when the Russian money disappeared!

Tony Abrahams
42 Posted 16/09/2023 at 09:39:15
Good post Brendan@29, although I would change significantly, to Moshiri has 100% contributed, to the disgraceful way we have been run.

Did Kenwright have a clause? Was an outright sale the only way to free himself from the clutches of the biggest curse in Everton’s entire history?

Since Bill Kenwright came on board at Everton, speculation has been the order of the day, and this latest deal, has got even more speculation about it, than anything that has gone on before.

I was as shocked as The Esk seemed to be, when I heard the news we had been sold to 777, because I’ve been getting informed that there was at least one other American investment group trying to buy Everton, under the same terms (complete ownership) and Alan Myers only tweeted last week about there also being interest from Asia, but we were definitely going under, with Moshiri at the helm, so let’s see if these new owners can, plug up the holes in the Everton Dam?

After Peter Johnson and Bill Kenwright, then the last thing I want is local businessmen, Paul, although it did seem like Andy Bell and George Downing, were going to be good additions to the Everton boardroom.

Is it fair to say that anyone would be a good addition to the Everton boardroom though, when you look at the disgusting way we have been operating since the man who kept on giving, got on board?

In the end Moshiri, had become a mirror image of the man he bought Everton football club from, because once his tap had been turned off he never had the money to do “anything”, especially because he was already hamstrung with building the new stadium on the dock.

Kenwright on the other hand never had a tap, so he got his friends in the media to help change the reality of what was plucky little Kenwright (hang in there because there’s loads of money to be made) into plucky little Everton.

When Kenwright finally leaves, it is genuinely going to be one of the saddest days in my life, because when you look back at his Everton tenure, it will be very clear how much a lot of Evertonians got kidded and actually started celebrating stagnation. (Excitable rant over!)

John Hall
43 Posted 16/09/2023 at 10:56:05
Brendon, you left the letter (r) from the word cooks.
Mike Doyle
44 Posted 16/09/2023 at 11:07:00
Firstly I’d like to endorse Jimmy #35] comments. Paul the Esk’s analysis of the numbers and suggestions of what is likely to happen next (e.g. that the summer window, by necessity, would be about selling and generating revenue rather than spending) are always interesting and thought provoking. As far as I’m aware there is no other Everton fan doing what he does.
He may not have forecast the 777 announcement, but by the sounds of it, most people within the club were not expecting it either ( we await further news from Rob Halligan’s ITK source on that).
Paul if you are reading this, hope you are on the mend - and keep up the good work.
Brian Harrison
45 Posted 16/09/2023 at 11:19:46
I think a latter day Michael Knighton could have persuaded Moshiri to sell him Everton. Moshiri in the last 6 months told us if we need a striker in Jan I will buy one, he didn't. When it was being reported that he was trying to sell Everton he said the club wasn't for sale and he was looking for investment. This is a man who in all truth isn't interested in football and was only here because his boss wanted him as a front man, and when Usmanov was sanctioned that was the end of Moshiri as well.
The reports in the press are saying this sale comes with some caveats, first depending on what happens with what the independent commission decide on whether we have broken their Profit and Sustainability rules, and also the price is dependent on us staying in the Premier league which isn't a given. Also the press are saying the payment for the club will be over a period, so they either haven't got the funds to buy the club and are hoping to attract some wealthy financers to invest or they are going to set the club up for a quick sale once they have full control.
The biggest asset they will have is the new stadium, so they have options to sell the stadium to a 3rd party and lease it back. The other worry for me is what will they charge for a season ticket in BMD.
Tony Abrahams
46 Posted 16/09/2023 at 11:22:21
Mike, I have just been told that there was another American Investment group sitting in The Titanic Hotel, waiting for the news to come through and then being absolutely flabbergasted when they realised they had been overlooked in favour of 777.

This group were allegedly paying everything up front, and I was told the total cost was going to be around £1 billion, when the money for the stadium and all the loans was also factored in.

Just more speculation, but if this is true then why would anyone prefer staggered payments rather than getting all the money up front?

Maybe they felt that the staggered payments was the better deal, but surely a bird in the hand has always been better than having two in the bush?

I personally believe this story to be true, and this makes me believe we have not quite got rid of our silent partner just yet? There’s going to be a hell of a lot of money to be made from the massive regeneration being kickstarted by this stadium, but after putting two and two together, then maybe I’m just coming up with five?

Steve Shave
47 Posted 16/09/2023 at 11:30:21
What a complete and utter clusterfuck of a club. For those continuing to keep talking about us being better under Moshiri they need to understand that his foolish decision making has contributed hugely to this mess.

I for one curse the day he walked in with his fat wallet, if only Bill could have sold to someone who knew what they were doing.

A group of children could have run things better than this board. I am going to embrace the change and take the new ownership at face value, I will judge them on how they conduct themselves and the decisions that they make. How 'Everton' of us to want to run them out of town with pitchforks before they've made a single decision.

Raymond Fox
48 Posted 16/09/2023 at 11:33:19
Moshiri or probably Usmonov who was actually in charge of the club made some poor decisions over the time they/he were owners.

Bowing to fan pressure too soon was one.

One or two manager choices was another.

Then you have Kenwright who should have resigned before now.

The main reason in all this though is that we simply couldn't recruit good enough players. Who you blame for that is open to argument.

To be fair though the Prem. is now more than ever a two division competition with 13 or 14 clubs with only staying in the division to look forward to.

It doesn't take much mismanagement and some bad luck to end up where we are now.

I would not have choosen 777 as new owners but with the addition of players in the last window I think we are good enough to climb out of the relegation places ok.

What we can do now is get behind the team and forget protesting at least for now.

Brian Williams
49 Posted 16/09/2023 at 11:40:03
Another worrying "story" has come to light this morning and that's one regarding 777's lack of interest in improving the playing squad.
Allegedly three separate "squad rebuilding" plans were shown to 777 by Kevin Thelwell and 777's response has "senior figures" very worried that 777 have no interest in the playing side of things.
How true this is I don't know but very worrying if it is!
Steve Shave
50 Posted 16/09/2023 at 11:47:23
Brian @49 a friend sent that article to me as well this morning. I thought it was 'clickbait' bullshit. Complete media conjecture to jump on the, "let's set fire to the falling giant" narrative that exists in the media.

How could they possibly know what 777 will or won't invest? If they don't invest in players it won't be due to lack of funds.

Brian Williams
51 Posted 16/09/2023 at 11:53:20
Steve I hope you're right and thought the same but also thought it worth a mention on here.
I usually dismiss such shite myself but, like all on here, I'm worried for my club's future and must just be getting even more jumpy than usual.
Rich Pembo
52 Posted 16/09/2023 at 12:17:49
Sounds like we can't even afford to pay the bills of the club let alone the ridiculous stadium.
The irony that most fans have seen this magnificent project as the path to a different level and former glories. It's more likely going to sink us or have to be sold/ stripped from us to stay in business!
Kieran Kinsella
53 Posted 16/09/2023 at 15:38:26
Brian Williams,

I did some research on investment in playing squads at the other sides in the "portfolio."

This summer Red Star brought in 5 players on free transfers, and released 10.

Standard Liege spent 5.2 million but sold 6.3 million so a profit from trading players.

Vasco da Gama spent 19 million and raised 12 million so a net spend of 7 million.

Hertha Berlin spent 4 million but sold 31 million so a profit of 27 million.

Genoa spent 28 million but sold 10 million. so net spend of 18 million.

Obviously each club has different circumstances like Hertha being relegated presumably needed to cut costs. Genoa and Vasco Da Gama both got promoted so presumably they would have received more money for TV the next season. But overall they made a profit of about 3 million on player trading across their clubs.

Pekka Harvilahti
54 Posted 16/09/2023 at 15:40:35
It is possible that Everton will cease to exist during this season. It looks like Moshiri is done with us, he may just stop paying the bills, cue administration and cancellation of our season.
Then demotion to a lower level, league 2 or even Conference. Or, dare I say, oblivion.
Rangers were in a similar situation but they clawed their way back because they are so big in Scotland. Everton would find it very hard to get back to the PL, just look at Sunderland.
Hard times for the Blues.
Jimmy Hogan
55 Posted 16/09/2023 at 17:33:34
I don't care if 777 rob a convent to raise the funds, as long as that stadium gets built. If this deal falls through, it may not do.
Phil (Kelsall) Roberts
56 Posted 16/09/2023 at 17:56:38
Pekka, if Moshiri stopped paying the bills then he would have to sell to the highest bidder as part of the law - and at the moment that highest bidder is me with £1. He would have to raise cash to pay the people who are owed money.

He may have put in £750m - he may "only" be getting £500m back from 777, but if he stopped paying the bills he would get £0.

Ed Prytherch
57 Posted 17/09/2023 at 02:15:47
Everton have had negative cash flow for at least 4 years on the trot. We borrowed £200M from Rights and Media Funding and Moshiri has put in more to enable the club to keep the lights on. But now Moshiri has turned off his spigot and R&MF have blocked other lenders.

We are headed for administration if we don't get new owners who will put in more cash and change the way the club is run. It looks like 777 Partners are coming in to try to turn things around. I wish them the best of luck. The alternative hardly bears thinking about.

Bob Parrington
58 Posted 17/09/2023 at 05:48:03
Interesting viewpoints, Paul. Clearly a deeply thought out article. But, it does confirm why I've never had an accountant on the boards of our various companies through the years, except as a guest. Nothing personal, of course, as you make some interesting and well-thought-out arguments.

Let's, just for a moment, take a positive view. The government, FA, Premier League etc etc all give the thumbs up 👍 to 777 and MSP see it as a plus in securing their funds (rather than being pissed off that their miserable $150M offer didn't go through). We get our performance back on track and finish in a mid-table position.

And… the new stadium is opened on time and is a massive success (which it will be!)

There, I feel better now! 😁

Tony Abrahams
59 Posted 17/09/2023 at 09:39:08
Sometimes you have got to go backwards to go forwards.

I'm glad this is the first thing I've read on this beautiful Sunday morning, Bob!

Barry Rathbone
60 Posted 17/09/2023 at 10:22:37
Can any investment guru make a stab at telling me what's in it for 777 Partners?

EFC is a monstrous money pit with the colossal financial drag anchor of a new stadium.

The squad as is seems destined to be relegated sooner rather than later and 777 appear not to have the mega dollars to turn it around.

I don't get it.

Bob Parrington
61 Posted 17/09/2023 at 11:39:03
Tony, glad I helped with the start of your Sunday. IMO it's a case of "glass half-full" and "glass half-empty" attitudes. From my amateur coaching years, I've learned the positive is far more successful than the negative.

We can do this! We can get back to the great times. My first Everton game was in 1953 as a 5-year-old. So, I've seen us come up and go through good and bad times.

We are on the verge of our next revival. Just need the balls to see it through. I think Sean Dyche is just the right guy to bring us through as our manager. Good times ahead.

Pete Neilson
62 Posted 17/09/2023 at 13:08:21
No doubt 777 can't wait to get started on their creative accounting with us. The more I read about them the more their whole enterprise appears to be built on sand.

777 Partners airline investments

Jimmy Carr
63 Posted 17/09/2023 at 13:26:38
I'm choosing to look positively at this. Moshiri needed to go (I know Kenwright does too but that's another matter), so one blundering owner out of the door and I would assume, if 777 Partners are as cut-throat as everyone says, Kenwright won't be long behind him.

I understand there's a possibility of 'out of the frying pan, into the fire' but as I say, I am choosing to see the positives.

Barry (60), the new stadium will be a colossal money-making opportunity for the new owners. Match-day revenue, 50,000 supporters being milked at every opportunity to buy drinks, food, beer, shirts and whatever else 777 can think of. It's the Spurs model and that must be what they see in this.

I also don't think the squad are 'destined to be relegated sooner rather than later.' That's your crystal ball talking. We need to back Dyche to keep us around for one more season.

Unfortunately, I would imagine Dyche and Thelwell may not survive beyond this season if 777 are in. Thelwell has done brilliantly with the hand he's been dealt, he's demonstrated he's a shrewd operator. If he'd have been in charge of transfers from day one of Moshiri's reign, we wouldn't be in this mess.

I would have concerns if 777 start to meddle with the football management of the club this season, which would be too soon, and might be a death knell.

I'm also still puzzled about stadium ownership. It's not part of the deal, so who owns it exactly? Are 777 renting the stadium from next season onwards?

Arild Andersen
64 Posted 17/09/2023 at 13:52:03
What about the other clubs in the 777 portfolio?

Just looking at their respective league placings (Sevilla bottom of La Liga, Hertha bottom of 2nd Bundesliga, Genoa mid-table in Serie A, Standard Liege first win of season today) doesn't really bode for optimism, but it's early days in all leagues.

Does anybody know anything about the current state of affairs in other 777 owned clubs? Debts, ageing squads, investment…?

Soren Moyer
65 Posted 17/09/2023 at 15:42:34
I hope to god it's true. Those guys are a bunch of charlatans. if they take over Everton, it would be the end of this once great club as we know it. Fingers crossed.
Clive Rogers
66 Posted 17/09/2023 at 16:07:49
Jimmy, 63, the stadium is not part of the deal?

I assumed it is. Has it been stated that it's not?

Barry Rathbone
67 Posted 17/09/2023 at 16:38:41
Jimmy @63,

I think you're polishing your own crystal ball.

How will increased stadium revenue be of benefit if you don't know whether we own it or not? How onerous will the financial burden be via renting or loan payments?

And you may disagree with "relegation sooner or later" but you admit you're looking at this "positively" – surely that's just your own crystal ball talking.

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