777 Partners and Genoa

Could it be a guy who can wipe away all the debt in a stroke might put in a bid for a historic, nay legendary Premier League club, with a brand new stadium? Hope springs eternal.

I'm not a fan of the 777 Partners bid. Too much negative noise surrounds them.

Provided it doesn't cross lines imposed by the football authorities and by the law, anything that involves basic competence has got to be an improvement on the last few years.

There's an interesting article written by Jonathan Wilson in today's Observer focussing on the transition of Sunderland from the benign fan ownership of Bob Murray to ownership by US private equity. Sunderland's demise is a salutary lesson that it doesn't always work out, but the underlying focus of the article was that the potential for profit created by the value of TV rights following the arrival of satellite TV, which enabled the biggest clubs to acquire a global fan base, made ownership by oligarchs, nation states and private equity of what were previously regarded as community assets inevitable.

Wilson quotes a Sunday Times article describing football as “a slum sport played in slum stadiums and increasingly watched by slum people”. That was written in 1985 (and we all know what happened that year) at a time when watching football either in person or on TV was a very different experience to today.

Like it or not, that change has only been made possible by the money that has flowed into the game since then. The tragedy for clubs like Everton and Sunderland is that those in power at those clubs during the transition period were never smart enough to make the right decisions at the right time.

IF.

We've already been sold to 777.

However, their portfolio of clubs may be of interest to the Qataris as an investment.

777 Partners haven't bought us yet. Someone else could still come in and buy us.

Genoa and the other clubs they have bought reveal their approach. They are basically in the business of buying distressed assets, with the low(ish) price giving room for capital growth. And that is what we are, a distressed asset.

I suspect they will do what the Glazers did and buy the club with other people's money (that is after all the PE model) meaning we will face large interest payments and will need to find a way of funding this from the club's operations.

Hence I think Robert's assessment of what will happen player and transfer-wise is likely accurate and I for one would settle for moving towards mid-table in the near term, given the precipice we are currently on.

It would be nice to think the Qataris might come in for us, but when they buy outright, they tend to go for flagship assets like Harrods or Claridges and let's face it, we are currently more House of Fraser and Travelodge.

Everton need above all else, financial viability and stability. It will be a long-term process. Possibly one that, at my advanced age, I will not see come to fruition.

But I have seen Everton win four titles and two FA Cups and one European title. My younger son and his son have seen us win nothing and one has to hope that Everton can give them and all younger supporters something to look forward to.

An agreement has been signed with 777 by Moshiri.

It is subject to approval by the Premier League, the FA and the Financial Conduct Authority. 777 co-founder Wander said in an interview with the Financial Times two weeks ago.

This sort of prognosis terrifies me it's another warm-worded summary of what we've tried since Peter Johnson. Admittedly we are the only also rans not to get relegated in that time but it can't last. Newcastle now complete a Top 7 and clubs like Villa, Brighton and others are far stronger plus we have the drag anchor of a new stadium to finance.

Our reliance on a goodly amount of deadwood below us is getting thinner by the year. If this is our game plan, we are Donald Ducked!

To many, that would seem like paradise at the moment after two back-to-back relegation dogfights. But, is it too much to ask for to have owners that are both competent and willing to invest plenty of their own money?

Back in 2016, when Moshiri became majority shareholder, there was a real sense of optimism from the fans because we thought we'd found an owner who was willing to invest in the squad and deliver a new stadium. To his credit, he delivered on both counts.

Unfortunately though, Moshiri proved grossly incompetent when it came to employing the correct staff in all departments of the club. The player recruitment side of things being the worst of all, which eventually landed us in hot water with P&S. And we are where we are today because of it.

I sincerely hope the 777 Partners takeover is not ratified by the Premier League as it's very difficult to find any evidence from their portfolio of clubs that they've contributed positively on any counts.

It's much easier to find evidence pointing towards allegations of late payments, corruption and fan unrest.

I worry the best-case scenario with 777 Partners is a return to the Moyes - Kenwright years when we were supposed to feel grateful for finishing 7th because we didn't have the funds to crack that glass ceiling.

Not a future I feel optimistic about.

I love a bargain. My dad, God rest his soul, gave me two little sayings that I have never forgotten.

“Enough is plenty”
“Half a loaf is better than no bread”.

Please God we don't add him to our collection of useless cast-offs. Why can't we go and scout the lower leagues anymore that we have to go get hyped-up bums in?

My dear departed true blue (also called Laurie) Dad's fav saying was "So long as you have money in your back pocket you can put your two fingers up to them and say fuck you!"

Everton don't have the money anymore but it would be nice if we could put two fingers up to a few, starting next Saturday at the Devil's Kitchen.

Yes, we did want savvy owners, professional in approach and action, but also someone who aspires to success, not just existence. Everton Football Club are a high cash turnover business, merely staying in the Premier League guarantees increased value if run to break even. Profit from sale in 3 years is potentially huge for basically running a low-cost model.

Make no mistake, 777 Partners are not in it for success as we understand it, they are in it for profit. Nothing else.

Mark #14, unless another buyer suddenly appears out of an Aladdin's Lamp in the Middle East, the only alternative to 777's approval is that the club stays in Moshiri's hands, and I'm pretty sure the club can't survive that any longer.

And Christine #18, without existence there can be no success. Let's get the patient off the critical list first before we start him chasing Olympic gold.

I get what you are saying, first things first, but if the vision they have is to just survive, then it's a No from me. Of course the priority is to improve our standing to mid-table, but if it's our only aspiration, and that appears to be the case, then it's clear they are not in it for the success but the value proposition of being in the Premier League.

If one looked at Newcastle, which I hate to do, but their aspiration is Champions League and to challenge for the league title. A different class of owner perhaps? They have money and aspiration, our potential owners have neither.

'We want to make Everton sustainable'

That was actually his last line. I'm not sure if he said anything else.

I don't know how you do it. I'm too heart-on-sleeve and emotional, for which I often get it in the neck from my youngest brother, son and even now, my sister, who suggested I shouldn't go to the derby.

I'll never, ever fear them. And the authorities won't escort me anywhere.

In terms of the potential owners, I'm as nervous as anyone. Who knows? Many thought the Moshiri takeover was the answer and look how that went?

Whoever takes over Everton needs to put their own people in place and rid the club of the one constant that has more than seen his time.

I don't want to turn it into a Kenwright debate, but it is more than over time for change.

1) As much as there are still many fans who think we are as big as Man Utd and Liverpool et al, we are not. We do not have the global appeal for one of the world's richest men to consider us seriously.

2) The financial restrictions will rule us out for them, it is not a platform for them to purchase marquee signings.

3) It would have to be a long-term investment – playing a slow patient game, clearing debt, transitioning to the new stadium etc.

That said, if someone was prepared to do it, they might think they can get us for a steal, the restrictions would also provide an opportunity to get the basics right, youth, recruitment team, vision etc. It's a fool's hope sadly and we will be lumbered with 777 Partners who I hope fair better than Bill and Farhad, aka 666 Partners.

There is no mention of having mid-table as the ultimate ambition. There's also nothing wrong with the club trying to become self-sustainable. Of course it could all be bullshit but on this one at least it's a huge assumption to interpret mid-table as their ultimate ambition. There are enough reasons out there to make us wary of 777 Partners but this isn't one of them.

With all due respect, that mentality grates me.

We are a big club. Always have been, always will be.

I wonder how the Manchester City supporters felt when they hadn't won a title for decades and lived in the shadow of their neighbours, dropping into the 3rd tier of English football?

Manchester United, Tottenham, Newcastle and Aston Villa have been relegated since the last time we were.

I am too focussed on Saturday to care about what happens this month or this year and I'm usually a strategic thinker.

We are going to the Devil's pit. That is what is front of my eyes right now.

I obviously never met your dads but would have loved to, I think I would have felt right at home and comfortable in their company.

I've travelled the world and when anyone asks me where I'm from, I say Liverpool first and then England. 99% of the time I'm asked, A) If I know the Beatles and, B) If I support the red shite?

My usual answers are, A) Yes. I'm BFF with Paul McCartney and, B) Fuck off, I support Everton. To which the usual reply is, who are they?

I've given up trying to explain that we are the originals. The top dogs in the city until the '70s. The greatest team the world has ever seen etc… They just look at me as if I'm a lunatic.

Like everyone else, I don't have a clue if these Yanks are the real deal or just another bunch of shysters following the other two outgoing (🙏🙏🙏) shysters. All I know is, if they can resuscitate this fetid, sleeping giant from its induced coma, then I will go happily to my grave/oven.

Only real, hard-nosed, tough bastards with some financial know-how can save us. No amount of Shakespearean rallying speeches harking back to a glorious past will get us out of this morass. Unbridled optimism can get you only so far.

Man Utd, Man City, Liverpool, Chelsea etc... didn't find success looking backwards, they were ruthless and pushed everyone out of the way. Until we drop all the sentimental bullshit which envelopes all of us, we will never progress.

Unfortunately, nobody has managed to unlock that potential, we might have been on the right track in the mid 80s but events outside of the club's control put the club into a holding pattern followed by a tailspin and possibly a full-on crash awaits.

When a club, who had known how to win stuff, but has had no discernible success to speak of for nearly 40 years, and also has the most annoying and a very successful club on its doorstep, but manages to retain a larger than average following, it must have something going for it.

Just because we're not recognised by all and sundry doesn't mean we don't exist and it certainly doesn't mean that if somebody with the know how and the money can't rebuild the club to something more acceptable than mere survival. If we don't think there is a brighter future awaiting our club, why should we expect financial backers to think differently?

We had a frugal careful owner for a number of years and he has been pilloried for not spending money. Then we got an owner who spent like there was unlimited funds and put is into P&S problems.

And you want to go back to Kenwright 2006??

- If we keep going under Moshiri, one or both of relegation and insolvency are inevitable. We're talking Glasgow Rangers type stuff here. Fortunately, we have an outfit willing to take us off his hands before that happens. For those who don't want 777, tough. The deal is done. If it doesn't get ratified there's a decent chance the club will fold altogether.

- Whether we're a big club or not, it's not like we have a queue of wealthy suitors. If it's not 777, it's going to be someone like 777. In the Premier League era, Blackburn, Chelsea, City and now Newcastle have all hit the jackpot. We've missed the boat.

- There's already 7 or 8 extremely well resourced clubs in the Premier League, two or three of which are staggeringly rich. It's harder than ever to buy success from a weak position. Someone could spend more than £500m on our squad and it would still seriously struggle to get in the top 4. It would cost about £300m just to catch up with Villa. It's more likely that a vanity project would choose a clubs in, say, Serie A or La Liga than Everton. And Saudi Arabia's league has skewed things too. Reinforces the fact that we've missed the boat.

- Mid-table mediocrity is better than relegation and insolvency. But it needn't be the peak of our ambitions. And I don't believe it's the peak of 777's ambitions either - since the better we do, the richer they get.

- I get the impression that many feel a player development strategy is beneath us but that's precisely how Leicester and the RS won the league. It's also how Arsenal have dragged themselves back in contention and how Brighton have gone from fourth tier to competing for fourth place. And even super-rich City and Chelsea are playing this game with huge investment in their academies and scouting in low cost markets (not all exotic far flung markets either).

- Whilst we won't compete in the short term under 777, we could assemble a very good squad in about 2 to 3 seasons. By that, I mean a squad as good as we had under Moyes and Martinez - capable of reaching cup finals and enjoying European adventures (only one or two of our current squad would get in those first XIs, we've sunk so far).

- From there, we are a big enough club (with a fabulous stadium) to stay at the good end of mediocre and then have the odd super season where we have assembled a good enough squad to get Champions League qualification and even Europa League or FA Cup trophies. A bit like, say, Bayer Leverkusen in Germany who build up a great side (as they are doing now) but then have to sell and take a few years before they can go again. Let's be honest, that would be dreamland from where we are now (and have been for 35 years).

- Although the RS look unassailable to us now, they are not one of the really big boys financially and have ups and downs ahead. They are like a Dortmund - where they'll be more consistently competitive that us / Leverkusen, but will struggle to maintain a really strong side when others have bigger resources. They're in a rebuilding phase now having lost Mane, Firminho, Fabinho and Henderson - and with Van Dijk on the wane and Salah possibly in his last season. They have bought some good players but they too are going to have to be patient. Unless you can simply outspend everyone by a decent margin, you need to be patient enough to build up a side over, say, a 3 to 5 year period.

- Man Utd are a good example of a club that has considered itself too big to get into the player development game. They've made it easy for clubs like Arsenal and the RS to overtake them while they tried to impatiently spend their way back to success. There's no short cut for Man Utd; there's definitely no short cut for us.

I think between you, you have summed up our current situation perfectly. We have to leave the past behind, survive, and then start rebuilding.

https://josimarfootball.com/2023/10/17/fit-for-a-king/