09/11/2023 18comments  |  Jump to last

Journalists at Bloomberg provide their synopsis and analysis of Everton's situation as the regulatory approval process for the planned takeover by 777 Partners drags on.

Their hook line is to compare the risk of administration for Everton with what happened to Portsmouth in 2010, arguing that the collapse of such a massive and historic club would be a huge embarrassment to the Premier League, especially with substantial TV rights deals in process and the UK Government pushing for an independent football regulator.

They portray the acquisition of the club by 777 Partners as fraught with risk in terms of mounting debt and sources of funding, along with the uncertainty over regulatory approval in light of this contrary claim regarding the FA allowing Wander and Sasko to be Directors of Everton if the takeover goes ahead: 

"The acquisition also has to get the blessing of the FA, the UK’s footballing organizer. According to reports, 777’s directors have been approved by the FA. A person with direct knowledge of the process said that’s not yet the case. Something doesn’t add up."

» Read the full article at Bloomberg

Reader Comments (18)

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Michael Kenrick
1 Posted 10/11/2023 at 22:15:07
Strange that this article makes no mention of the club breaching financial rules and the stiff penalty that might add to our woes.

And reassuring (not!) that one set of journos can scratch around and find their own unnamed sources who will say the complete opposite from the other set of journos.

Dave Williams
2 Posted 11/11/2023 at 12:28:25
They make up a story to sensationalise the situation designed to get people to read it.
Whether there is any great truth or serious insight is an entirely different matter.
Jerome Shields
3 Posted 14/11/2023 at 09:42:39
They are intent on projecting a worst-case scenario and have searched for sources to back it up. These sources may have their own agendas. Since no one other than the Club, the Premier League and the independent commission knows the actual figures involved and the actual content of the 777 agreement is unknown, it is just more speculation.

I have a friend, Mark Shipman, who is a professional investor who was contacted to appear on Bloomberg. They wanted to know his opinion on the price of gold. He said it would rise in the medium term. Bloomberg instead opted for another professional investor who said the price of gold would collapse. The price of gold rose in the medium term as he predicted.

Mark is a West Ham supporter, similar to a ToffeeWeb type.

Danny O’Neill
4 Posted 14/11/2023 at 10:04:55
Doesn't tell us anything we don't already know.

One interesting thing was the graph. Villa making more losses than us. Are they next in the firing line?

Also to see Brighton down there if the facts and figures are correct. The apparent gold-plated example of how to run a club.

Caveat, I don't claim to understand any of this. I just know that when we get the inconvenience of the irritating international break out of the way, we have to go to Goodison and beat Manchester United.

Brian Harrison
5 Posted 14/11/2023 at 10:16:19
I thought Ashley Young was to be commended for turning up to Bobby Charlton's funeral. I think many Man Utd fans appreciated that.

What a pity that none of their owners could be bothered to attend, and the manager saying he had a prearranged appointment he couldn't get out of really?

Danny O’Neill
6 Posted 14/11/2023 at 10:20:05
I thought that, Brian. Not our manager or concern, but imagine the Everton manager not rearranging appointments and not turning up for the funeral of a club legend.
Mal van Schaick
7 Posted 14/11/2023 at 10:48:02
Never mind the proposed takeover, we have a more pressing issue to deal with. The skullduggery of this independent commission.

We have nothing to fear. It is an independent commission without Premier League interference… If you believe that, you will believe anything.

What happens next will set the bar for Man City and other transgressors in the future.

Everton's legal team should be raking up the breakaway teams who wanted to form their own Super League and their consequences? On the basis of that, we have no case to answer.

Tony Abrahams
8 Posted 14/11/2023 at 11:04:52
I understand your concerns, Mal, but I'm definitely a lot more concerned about what type of ownership we get rather than this independent commission.

We have not been run properly for decades and everything starts at the top, imo, so I believe it's absolutely imperative that we get decent owners.

Even more imperative that they will have a well-thought-out plan to help take us away from just existing, and then hopefully start helping to take Everton back to where we used to belong.

Dennis Stevens
9 Posted 14/11/2023 at 11:11:18
Bearing in mind the outstanding charges against Man City, Mal, I'd have thought suspension of all or part of our punishment is likely.

It sets a convenient precedent that can then be applied to subsequent guilty parties. Man City might accept a virtual slap on the wrist, if only to save on legal fees.

Tony Everan
12 Posted 14/11/2023 at 11:27:15
“I understand your concerns, Mal, but I'm definitely a lot more concerned about what type of ownership we get rather than this independent commission.

We have not been run properly for decades and everything starts at the top, imo, so I believe it's absolutely imperative that we get decent owners.”

Sometimes a poster just hits the nail on the head with a great statement. Tony, 👏.

We will deal with whatever the independent commission throws at us good, bad or ugly. With regards who takes us over, that will affect the club for many years to come. I'm far more concerned that this has a positive outcome.

Mal van Schaick
13 Posted 14/11/2023 at 12:30:11
Tony #8.

I am concerned about what type of owners become involved with our great club, and I am not a fan of the proposed new owners, but what can we do from a sedentary position to impact the sale of our club to them? We will obviously have to give them a chance to prove their credentials and intentions.

Regarding the independent commission, any points deductions or sanctions will impact upon our status, but I don't believe that even a so-called independent body will dare to impose any penalties that will jeopardise our Premier League status, on the basis of the can of worms that it will open.

Darryl Ritchie
14 Posted 15/11/2023 at 06:46:49
Why is it that every thing I read / hear about 777 is negative? I'm thinking that these fellas just might make us nostalgic about the good old days of Kenwright and Moshiri.

From their track record, they're going to put in as little as possible, and take out as much as they can. They are in it to make money.

I've got a feeling that we are going to be treading water for the foreseeable future.

Tony Abrahams
15 Posted 15/11/2023 at 07:59:22
We will obviously have to give them a chance to prove their credentials and intentions, even though the writing appears to be on the wall, imo, Mal.

After Bill Kenwright's death, I kept reading people praising the man because they believed his intentions were always centered on Everton, and nobody questioned his credentials because he was an Evertonian.

Kenwright begged, stole and borrowed, and every single thing I read about 777, makes me think they will be replicating what our departed Chairman did, but because the price of Everton has risen, it will be done on a much bigger scale.

I don't want 777 Partners, especially because I've been told there is at least one other very interested party, and although I don't know much about this other group, something tells me they will be a lot safer than the magpies who have their fingers in a lot of pies.

Peter Gorman
16 Posted 15/11/2023 at 08:38:26
Tony - the only good thing I could think of with regards to 777 ownership was our club being the crown jewel in their portfolio and, hopefully, the destination for all the top talent developed by their other clubs.

But I gather even this is now in doubt with the Premier League set to vote on banning loans between such clubs, seemingly to stifle Newcastle's advantage.

Jerome Shields
17 Posted 15/11/2023 at 08:42:48
My main concern is the team and the independent commission. Being Everton, no doubt there will be twists and turns in the future.

I suppose I am just prioritising, something I have been conditioned to.

Robert Tressell
18 Posted 15/11/2023 at 10:10:15
The 777 handling of Genoa so far does not look too problematic. In fact it looks a lot more professional than we're used to. They are not sugar daddies by any stretch so there won't be any big spending. But they might very well be a decent improvement.

Tony Abrahams
19 Posted 15/11/2023 at 10:24:31
Anything professional would be more than a decent improvement imo, Robert, and it does look like 777, do seem to have a few knowledgeable people on board, but they come with a lot of baggage, and also a big massive red flag, with regards paying their bills on time.

I’ve been told that the other group have a man who is aware of how badly mismanaged Everton have been, and he’s also aware of the massive potential of the sleeping giant, but it’s only hearsay at the minute, and although I’ve heard it expressed that they finally believe they have wind in their sails, with regards a takeover, I’ve also heard that they are aware that 777 are in the box seat, so all’s they can do, is sit back and wait, with their fingers crossed🤞

Bill Gienapp
20 Posted 16/11/2023 at 00:13:13
Not much of an article. It feels like the guys who wrote it had never even heard of Everton and did five minutes worth of Googling beforehand.

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