08/01/2024 75comments  |  Jump to last

It is being reported that 777 Partners have committed a further tranche of £40m to help fund Everton as they await the Premier League's long-drawn-out decision on the proposed change in ownership. 

Nearly 4 months have now passed since Farhad Moshiri struck an agreement with Josh Wander and Steve Pasko of 777 Partners to take up the British-Iranian's 94.1% stake in Everton Football Club – a process that was expected to be completed by the end of last month but the issue continues to feed growing uncertainty over Everton's future. 

The Financial Control Authority have surprisingly given 777 Partners the all-clear to proceed with the takeover, and the FA have granted their approval of Wander and Pasko as future Everton Directors, leaving the Premier League as the final hurdle.

In the interim, with Farhad Moshiri unable or unwilling to fund the Everton project anymore, 777 Partners have now invested more than £140m to keep the club afloat financially and maintain ongoing construction of the new Everton Stadium at Bramley-Moore Dock. 

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With estimates that Everton need at least £20m each month this, latest injection of funding will not bolster Everton’s transfer budget. David Ornstein and Patrick Boyland of The Athletic highlight that “The latest boost will not be available for transfers, but instead will be used for ongoing stadium costs and working capital amid a perilous situation that has already brought a 10-point deduction from the Premier League, which the club has appealed.”

The timescale for that appeal to be heard remains unclear with some sources using the timeframe inferred from the Premier League's so-called 'Standard Directions' for handling breaches of their Profitability and Sustainability Rules, but these do not apply to Everton's case as it was commenced before the Standard Directions were put in place last season. 

Alan Myers has suggested that a decision is imminent, tweeting that the long-awaited approval could come "any day now". Meanwhile Paul "The Esk" Quinn is maintaining that the takeover he has strongly opposed from the outset "will not be resolved anytime soon". 

 

Reader Comments (75)

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Pat Kelly
1 Posted 08/01/2024 at 20:10:36
The Premier League will string this out until we're officially bankrupt.
Robert Tressell
2 Posted 08/01/2024 at 20:47:59
Seems a painfully slow process. Although the future may not be rosy under 777 Partners, I'll be relieved when this completes.

I can't see anything other than relegation and administration under Moshiri.

Barry Hesketh
3 Posted 08/01/2024 at 22:42:36
According to a Tweet(X) by EvertonExtra:

Everton and Nottingham Forest will find out whether they will face any further action on Monday, 15th January, around their new Premier League charges. [@Telegraph]

Why only those two clubs are mentioned in various reports is a real concern, but we'll have to wait another week to see how things are. I would imagine that any decision to approve or disapprove 777 Partners will be after that day?

Jamie Crowley
4 Posted 09/01/2024 at 04:37:00
What the hell is going on with the takeover?

Has there been any news whatsoever lately?

We're in ownership purgatory and teetering on bankruptcy.

We need clarification on the takeover and the points deduction appeal in January. It's getting comical and ridiculous this dangling limbo on both fronts! Frustrating as fuck!

Alan J Thompson
5 Posted 09/01/2024 at 08:01:01
Anyone know the rate of interest being charged or is it wiped out if 777 Partners complete the takeover as owing money to themselves or deducted from Moshiri's take?

Or am I simply being naive?

Colin Glassar
6 Posted 09/01/2024 at 08:34:45
I said it a few weeks ago, the Premier League will drag this out until the transfer window closes then make a decision.

I get the impression that they want us out of the league by one way or the other.

Stephen Davies
7 Posted 09/01/2024 at 08:53:10
They have made the decision. Ownership by 777 Partners has been agreed.

Just a matter of announcing it.

Jerome Shields
8 Posted 09/01/2024 at 08:57:06
Alan #5

I think it's redeemable with shares, pending takeover finalisation. But MSP Sports was the same and it turned into just a loan. I don't think the rate of interest has been revealed. There probably is a legal requirement that they have to reveal loans.

There is an agreement that 777 Partners are buying Moshiri out, which MSP Sport did not have, but there are probably conditions or valuations to be considered, subject to the Premier League's sanctions, which have not been finalised yet by their commissions.

Also, there is Everton's 2022-23 figures and how they comply with the Profit and Sustainability Rules. Paul the Esk understands they do comply, but does not give the source. Which understandably Evertonians are sceptical of, given the club's history on previous leaks.

What's my opinion? Hopefully things are heading in the right direction.

Michael Kenrick
9 Posted 09/01/2024 at 08:58:45
Alan @5,

I'm pretty sure interest payments are a very significant ongoing issue for Everton, adding to the already daunting month-to-month running costs – at least based on what was made known about the other loans from Rights & Media Funding and MSP Capital. I recall seeing posts suggesting the club was paying astronomical rates of interest on these – as high as 20%, although I may be wrong.

High interest charged on loans may well be one of the ways that 777 Partners rather conveniently make substantial and immediate returns on their various captive 'investments'. But as you suggest, the other consideration is that such loans may be converted to equity (ie, shares in Everton FC) if the long-drawn-out takeover finally goes through.

As to how such numbers filter through onto the Profit & Loss statement, and thus impact the PSR calculation... what a friggin' minefield!

Brendan McLaughlin
10 Posted 09/01/2024 at 09:03:47
Stephen #7,

Where are you getting that from?

Sam Hoare
11 Posted 09/01/2024 at 09:06:13
What on earth happens if the Premier League say No to 777 Partners at this point?! Is there any Plan B? In that scenario, we would be a club running at a £20m loss per month with debts that possibly outweigh the value of the club as a whole.

I don't think 777 Partners are anyone's dream owners but increasingly they look like the only show in town and the only pathway that doesn't lead to likely administration.

Presumably their first job will be to restructure debts in a way that does not leave us hamstrung (from that I gather this is what they have done to Genoa).

What a mess.

Jerome Shields
12 Posted 09/01/2024 at 11:23:01
Sam #11,

Everton is a hot potato for the football authorities and the government. When I say the football authorities, I mean both the Premier League and the Football League.

There were celebrations in the Football Leagues offices in Preston when Everton avoided regelation, according to someone who worked there I know, and the fact that the sanctions are similar to EFL sanctions is no coincidence. The government has increased interest as well, with a community based club in a major population centre, with a multi million pound development attached.

Who ever is able to come up with the money will be taken by the hand, though subject to conditions to try to get a secure outcome.

I believe you were involved in The Beautiful Game. I suggest you start on a script called The People's Club. It would take on proportions beyond Bates vs The Post Office, with an up-to date social media angle and an international dimension.

Barry Cowling
13 Posted 09/01/2024 at 16:57:50
I would be very surprised if this takeover does not go through, as the FCA have given it the green light and it has been suggested that the FA has also passed it.

If the Premier League give it the thumbs down, it would make them look even more of a dictatorship than they currently are, difficult though that is — given that the FCA is an experienced independent body that look into these matters all the time.

Kevin Molloy
14 Posted 09/01/2024 at 17:09:48
I reckon Paul the Esk will go all Rumplestilskin on us if it does go through.
Simon Harrison
15 Posted 09/01/2024 at 21:30:15
Michael [OP]

The more I read into the 777 Partners acquisition of Everton FC, the more confused I get…

If you recall, MSP Sports Capital offered Moshiri in April 2023 approximately £125M (nearer £132M) for a 25% share in the company, plus they offered additional funding (circa £100M) in capital directly for the stadium build.

All this for the price of removing Uncle Bill Cobley from the Chair position, and being given two seats on the board.

Whilst allowing Moshiri a route to further remove himself from the club, via additional share purchases as time went on, and with the promise of another tranche of shares being created and sold to the tune of approximately £100M to raise additional funds and lessen Moshiri's percentage of ownership...

With me so far… well, if the numbers stayed consistent. Would that not have meant that MSP would have eventually paid approximately £500M over a longer period than 777 Partners are offering, giving Moshiri more 'income' over the time he remained as a shareholder, plus an extra 'guaranteed' £100M for the stadium (thereby allowing monies to be allocated of improving the squad) and with a further £100M in additional shares to be generated also...?

Giving a purchase price of around $600M (including stadium costs) and a further injection of £100M via a new share issue.

And yet, R&MF, basically the main debtor to Everton, actually refused the deal, saying that the selling price would be "too low".

Now, since April 2023 to September 2023, we have Moshiri subsequently agreeing to basically selling up, lock, stock, and barrel, for an agreed £500M (which was originally mooted at £550M) with that price soon to fall due to the repayment of the now £140M+ in funds (High interest loans, reported as being serviced at yes 20%!!)

These funds were made available to underwrite the 'operating and construction' costs required for the club to survive, and less any reduction as agreed, and reported in the press, regards the effects of the Independent Commission's findings in regards to PSR.

And yet... not a peep do R&MF make!?

Something is rotten in the State of Denmark if you ask me...?

Especially when you consider that;

i) MSP Sports Capital had raised capital via an investment vehicle, and although the funds looked 'clean' at a cursory look, when you scratch the surface a little, the monies could be coming from anywhere, but the money was there and due to be listed on the NYSE (if I recall correctly).

ii) 777 Partners have been shown to have liquid assets, and the required monies 'available' for the takeover. Yet, it has been shown that, at least on an operational level, the means of accessing these funds will soon be made more difficult, if the main cash-generator would continue to be underwritten, and consequently invested in, rather than not, and thus divested of assets... Which means that 777 Partners would become even more reliant on another less tangible (though thus far as reliable) 'sponsor' or backer.

To me, this makes no sense whatsoever?

Why would R&MF ultimately allow the sale of the club to go through for less money than the offer that they said was "too low"; and why agree to sell to an investor with less than transparent business accountability?

Dare I suggest, as the cynic, or rather sceptic might, that there may well be ulterior motives for Moshiri and R&MF to sell to a more financial 'fluid' and 'opaque' organisation, rather than to one with a more structured and transparent way to conduct business?

Especially when considered that MSP have added value, and generated success (at some level) at the organisations they have invested in, while on the other hand with 777 Partners, the opposite is patently obvious with the clubs that they have currently invested in.

Hence why the British Basketball League have demanded additional funds to continue as an organisation, and why the 777-owned London Basketball team is awaiting funds to continue, and this is why Vasco da Gama in Brasil have a transfer embargo, and also as of last month so have Standard Liege.

Plus it is why Genoa are awaiting the decision of the Italian Tax Authorities to agree to existing loans (and accrued tax debt) to be restructured so as to allow the refinancing of Genoa, or they will face bankruptcy and dissolution, unless further monies (ie, another investor or owner) is found.

The situation just stinks of some sort of a 'money magic, magic money' (a lot like a Rehypothecation scheme) to me. Which, unfortunately, may lead to larger problems down the road for the club.

As much as the heralded FCA announcement and subsequent permission for the takeover to progress greatly relieved me initially; it has since been self-announced (by the FCA) that the 'agreement' to allow the takeover was not so much of a hurdle to pass, and was more of a box-ticking exercise. That now does nothing to really placate these nagging worries that have started clawing at me again!

Is this takeover (which I'm now sure will take place due to the real politiks of the World of High Finance) going to genuinely benefit us; or is it going to be a case of either better the Devil you know, or from out of the frying pan, into the fire...?

I guess only time will tell.

Lastly, I have read and heard absolutely nothing about any other suitor for EFC? So, is this again genuinely a situation of the 'last chance saloon'?

Either that or Moshiri is going to have to take one big bath with his and Uncle Ali's money!!

Michael Kenrick
16 Posted 09/01/2024 at 22:28:26
Simon @15,

On first reading of your missive, nothing jumped out to me as being anything other than a reasonable summary of many aspects of the proposed takeover and the saga that has developed around it.

Except perhaps the FCA 'statement' — I seem to have missed that despite checking their website a number of times.

It may not be fair to stack up the possible MSP scenario you outline against the probable 777 scenario that appears to be in motion. The reason I say that is that I think the MSP deal was very much of the moment, back in April.

I reckon at that time a full 777 deal looked a whole lot better to Moshiri than the 25% piecemeal MSP deal, even though your scenario may suggest it could have been better in the fullness of time.

There's no accounting for Moshiri's decision-making, though. It's not been good (understatement!), and he may have made a really really bad decision by going with 777 Partners. That's what Paul Quinn's been telling us from Day 1.

As you say, only time will tell. But few of us have the patience to just wait and see what transpires.

Some say there are other suitors out there, one who is flabbergasted they aren't in the driving seat. But strangely only one bloke has been beating that particular drum and he's now taken a time-out.

What makes no rational or logical sense is that it has taken almost 4 months and the Premier League still can't decide … or they can (per #7 above) yet can't bring themselves to tell us that decision.

I'll read it again tomorrow and see if there's anything more I can add. Sleep well!

Stephen Davies
17 Posted 09/01/2024 at 22:51:20
Barry #13,

The twilight zone – Josimar, 9 January 2024

The man with Everton knowledge? Buster Wyness?

Sam Hoare
18 Posted 09/01/2024 at 23:19:04
Jerome @12,

Funnily enough, I am working on an Everton-related project at the moment. Hope it comes to fruition.

Jerome Shields
19 Posted 09/01/2024 at 23:34:35
Sam, good luck. No better person to do it.

I remember 'Everton' emblazoned on the red brick wall in Blood Brothers, seemed very appropriate.

Jerome Shields
21 Posted 10/01/2024 at 09:20:40
Brands does not come out well out of this, but he was just a puppet. Kenwright attended those meetings to make sure he stayed one. Kenwright was probably in attendance at a lot of meetings at the club, giving his advice.

I see that Ancelotti followed my maxim: Once you come across a dickhead, you can be sure that there is a smiling big one above them. You are going to get nowhere trying to bypass them.

Simon Jones
22 Posted 10/01/2024 at 11:08:04
My understanding is basically, we are a club with £180M turnover and a ONE BILLION POUND debt, albeit three quarters of that is attributable to the new stadium. Have any of the stadium costs actually been paid for, or is it all borrowed?

The interest on the loans is what is/will cripple us. Even with the increase in turnover the new stadium will afford us, I don't see how we pay down the debt that is 4 or 5 times the annual turnover?

I'm sure it's all very cleverly accounted for in a way I won't entirely understand, but my concerns are not going away, even with new ownership in the offing.

Paul Hewitt
23 Posted 10/01/2024 at 11:18:59
Simon@28. That's very scary. If that was any other business, I'd say they'd be lucky to still be going in 2 years time.
Danny O’Neill
24 Posted 10/01/2024 at 11:54:55
Depending on what source you read, we are below Tottenham, Manchester United and Manchester City, with Brighton just below us.

New stadium and increased revenue will help.

It's been painful, but we've gone a way in reducing it and, if you take Paul the Esk's recent comments, we seem to have addressed P&S for now.

Let's just be more sensible than we were in the past few seasons.

Davide Ancelotti's comments make for telling consideration.

Joe McMahon
25 Posted 10/01/2024 at 11:59:24
Dave, the Ancelotti era even though short cost us a fortune. Was it worth it? Big Sam had us finishing higher with a much worse squad.
Sam Hoare
26 Posted 10/01/2024 at 12:04:44
This is an interesting article that suggests there may be another consortium waiting in the wings including "a prominent sporting figure with a strong knowledge of Everton".

It also paints a bleak picture of 777 and their very dubious ways of running football clubs:

Link

Danny O’Neill
27 Posted 10/01/2024 at 12:10:10
Joe, I always respect your views, as I do of everyone.

Was he made promises that the club didn't keep? He's no fool. He's one of the most successful managers in European football.

We blew it. Not him.

Everyone points to 10th place. He was one game away from European football.

Koeman would have finished eighth. Allardyce claimed a victory for a match he wasn't even in charge for.

Don't start me on Allardyce. I've supported every Everton manager throughout my life, but I couldn't stomach him being our manager.

At a time when we are accusing the Premier League at every match we go to, he got found out on camera for being corrupt and fraudulent.

Will Mabon
28 Posted 10/01/2024 at 12:26:54
Thanks for that one, Sam.

It really is all up in the air at best and we just drift on, rudderless. I wonder if something/someone actually will spring out of left field late on to surprise everyone. In fact I hope so. Not comfortable with 777.

Never seen that site before btw.

p.s. a couple more related ones to go at on the features page there. Not ideal.

Brian Harrison
29 Posted 10/01/2024 at 12:30:57
Dave 25

I don't often disagree with you but I have to say I cant agree that his time was a financial disaster, as you rightly point out he didnt sign Doucoure or Godfrey. He signed Allan for about £27m and we got James on a free admittedly he was reported to be on £200,000 a week. But compare what Ancelotti spent to all the other managers and apart from Benitez ( cant bear to write his name) the rest spent a lot more than Ancelotti. Koeman spent £45m on Sigurdsson alone never mind the other bums he bought. Even Allardyce as the shortest time as an Everton manager spent £50m on Tosun and Walcott another 2 who were a waste of space.

Regarding Ancelotti putting his foot down over Kenwrights involvement, he was new to the club and while he probably looked at Brands and Kenwright and thought these 2 muppets are clueless, I don't think even for someone with Ancelottis track record he would have been wary of telling the owner these 2 need binning.

I also disagree when you say he didnt do it at Everton until the last 4 or 5 games we were in a European place, but by then I think Ancelotti had had enough of Kenwright and Brands interfering and had already decided to look for pastures new.

We have never and probably will never certainly in my lifetime have a manager of this class and quality. He leaves Everton and goes to Real then wins the league and the Champions league, to win that trophy more than anyone else.

Dave what I will agree with was at times under Ancelotti it was a very defensive set up, but maybe given the squad he had inherited he thought that was the best way of getting results. I am convinced if he had been given the money that Koeman and Silva spent he would have had us chasing at least a Champions league spot.

Christine Foster
30 Posted 10/01/2024 at 12:40:58
My views on Ancelotti have never changed as I believe he was sold a pup, it was Koeman era that really cost us, not Ancelotti, transfer spend according to transfer market was circa 250m Euros on 17 players in his 15 month tenure, Dave I guess you and I may never see eye to eye on this one but it's telling that his vision was not the same as Brands, that Kenwright was in the middle but the reality was you don't bring in one of the world's best managers and not let him choose his players or tell him there is no money.. what did the club expect? We should never have brought him in if we could not fulfill our end of the deal. Moshiri? Kenwright? Brands?

https://www.transfermarkt.com/ronald-koeman/spielertransfers/trainer/439/station_id/136219/plus/1

Dave Abrahams
31 Posted 10/01/2024 at 12:50:38
Brian (36), A lot of truth in what you posted Brian but I never said he was worse than other managers financially just he was financially very poor at Everton with Allan, a good player before he came to Everton but not fit or fast enough for the premier league costing a big fee and high wages and struggled with injuries, did we get a fee for him when he left?

James Rodriguez, not starting the argument over how good he was or wasn’t but his wages were ridiculous especially when he ruled when he was fit or unfit and Carlo just shrugged his shoulders and raised his highbrows and let the Columbian do as wanted.

Other managers did worse than him in the transfer market: Two wrongs don’t make a right.

He knew Brands was DOF when he took the job, if he didn’t know the late chairman knew next to nothing about football it wouldn’t have taken him more than the first uttering out of his mouth to know exactly that.

Anyway Brian, Ancelotti has been and gone, some will miss him some won’t, I’ll respect his career in football elsewhere but he came, he saw and he ‘ did one’ is the way I saw him.

Robert Tressell
32 Posted 10/01/2024 at 12:51:11
I wonder whether transfer embargoes etc in the 777 stable of clubs is because 777's model is to buy basket case clubs.

So but for a mythical sugar daddy, it would have inevitably ended in transfer embargoes for all of these clubs.

Dave Abrahams
33 Posted 10/01/2024 at 13:16:16
Sam (18),

The best of luck with that project. If it is as good and as funny as the one I think you were involved in many years ago, it will be well worth watching.

It was the one about the football-mad football fan, played by Michael Palin.

Stephen Davies
35 Posted 10/01/2024 at 15:41:18
Sam
I posted the same Link a little further back.
I suspect the Everton man may well be Buster Wyness
Stephen Davies
36 Posted 11/01/2024 at 00:11:13
Brent Stephens
37 Posted 11/01/2024 at 03:57:07
Stephen, thanks for the link about 777. The more I read about their financial issues, the more I hope we avoid them like the plague. The problem of course then becomes “who else”?

I have a gut instinct 2024 might be a good year. The points penalty reduced. A decent finishing position in the league. A decent run in the FA Cup. No PSR threat at the end of this financial year. The ownership issue satisfactorily sorted. Decent signings in the summer. A decent start to next season. The new stadium at Bramley-Moore Dock finished and tested with an event for all of us with away game credits.

Too positive?

Kieran Kinsella
38 Posted 11/01/2024 at 04:58:58
Brent,

I think many fans after Kenwright & Moshiri have an “anyone would be better” mentality. But people in the Weimar Republic, Saddam's Iraq, Gaddafi's Libya and the late Peter Johnson's Everton had the same naive optimism and look what happened.

I have massive concerns over these shysters. I don't buy this argument “if they don't takeover, we will go bust” because I'm more concerned that, if they do takeover, we will go bust and face criminal sanctions.

I'm just praying Tony Abraham's and his anonymous source have some validity in claiming some benevolent American billionaire has been staked out in the Titanic Hotel with more money than sense just itching to write a check since Kenwright was still kicking.

But I fear Tony's source is about as reliable as the gypsy camped out in the bus stop selling magic jumping beans.

Danny O’Neill
39 Posted 11/01/2024 at 06:29:58
What you are saying, Kieran, is be careful what you wish for. I get that.

As we hear of the passing of Peter Johnson, many of us (myself included) were initially optimistic of Kenwright's takeover until it became apparent he was ill-equipped to run and fund the club but wouldn't let go until he eventually found an investor.

The silent Iranian. They blew the money and look where we are now.

But we will get out of it. Right now, more than ever, I'm focussed on the team. Ultimately that is what will dig us out of it in the short-term. No investor is coming in with a magic wand to turn things around instantly.

But for the longer-term, something needs to happen in terms of ownership or majority shareholding as it seems clear the current regime is either not interested or can't sustain it.

Personally, I still can't see how Moshiri won't remain until the stadium is opened. That is his jewel in the crown. I guess we'll see but in my head and that scenario, that would probably see new investors take an initial early stake before a full takeover once the stadium opens and then the keys are handed over.

777 Partners are continuing to put millions into Everton. They surely wouldn't be doing that without reason?

Stephen Davies
40 Posted 11/01/2024 at 06:57:45
Brent,

Please take this with a big pinch of salt:

Points reduction suspended for 2 years. 😉

Stephen Davies
41 Posted 12/01/2024 at 11:54:44
FYI

FAB-hosted Supporters Meeting before the match on Sunday (10.30am) with Andy Burnham ...and Steve Rotheram as guest speakers (possibly more TBC) – the venue is a school just a short walk from Goodison.

Multiple fan groups will be represented and there will be a chance for Q&A and for Blues to have their say.

All welcome but we ask you to register to attend so that we can keep track of numbers.

Sean Mitchell
42 Posted 12/01/2024 at 12:11:43
Haven't Leige got a transfer ban? Owned by 777 Partners.

It's a worry having them own the club.

Unless I am mistaken.

Paul Hewitt
43 Posted 12/01/2024 at 22:08:06
Reports 777 bid has been rejected. That's us in the shit.
Paul Ferry
44 Posted 12/01/2024 at 22:08:48
Where did you see this, Paul, do you have a link?
Paul Hewitt
45 Posted 12/01/2024 at 22:10:04
Give me a minute.
Rob Halligan
46 Posted 12/01/2024 at 22:11:48
Paul… that’s been reported on the Goodison News website, a website that you told me is utter shite, that’s run by RS. Now you’re believing it.
Colin Glassar
47 Posted 12/01/2024 at 22:13:02
NewsNow, that encyclopaedia of football knowledge, Paul. Saying that, I wouldn’t be surprised if 777 are told to sod off.
Paul Hewitt
48 Posted 12/01/2024 at 22:13:06
It's not the site I got it off.
Paul Ferry
49 Posted 12/01/2024 at 22:13:51
If this is true Paul, then why have they coughed up more money for us? Unlikely they would have done so if they had any inkling of your "news", as they surely would have done.

Cheers Rob.

Paul Hewitt
50 Posted 12/01/2024 at 22:15:11
To be fair, it doesn't say rejected. But that 777 don't think they will get approved.
Paul Hewitt
51 Posted 12/01/2024 at 22:16:44
The Premier League will do anything to screw us over anyway.
Michael Kenrick
52 Posted 12/01/2024 at 22:17:50
One thing about the scare stories from far and wide on 777 Partners is they rarely get updated when 777 fix the problem and it goes away.

Surely there's a certain irony that the latest one says the Premier League will turn them down because they are not sure about the source of funding – yet they've already pumped in going on for £150M!!!

But this latest one is just rumours and fears, Paul. Nothing definite yet.

Paul Ferry
53 Posted 12/01/2024 at 22:18:02
That's erm quite a big difference, Paul. How on earth could that make you post that it the 777 bid was rejected?

NewsNow also reporting that a second major consortium is lining up a bid. Should we run with that instead?

Brian Williams
54 Posted 12/01/2024 at 22:23:11
777 have seemingly "sold" the exclusion rights to buy the club.

New frontrunners are 666. Roll on Champions League, derby wins and premier league champs!

Barry Hesketh
55 Posted 12/01/2024 at 22:24:02
The article by Football Insider relating to 777 partners, suggested that 777 themselves are privately expecting for the Premier League to reject their takeover of Everton.

As per usual, there are no quotes from anybody, so speculative at best?

Colin Glassar
56 Posted 12/01/2024 at 22:25:12
Beelzebub to be our next chairman, Brian?
Oliver Molloy
57 Posted 12/01/2024 at 22:25:38
Great news if 777 get knocked back, as far as I can see.
Paul Hewitt
58 Posted 12/01/2024 at 22:27:20
It is a stitch up Paul Ferry. If you can't see that you're blind.
Rob Jones
59 Posted 12/01/2024 at 22:39:49
It's a choice between 777 and administration.

There's no saviour.

Paul Hewitt
60 Posted 12/01/2024 at 22:41:45
Once the FCA clear it, which is the most important one, then the Premier League should. They still haven't after a week.
Rob Jones
61 Posted 12/01/2024 at 22:42:54
The Premier League are determined to ruin us.
James Marshall
62 Posted 12/01/2024 at 22:45:50
I'll be staggered if the 777 deal fails now. They effectively already own Everton after all the loans they've given us, and with the approval only requiring ratification from the Premier League, how can it be stopped now?

I don't see anything other than a 777 takeover happening.

Barry Hesketh
63 Posted 12/01/2024 at 22:50:15
The in-tray at the Premier League must be completely overflowing with paperwork relating to Everton. It'll probably all be decided in one fell swoop.

Good news here, bad news there, and at the end of it all, we'll still have to wait to see if any of it is good for us as supporters of the club.


Ian Jones
64 Posted 12/01/2024 at 22:53:42
I wonder who gets Bill Kenwright's shares? I assume they get passed to someone as part of his overall Estate. I would be interested to see if they go to Jenny Seagrave.
Brian Williams
65 Posted 12/01/2024 at 23:05:24
As Jenny Seagrove (not 'Seagrave', Ian) wasn't married to Kenwright, it would depend on his will.

They wouldn't automatically go to her.

Brian Williams
66 Posted 12/01/2024 at 23:06:44
Colin #56.

It's finally our turn to have a pact with the devil!!

Ian Jones
67 Posted 13/01/2024 at 07:06:09
Brian, re Jenny's surname, good spot, thanks.

Appreciate it's down to the will and not automatic. I can imagine passing them on to Jenny would be something Kenwright might have thought about doing to keep it in the 'family', but on reflection more likely to his daughter.

Pete Neilson
68 Posted 13/01/2024 at 17:21:49
I've just been reading Dr Rob Wilson's comments. He's expecting us to be charged again, along with Forest.

He states that our cases are identical “They've not been relegated as a consequence of their overspending. That's unfair.”

The most basic understanding of the details would show this to be nonsense but it seems he won't let that stand in the way of becoming a media rent-a-gob.

Mike Gaynes
69 Posted 13/01/2024 at 20:04:58
Matt Slater of The Athletic reports that 777 Partners' total loan commitment to Everton is now up to £142M.

And he says that in some quarters this is seen not as an affirmation of imminent Premier League approval but rather the opposite, an acknowledgement that the signoff is nowhere close.

Paul Hewitt
70 Posted 13/01/2024 at 20:44:30
Mike,

I would find it really strange for 777 Partners to invest £140 million into Everton if they weren't given some sort of assurance that they will be allowed to buy the club.

Michael Kenrick
71 Posted 13/01/2024 at 21:52:53
Paul,

Would it affect your assessment if the money has not yet been 'invested'?

My understanding is that the money is in the form of loans, so not strictly 'investment' as such. I think a lot of it becomes investment when Moshiri is able to transfer ownership and the loans are converted to equity. (This may involve EFC issuing more shares.)

But, if the Premier League block 777 Partners from becoming our new owners, then the loans stay as they are, and 777 Partners bank a shitload of interest on these loans until they are paid back.

So a win-win for them – unless it forces us into administration!!!

Paul Hewitt
72 Posted 13/01/2024 at 22:08:09
Well, it won't be win-win for 777 Partners, because we will go into administration. Moshiri has clearly given up on the club. And I don't see anyone else lined up too take over.
Michael Kenrick
73 Posted 13/01/2024 at 22:14:56
There are other stories out there suggesting that, if 777 Partners are not approved, other investors will step in with offers to buy the club, thus hopefully preventing administration.

But yes, we can't see who they are at the moment… and they may not really exist.

Mike Gaynes
74 Posted 14/01/2024 at 02:41:54
Michael #73,

That came from Keith Wyness, which makes it more than a "story" in my book.

Tony Everan
75 Posted 14/01/2024 at 07:39:38
Pete 68,

It's a test of the accuracy of Paul the Esk's sources, as he is unequivocal that we are compliant with the P&S rules this time round. Here's hoping they are right.

Anthony Flack
76 Posted 14/01/2024 at 08:23:20
Sorry, I'm inclined to disagree, as administration is the worst outcome for Moshiri as he has the most to lose financially if it happens

I just do not see the failure to agree the 777 deal as a cause of administration.

Even if Moshiri has given up, why then throw away more?

Andrew Merrick
77 Posted 14/01/2024 at 09:48:17
The longer the delay in approval the more speculation will grow, what is taking so long?

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