16/02/2024 125comments  |  Jump to last

Updated 777 Partners have been asked by the Premier League to provide additional information as part of the Owners' and Directors' Test which the company must pass before they can proceed with their takeover of Everton FC.

According to The Telegraph, the Miami-based investment firm were expecting to be contacted by the League this week, with a final decision on whether they have passed the test to come perhaps by the end of the month, and it now appears via, The Times, as though 777 need to clarify the source of the funds they will use to both purchase the club and fund it for the next three years.

Paul Joyce writes that, "777 feels it has previously provided the information but intends to do so again."

Joyce's reporting comes in the wake of another exposé by Norwegian investigative outlet Josimar who suggest that 777 Partners are significantly leveraged with insurance company A-CAP who have provided the loans funneled to Everton over the past few months.

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Quoting a document they claim to have seen, Josimar's assertion is that 777 need the takeover of the Blues to go through to boost the value of "777 Football Group’s multi-club portfolio, and allow it to 'raise capital […] and sell equity, creating liquidity.'

"777 Partners appears to be facing a huge squeeze on its finances ... Everton is not just the biggest sporting investment 777 have ever attempted, it is also crucial for the long-term survival of the firm itself." 

Everton's current majority shareholder and de facto owner, Farhad Moshiri, agreed to sell his 94.1% stake in the Blues to 777 Partners last September in what was reported by the same newspaper to be a complex deal based heavily on the club's performance in the interim and which division the team will be playing next season.

The proposed purchase has since been muddied by an independent commission's decision to recommend that the Premier League deduct Everton 10 points, a historic penalty that has left the club fighting relegation for a third successive season, and the referral of the Blues by the League to a second commission for further breaches of Profitability and Sustainability Rules (PSR).

Everton could hear the outcome of their appeal of the first PSR charge and their 10-point sanction any day now (the news in November came on a Friday afternoon), with the verdict of that panel set to have significant ramifications both for the Toffees' second commission hearing and Nottingham Forest's first.

The East Midlands club were charged along with Everton in January for a breach of PSR, with their first commission expected to take place in March. Under new directives, the decision from that panel and any resulting appeals must be concluded by the end of May this year.

While 777 Partners, whose CFO of nine years is reported to recently resigned, have waited to hear from the Premier League to see if they have passed the OaD Test, the company and their backers have furnished Everton with anywhere from £150m to £180m in loans to keep the funding of the new stadium at Bramley-Moore Dock and, by extension, its construction on track for completion by the end of the year.

Should their attempted takeover go through, founding partners Josh Wander and Steve Pasko will seek to convert that debt into equity and then begin the process of restructuring the club's other outstanding debt with chief creditors Rights & Media Funding, Metro Bank and, perhaps, MSP Sports Capital.

Should they fail, 777 would be at the back of the queue of the club's creditors.


Reader Comments (125)

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Phil Malone
1 Posted 16/02/2024 at 05:26:27
But… we don't want them.
Colin Glassar
2 Posted 16/02/2024 at 06:08:39
I wouldn't be surprised if both, 777 Partners and points deduction, are denied.

Masters and Co appear to me like they want us gone. Just my sense of things.

Danny O’Neill
3 Posted 16/02/2024 at 06:22:14
I know many are suspicious, but why the delay? The FCA has already approved it.

Who are the Premier League with their flakey rules?

It all seems a bit messy. 777 Partners already having pumped money into the club along with MSP who are still being mentioned. All complex as ever.

I'll start thinking about the match against Palace. If this isn't happening for a fortnight, I won't think about it.

Phillip Warrington
4 Posted 16/02/2024 at 06:36:22
I just wish someone from the so-called board, or whoever is running the club, would come out for the fans’ sake and state the exact mess the club is in.

After all, they are also supposed to represent the fans who buy the merchandise and support the club wherever they can and turn up week after week. This is where we are and this is what we have to do to fix it.

Paul Hewitt
5 Posted 16/02/2024 at 07:17:14
I tend to agree with Colin, it does look like the Premier League has it in for us.

I don't know what we have done, but I'm not holding out much hope on getting points back or 777 Partners being granted permission to buy us.

Iain Crawford
6 Posted 16/02/2024 at 07:17:22
My guess is the Premier League have been waiting for audited accounts so they can do the necessary meaningful due diligence for Everton supporters. Without them, what have you got? Some dressed-up flimsy guarantees and promises. All from a company that has a thousand red flags already.

The audited accounts may now have been promised or even already submitted. So the end game is here. Or alternatively they have still not submitted them and the Premier League has rightly called time.

If they get he nod, then we have no choice but to give them a chance in my opinion. It would be detrimental to the club and team of do otherwise. We need some unity to progress.

One thing I would caution is take absolutely no notice of any promises or any talk from this company. They seem to have a record of saying one thing and doing something completely different. A smoke and mirrors approach to appease in public and do the opposite in private.

So by all means give them a chance, but essentially judge them by their actual actions ….take no notice whatsoever of the rhetoric. The phrase “talk is cheap” comes to mind.

If they've submitted the essential audited accounts and the Premier League have forensically scoured them and finds them fit and proper, then I'm open-minded about them and wish them every success.

Whilst at the same time, I hope the financial detectives in our fanbase scrutinise their every move to try and safeguard the club as best we can.

Mark Ryan
7 Posted 16/02/2024 at 08:12:53
I don't want 777 Partners. I hope we are denied. They are not what we need.
Nigel Munford
8 Posted 16/02/2024 at 08:13:52
Both would be a pleasant change, Paul.

Here's hoping.

Dave Cashen
9 Posted 16/02/2024 at 08:33:53
Why do people persist in these foolish claims that the Premier League has it in for us ?

The simple fact is; From the day and hour Moshiri and his shady senior partner walked into this club, we have lurched from one disaster to another. ALL of our troubles have been self-inflicted.

We were miserable under Kenwright’s glass ceiling and false promises and, in the words of Morrissey, Heaven knows we're miserable now.

The odious Masters did not put us in this position. He and his cronies are simply delighting in the opportunity our owners have given them. They were, to all intents and purposes, finished. They were never going to look this particular gift horse in the mouth.

I'm no legal expert. I don't completely understand everything that is happening. The waters are too murky for my simple mind, but I do know there have been crimes against common sense and reason. I know our club has been committing them for years.
We didn't get where we are for free. It cost us £750M.

The Evertonian has been betrayed beyond measure. That really breaks my heart.

Unfortunately, club owners are like family members. You don't get to choose who they are.

Danny O’Neill
10 Posted 16/02/2024 at 08:41:30

I can't control it. I think I can control what happens on the pitch. But I can't.

It's the weekend and right now I'm just focussed on the match.

Best wishes by the way and if you're there, give us a shout.

Rob Dolby
11 Posted 16/02/2024 at 08:49:22
Dave @10, most clubs have spent good money just trying to stay in the league, not just the Blues.

I don't recall too many on here complaining that we are spending too much or flouting financial rules at the time.

Imagine having Ancelotti in charge and being able to spend, a bit like Chelsea, Man City, Man Utd, Arsenal or Liverpool have. Do you think we would be struggling or challenging?

Sport is about being able to compete, at the moment 75% of the league can't compete and have to sell their best players just to stay in the Premier League. That isn't Moshiri's or Kenwright's fault.

We all know there are serious flaws with PSR which need addressing just to enable teams to compete. I would go a step further and restrict the successful clubs and free up recruitment for the lower teams just to try and generate competition but that will never happen. The game is a business now and money is all it's about.

Michael Lynch
12 Posted 16/02/2024 at 08:56:38
Jim Ratcliffe's takeover at Man Utd was approved in days; 777 Partners' takeover at Everton drags on forever. It's no surprise, and it's no conspiracy.

Ratcliffe is a hugely successful businessman, with a well-run multi-billion pound business, who employs the best lawyers and accountants money can buy, and Man Utd are one of the richest clubs in the world. 777 Partners are a shady outfit with opaque business practices and a bad reputation, and we are a club that leaps effortlessly from one fuck-up to another, and are on the brink of going into administration.

As Dave Cashen says, we have been betrayed by useless ownership. But unlike the Mancs, we are staggering into the arms of another set of fools.

John Raftery
13 Posted 16/02/2024 at 09:12:12
Whichever way it goes, we need a decision. This period of uncertainty is damaging for all concerned.
Bobby Mallon
14 Posted 16/02/2024 at 09:28:08
Paul Hewitt @5,

We were the only club who wanted the Big 6 to be deducted points and fined heavily for trying to leave the Premier League. That's why we are being hounded. We are also an easy target.

Dave Cashen
15 Posted 16/02/2024 at 09:41:57
I don't disagree with much of that, Rob.

I don't recall anybody complaining about spending money either. After years of suffering Kenwright trying to play in the rich man's playground with a pauper's wallet, it was widely welcomed.

The alarm bells started ringing for many when they saw what we were getting for our money. We consistently over-paid in both transfer fees and wages for players nobody else was interested in. The crime wasn't spending the money. It was squandering it so wastefully.

The Premier League are trying to flex muscle they probably won't have this time next year. They need a club to make an example of. They didn't target Everton. We did that all by ourselves

Jerome Shields
17 Posted 16/02/2024 at 09:52:27
I will just speculate that with the imminent findings of the appeal between now and Tuesday, 777 Partners are covering their bases as probably other potential takeover investors are putting forward proposals.

They have not stated that they have provided all the required information to the Premier League. Anyway, the final deal has to be negotiated on receiving the outcome of the appeal against the commission's sanctions. Even if approved by the Premier League, they still may not be in a position to takeover Everton or they may have access to crypto funds.

Sorry, no end in sight, I wish there was. 777 Partners could be full of it.

Jon Harding
18 Posted 16/02/2024 at 09:55:18
Out of the frying pan…
Paul Brierley
19 Posted 16/02/2024 at 09:58:32
I expect the appeal result to be announced today in the late afternoon so the Premier League can hide behind the weekend, the cowards.

Hopefully they will be hiding in shame as the initial points deduction is correctly over-ruled. UTFT!

Jarmo Rahnasto
20 Posted 16/02/2024 at 10:08:25
I hate that we are in this position but I don't think we have a choice. It must go through or we are bankrupt.

There are going to be a lot of problems with them but, if we survive and get the stadium ready with 777 Partners, so be it.

After the stadium is finished and we are still in the Premier League, then we have better options going forward. But at the minute, we desperately need 777 Partners, despite how bad it feels.

Rob Dolby
21 Posted 16/02/2024 at 10:08:27
I agree, Dave,

Nobody can argue against us being a shambles off the pitch.

We had no sell-on fee for a dozen players we spent £20M on.

It is fine margins; without Ferguson or Wenger, both Man Utd and Arsenal could well have been in the same position as ourselves.

If we ever unearthed another Kendall, how long could we keep hold of him before one of the big boys took him away?

The managed decline has seen us go from competing with top teams to hoping there are 3 worse teams in the last 30 years.

Back to the article, I wouldn't be surprised if 777 Partners are backed by Russian money. They are obviously dodgy; otherwise, the deal would have been ratified months ago. Trouble is, there doesn't appear to be any other parties interested, so where does that leave us?

Mark Taylor
22 Posted 16/02/2024 at 10:10:23
As with almost everything to do with Everton these days, the situation is opaque. Who has caused the massive delay in getting the new owners approved? Is it 777 Partners not providing what the Premier League have reasonably asked for? Or are the Premier League trying to drive us to extinction?

We can't know for sure either way but I had actually thought that the bigger stumbling block would be FCA approval but that was given almost 2 months ago.

If it is in fact the Premier League who has been causing the delay, and permission is refused, do not be surprised to see a legal case arising. 777 Partners have a lot of money at stake here on an entity that is facing administration as a real possibility. What a mess.

Dave Lynch
23 Posted 16/02/2024 at 10:16:35
There are no other interested parties imo; otherwise, we'd've got wind of them ... or they'd've made it public.
Niall McIlhone
24 Posted 16/02/2024 at 10:24:44
The club is at a low point in so many ways, and it's clear that 777 Partners see an ideal opportunity to acquire the club for substantially less than its true worth; that said, prospective owners aren't exactly queueing up, so we've got what we've got, and more than anything, the club needs professional leadership at the very top.

I feel that 777 Partners should be given the chance to put this in place in the event their ownership be approved.

The stadium move in 2025 should catapult the club into a far higher level in terms of matchday income and non-footballing events. For the remainder of this season and next, the best we can hope for in my view is to retain our manager and coaching staff, aided by the continuing efforts of Kevin Thelwell, and for a new (and dynamic) CEO and management board to give the club much needed strategic direction.

As for Masters and the dubious Premier League, I have a strong feeling that something is brewing, and – whilst it seems that Everton FC are their favourite plaything right now – they cannot continue to operate in the way they have been, which strikes me as both secretive and convoluted in terms of how decisions are made. Government must intervene in the interests of our national game.

Ah well, as Danny says, I expect most of us would just prefer to focus upon the Palace game and hope against hope we get some points back that were stolen from us. Things might just seem a whole lot more hopeful with us in 14th place, and perhaps we might just have a honeymoon period when 777 Partners take the reins, who knows?

David West
25 Posted 16/02/2024 at 10:30:23
The Man Utd deal was easily ratified because Radcliffe was easy to confirm as having the money.

777 Partners have obviously been harder to confirm. Some of their other football operations are there for the Premier League to scrutinise. If they are as dodgy as some reports claim, we may be looking for other investors next week, with a load more debt heaped on the potential new investor.

Barry Williams
26 Posted 16/02/2024 at 10:41:13
Just a thought – if Everton do scrape some points back, either finish mid-table, or just stay in the Premier League with the financial issues that are hanging over them finally in the back mirror and a shiny new stadium to boot – would there be no interested parties other than these?

This feels like an owner just wanting to get rid (Oh, how quiet he has been) and a 'company' taking full advantage of the situation.

I am of the opinion, rightly or wrongly, that there will be others in the shadows waiting to see what happens.

Andy Crooks
27 Posted 16/02/2024 at 10:43:34
The supporters of every club believe the Premier League have it in for them to some extent. Man City supporters, incredibly, are the worst. Many of them believe that they are resented upstarts.

If any of this is true, I would say that, of all clubs, Everton have made the job of the Premier League easy.

There is a PhD thesis waiting to be written on Everton, as the embodiment of hubris and nemesis. What Everton supporters have witnessed will be remembered for generations as possibly the worst mismanagement in the history of sport.

Oh, we're also unlucky as well.

Simon Jones
28 Posted 16/02/2024 at 11:16:35
Dave Cashen (various posts),

I agree with you. I think to a large extent, the poor running of the club (naive at best), has allowed Everton to become the scapegoat that the Premier League were looking for. I think it's no coincidence that the recent transfer window closed without significant business being done by most clubs, because they are all looking at our 10-point deduction and thinking twice.

If the Premier League wanted to send a message to government that it didn't need an independent regulator, then Everton stepped forward like a willing message-boy. I don't buy many conspiracy theories and I certainly don't buy the current one that the Premier League have it in for us.

Can anyone imagine the likes of Daniel Levy allowing Tottenham to be run like Everton?

Anthony Dove
29 Posted 16/02/2024 at 11:50:05
At the moment the lights are on but nobody's there.

Nevertheless we deserve something better than 777,
but not 666.

Derek Knox
30 Posted 16/02/2024 at 11:50:29
Like most, I am bewildered as to why the Premier League and referees seem to have it in for us! What have we done, that is so bad? If it is for dodgy dealings between and including Moshiri and the Maggot (deceased), that has nothing to do with the club, team or fans.

That is two unscrupulous individuals, who have tarnished the name of Everton and made the best fanbase victims of their greed and lack of genuine interest in what was best for the club they claim(ed) they loved!

What has that to do with the ones who ultimately feel the brunt of it?

Steve Byles
31 Posted 16/02/2024 at 12:13:36
We all have concerns about 777 Partners but none of us know what their long-term intentions are.

For sure they will do all they can to protect their asset until the stadium is built, at which point, they will either flip us for a quick profit, or they will make us the jewel in the crown.

Both scenarios are better than administration — which I believe we face if the takeover isn't approved.

Steve Brown
32 Posted 16/02/2024 at 12:30:52
The Premier League is flexing its muscle, sending a message and making an example of us.

But Everton as the target of these efforts has brought it upon ourselves? Go figure.

And Rob, there is zero evidence that 777 Partners are backed by Russian money, so stop making stuff up.

Neil Lawson
33 Posted 16/02/2024 at 12:31:02
The perfect conspiracy:

Give us back 6 of our points on a Wednesday.
Refuse 777 Partners on the Friday following.
Deduct 9 points when we quickly fall into administration.

Masters is a happy man. The only one.

Raymond Fox
34 Posted 16/02/2024 at 13:23:41
I agree with Steve @31.

777 Partners would not be my ideal takeover but, if we stay up this season – I think we are a good bet to – and next season and then sold on to whoever, who have serious money, it is maybe the best solution.

Bob Parrington
35 Posted 16/02/2024 at 13:37:25
Tight-lipped! How come nothing has been leaked from the Appeal?

Strange. Perhaps this is good news for us, that they are constructing a way to reduce the 10-point deduction to zero, whilst helping Premier League to save face.

Is there a Chinese owner or Director in Premier League? Saving face is a massive requirement for Chinese people.

Brian Wilkinson
36 Posted 16/02/2024 at 14:02:23
There is something that is giving me cause for concern of 777 getting the green light; as others have pointed out, it could be them or administration.

Well, I do not see administration as an only other option, the club is available at an unbelievable bargain price; 777 Partners know that and so will others who will be straight in should they be rejected.

They can see one of the greatest stadiums with all over potential before their eyes, and right in the heart of Liverpool. I for one hope 777 Partners are unsuccessful because, for me, there are too many Red flags, out to make a quick profit, lease our ground and run to the hills with the profits.

If the Premier League give them the green flag, then you know we are really screwed, because the Premier League will not give an ounce of an advantage to us.

Fingers crossed they fail the takeover.

Dave Williams
37 Posted 16/02/2024 at 14:02:29
If we go into administration, surely Moshiri will lose hundreds of millions of pounds?

Is he not more likely to put more money in to keep his investment alive?

Brian Wilkinson
38 Posted 16/02/2024 at 14:05:07
Correct, Dave, I said the very thing on a different thread.

Moshiri has too much to lose if we go into Administration.

John Kavanagh
39 Posted 16/02/2024 at 14:18:50
We have been condemned and the only decision is as to whether we are hung, gassed or shot. Even if the appeal is successful, they will then relegate us with the second charge.

If 777 Partners are refused, we go into administration and an automatic further points deduction. And let's not forget that Masters and his Leeds chum can decide on 'compensation' payments to other clubs that could also send us into administration.

The Mancs and Co are already waiting to take our best players for knock-down fees to erm help us out.

The Premier League is so rotten and corrupt at all levels that there seems to be little point in remaining in it. It has become glorified open training sessions for the Sky 6. There's certainly little or no enjoyment in consuming this product any more as it is completely rigged.

Robert Tressell
40 Posted 16/02/2024 at 15:06:12
Tony # 42, there are a few levels of competitive:

Competing for titles: £800M to £1B
Competing for top 4: £600M to £800M
Competing for top 6: £300M to £600M
Competing for top 8: £100M to £300M

I can't see any potential purchasers funding this sort of spending while our debt levels are so high – and even if they were willing financial rules would prohibit it.

The best we can hope for is someone to keep us afloat for a couple of seasons while the stadium is completed.

Our most likely route to being competitive now is a player development strategy within a multi-club model. Sad state of football.

Christy Ring
41 Posted 16/02/2024 at 15:21:26
777 Partners have bailed us out for the last few months with funding; no one else seems interested. So beggars can't be choosers.

Personally, I'm not a fan of American owners, as with other clubs, they're more interested in profit than football. The new stadium will guarantee them millions more revenue with corporate clients and bigger capacity.

I still believe Masters and Co shafted us, considering going into administration is a 9-point deduction.

Maybe we are paranoid, but referees' decisions against us, and no penalties awarded this season, is very fishy to say the least?

Ian Horan
42 Posted 16/02/2024 at 15:22:34
We will get 4 points back, we will then get the 2nd breach another 6 points deduction so back to where we were.

Then to top it off 9pts deduction for going into administration. Rock bottom.

As the saying goes “Death by a 1000 cuts.” This is so Everton. UTFTs.

Paul Hewitt
43 Posted 16/02/2024 at 15:23:17
If we did go into administration, then Moshiri would lose nothing.

His chum, Usmanov… well, that's a different matter.

Jerome Shields
44 Posted 16/02/2024 at 15:25:08
Moshiri and 777 Partners apparently have been sent new further questions regarding the takeover on 15 February 2024, according to reports.

As far as the appeal is concerned, today it is very much "Is anybody there?"

Joe McMahon
45 Posted 16/02/2024 at 15:29:19
Ian #42,

That's why it's a shame that Kenwright is no longer with us, just so he could see what he has been responsible for. The slow death of Everton. Moshiri was Kenwright's man and first choice, let's not forget.

This is why Goodison holds no affection from me, as the past few decades have been ruined by flabby tears and zero success.

Paul Hewitt
46 Posted 16/02/2024 at 15:39:06
I've said it once and I'll say it again: The FCA have cleared 777 Partners to buy the club.

That means they have proved they have the funds to buy the club, and finance it for the next 3 years.

What the Premier League are waiting for is anyone's guess.

Jay Harris
47 Posted 16/02/2024 at 15:56:17
It is being reported that the Premier League (whoever they are?) has contacted Moshiri to ask him a few questions…


1. Moshiri is asked will he continue to fund the club if 777 Partners are rejected.

2. Moshiri is asked to drop the appeal if 777 Partners are approved.

3. Moshiri is asked to put up guarantees if 777 Partners are approved.

4. Moshiri is asked if Usmanov has any connection to this deal.

Any other thoughts?

Stephen Davies
48 Posted 16/02/2024 at 15:56:37
777 Partners' CFO Damien Alfalla resigns with Everton bid pending

An internal memo, sent yesterday by 777’s managing partners, said Alfalla would be replaced by Brett Kaufman, who had been running his own CFO outsourcing and consulting firm, according to his LinkedIn profile.

Rob Dolby
49 Posted 16/02/2024 at 16:08:02
Steve 32.

I said 777 Partners are dodgy and I wouldn't be surprised if they are backed by Russian money. I didn't say I believed they are backed by Russian money.

2 separate things.

I am not making stuff up, just voicing an opinion like everyone else here. No offence intended.

Stu Darlington
50 Posted 16/02/2024 at 16:11:35
Jarmo @20,

I'm with you on this one. I hate the idea that we should end up in the hands of these American shysters, but we are into them for millions in loans and if they don't get approval and decide to call in these loans, we can't repay them, hence administration and a further 9 points deduction.

They are the only player in town at the moment, but a major worry of mine is that they'll asset strip us and lease or sell off the stadium, they certainly won't be interested in improving our football club for the benefit of long-suffering supporters.

Dale Self
51 Posted 16/02/2024 at 16:13:08
Paul 46, see post 48.
Brian Wilkinson
52 Posted 16/02/2024 at 16:27:21
I know some are saying 777 Partners are giving money to keep us afloat each Month, I get that, but they have so much to gain with Everton available for a very low price.

Even if 777 Partners fail, they will still get their money back that they loaned Everton; if they succeed, they will turn debt into equity and have an absolute gold mine, with the new stadium and the benifits of commercial and sponsorships.

Make no mistake, they are not doing it for Everton Football Club, or the supporters, they are out to make a quick buck. Administration, relegation, if any of these happen, anyone coming in to press the reset button will get Everton on the cheap, and the value of the club will shoot up once the new stadium is up and running.

Whoever takes over at Everton will have one hell of an investment on their hands, that’s why I hope 777 Partners do not get approval. You watch how quick another investor throws his hat into the ring, should 777 Partners not get approval.

I hate the phrase “Careful what you wish for” but I have a very bad feeling should 777 Partners take over.

Raymond Fox
53 Posted 16/02/2024 at 16:35:01
Not if we are relegated, Brian.

All the Premier League owners are only really interested in the money now.

Anthony Flack
54 Posted 16/02/2024 at 16:36:24
Maybe if the Russians are involved someone could make Masters one of their special cups of tea…

Sorry I know in bad taste...

I should point out just in case of offence I have zero idea who is involved.

Jay Harris
55 Posted 16/02/2024 at 17:12:52
An extremely hot pan of scouse would be more appropriate, Anthony, suitably flavoured by Toffees.
Ed Prytherch
56 Posted 16/02/2024 at 17:41:11
Will BMD really be a "hell of an investment"? Consider the alternatives. The US stock market has returned an average of 11% over the past 10 years.

If the BMD investment is £700M then it will have to generate £77M/year to match the much simpler stock market investment.

Colin Glassar
57 Posted 16/02/2024 at 17:59:44
I thought our points deduction decision would be out today. Maybe at 5 minutes to midnight?
Charles Brewer
58 Posted 16/02/2024 at 18:14:41
Colin, every delay, every new threat which is parked in plain sight on the table is an unexploded bomb intended to damage Everton. The value of the club (and BMD) is decreased every day that we approach the end of the season with unresolved threats.

The ludicrous and arbitrary 10-point deduction at least crystalised out what had to be done, and Dyche and his players were able to overcome the punishment in rapid order. Leaving any reduction of the 10 points, plus the threat of another 10 point deduction (or would it be 20 for a second offence), plus the uncertainty as to what would happen if 777 were denied their purchase – or perhaps a further investigation if they were allowed to purchase – mean Everton has become impossible to value and that anything which takes place on the pitch is almost entirely irrelevant.

This is one of the most egregious injustices I have ever seen. In terms of misuse of process, it stands alongside the sub-postmasters’ scandal.

On the upside, at least Ed Davey's disgusting behaviour has finally terminated the party he leads. I hope we see exactly the same thing happen to the Premier League, an enterprise whose destruction I welcome.

Brent Stephens
59 Posted 16/02/2024 at 18:14:47
Colin "I thought our points deduction decision would be out today. Maybe at 5 minutes to midnight?"

I was expecting 10 to 6.

gary fitzsimmons
60 Posted 16/02/2024 at 18:50:18
I think, if it's good news, then we will hear before Monday's game.

But bad news will be out after Monday due to the game being on TV.

Dave Lynch
61 Posted 16/02/2024 at 18:54:01
Good point Gary
Brian Harrison
62 Posted 16/02/2024 at 18:56:36
Paul @46,

I think the point is they don't have the money, the money they have put into the club is all borrowed from a finance company.

There is a report on Twitter today stating that, if 777 Partners don't get control of Everton, then 777 Partners themselves will be in danger of going into administration.

Phillepe Auclair, a French journalist, has also seen minutes from a meeting that 777 had which shows that, if they did get control, they would look to sell certain assets to get back most of the money they owe the finance company they borrowed the money from.

The article also went on to say that, if they don't get to takeover Everton, they are behind and Rights & Media Funding and MSP Capital, who have charges against the stadium.

So they need us more than we need them. Whatever happens, I think we are between a rock and a hard place.

Brian Williams
63 Posted 16/02/2024 at 19:04:12
The result of the appeal will be told to the club and the EPL around middle of next week at the earliest, it's been widely reported. Then there's a decision to be taken on when the result is made public.

It's a bit silly saying when it'll be announced has any bearing on whether it's good or bad news.

Darryl Ritchie
64 Posted 16/02/2024 at 19:10:27
It's all Putin's fault.
Paul Ferry
65 Posted 16/02/2024 at 19:15:21
Sean Dyche on 5live Friday Football Social after the 7:30 news.
Ray Said
66 Posted 16/02/2024 at 19:20:45
Ed (56),

I agree with you and have been writing saying from the off that the stadium is too small for the cost involved to generate any significant return to the club.

Colin Glassar
67 Posted 16/02/2024 at 19:21:31
Damian Arlfella (777 CFO) has just resigned, according to NewsNow.
Jeff Armstrong
68 Posted 16/02/2024 at 19:26:29
Brian163, widely reported where?
Derek Knox
69 Posted 16/02/2024 at 19:28:02
Colin @67, is he related to the Arlarse's ? :-)
John Raftery
70 Posted 16/02/2024 at 19:28:20
Ray (66),

I read somewhere the new stadium will increase match-day revenue from £20M per season to £55M.

Andy Crooks
71 Posted 16/02/2024 at 19:50:16
I reckon we are all logging on here hoping that the site will be overrun by a verdict on our future. Why is nothing happening?

Is some guy sitting, as we speak, up late, pondering our future? Working through the representations from our KC?
Across town is another guy, on double minimum wage, looking, in bewilderment, at the 777 stuff.

In the name of God, what the fuck is happening? Despite the mismanagement, despite the hatred of Liverpool, apart from the team Liverpool FC, we deserve more respect than the money thieves at the Premier League give us.

Brian Williams
72 Posted 16/02/2024 at 19:53:36
Jeff #68.

Just about all the online football sites and Alan Myers.

Jerome Shields
73 Posted 16/02/2024 at 20:01:29
If the 777 Partners deal collapses, Moshiri will have to step in. He has provided letters of guarantee as required by the Profitability and Sustainability Rules.

As for 777 Partners funding in such circumstances, it will stay as loans, probably like MSP, rather than convert to equity. Z

The last provision by 777 Partners was a guarantee to provide funds, rather than a loan. I am sure that the takeover agreement that Moshiri has with 777 Partners is subject to them being able to fulfil the FCA and Premier League ownership requirements.

It is reported that the Premier League has asked Moshiri and 777 Partners for further new information in a letter dated 15 February 2024. I may not have made this point clearly in a earlier post, since I did not mention the Premier League as being involved.

As for the appeal, it appears to be running parallel with the fit and proper ownership issue. They may even be interconnected because the repercussions for the Premier League are now enormous.

Brian Wilkinson
74 Posted 16/02/2024 at 20:05:51
Apologies for going off-topic, but I have been emailing both Everton and Liverpool over the topic of the Steau banner.

I received a reply back and all being well, we will not see the banner at future derby matches.

Thank you for your email into the Club.

The matter you raise is discussed at every meeting we have with the supporter groups representatives prior to any derby fixture. Both Police and Club agree that such a Steau banner should not be displayed and will be removed should it appear inside the stadium. Certainly, here we would treat it as an offensive banner.

Brent Stephens
75 Posted 16/02/2024 at 20:10:04
Chapeau, Brian #74. Well done.
Colin Glassar
76 Posted 16/02/2024 at 20:14:16
Cousins, Derek.
Ray Said
77 Posted 16/02/2024 at 20:24:48
John (70),

I read that figure but that extra £35M per season boost to revenue could cost between £30M and £70M per season in interest charges on the £750M cost of the stadium, depending on what rate of interest is being charged for the loans.

Brian Williams
78 Posted 16/02/2024 at 20:33:29
Hands up who'd be jumping for joy if the Premier League announced:

"Right, here's yer 10 points back but 777 can fuck off!" Maybe not word for word like… 🤣

John Raftery
79 Posted 16/02/2024 at 20:37:31
Ray (77),

There's no denying the various loans are killing us but that would have been the case if the stadium had been built for 60,000, the capacity which most of us hoped for.

Ian Wilkins
80 Posted 16/02/2024 at 21:04:21
Everton need to give 777 Partners a very wide berth.

Moshiri is bailing out without any consideration for the future of the club, although I'm sure he won't allow the club to go into administration.

The Premier League may just be our saviours here. There will be better buyers if we just hold our nerve.

Christine Foster
81 Posted 16/02/2024 at 21:18:50
I wish one could just say everything is just pure speculation, but there are few palatable options left for the club, no matter how all this pans out.

No matter if the appeal process is thrown out or successful, the 777 debacle is waiting as the next cab off the rank.

Pulling rabbits out of hats is an understatement but not a strategy and there is a very real danger that, unless Moshiri continues to back us, we would end up in administration and never get to play in the bew stadium at Bramley-Moore Dock.

Masters, of course, would merely say it has nothing to do with them, Everton knew the rules. There is a sinking feeling that's hard to get rid of at the moment because we know our fate lies in the hands of others. Make no mistake: the Premier League are jointly culpable in its management of this alleged breach, and the handling of the 777 Partners fit and proper ownership, for our continued financial plight.

We were in danger before they deemed it necessary to take the action they did, but perversely they used sanctions designed to ensure a club does not fail, to drive us to the cliff edge of administration.

One points to the failings of ownership and management, its compounded decisions for 20 years, of its incompetence in decision-making and day-to-day management, but we are left hoping for a shining knight in armour to ride in and save us. Right now, he is nowhere to be seen…

These are dark days for the club, it all feels engineered, the violation in context to the outcome is perverse… worse than that, it becomes vindictive. Gird your loins, we are in a fight for the very existence of the thing we all love. Everton Football Club.

Paul Jones
82 Posted 16/02/2024 at 21:19:51
I agree with your sentiments about 777 Partners, Ian. But if the Premier League really were doing us a favour, they should have pulled the plug on this months ago.

Keeping it on the table is nothing but a deterrent to would-be buyers (if they exist). They waived through Jim Ratcliffe's buy-in for Man Utd long after 777 Partners entered into scrutiny. Why?

If 777 Partners aren't fit and proper owners, then pull the plug instead of sustaining this charade. Force Moshiri to put up or shut up.

Les Callan
83 Posted 16/02/2024 at 21:27:54
Brian @ 74.

I did the same thing a few seasons ago, and was assured by LFC that the offending banner would be removed.

Derek Knox
84 Posted 16/02/2024 at 21:40:04
Colin @ 76, Hillbillies too, I suspect?

I have seen Deliverance (the film) so although never experiencing it myself, or even wanting to, I fully understand what goes on between these types! :-)

Derek Thomas
85 Posted 16/02/2024 at 21:43:25
I fear 777 Partners are just the best (only?) deal Moshiri could find – for Moshiri.

If it's the best (only?) deal for The Club, remains to be seen…

Roger Thomas
86 Posted 16/02/2024 at 21:46:03
2 points:

777 were acceptable for the FAs in Germany, France, Italy, Spain, Belgium, Brazil, Australia – also getting a seat at
Uefa table!

Secondly, Burnley's takeover went through as quick as a flash! The new owners mortgaged the club, used £42M of in-house funds to fund the takeover. Burnley are now £90M worse off.

How can the Premier League shift the goal posts?

Mark Ryan
87 Posted 16/02/2024 at 21:49:58
777 Partners, no thanks.
Brent Stephens
88 Posted 16/02/2024 at 21:58:59
Derek #84,

I feel like we're listening to duelling banjos in the form of 777 and MSP. I shudder to think what comes next.

Ian Wilkins
89 Posted 16/02/2024 at 22:11:37
Christine sums it up perfectly, if we manage to navigate points deductions and retain Premier League status, then in terms of ownership, and our future, we are between the devil and the deep blue sea.

The 777 business model is precarious, pyramid-like, and likely to collapse like a house of cards, if it isn't already. The Premier League are wary of this, new owner test rules have greater rigour, but the alternative may well be administration, subject to Moshiri's intentions.

There is no safe harbour here. Make no mistake: we are in very dangerous waters. And yes, the ridiculous actions of the Premier League through the PSR charges and sanctions have contributed to our plight, as has the kamikaze management of our club.

Robert Tressell
90 Posted 16/02/2024 at 22:54:30
As I see it, Moshiri will not waste another penny on this club, regardless of any guarantee to the Premier League. He is really not fussed if the club is relegated and / or goes into administration.

I doubt he's in the least bit concerned if the Premier League tries to enforce any guarantee. The money, to the extent there really is any, may be in Iran – or the BVI, or wrapped up behind layers of complex financial instruments.

I also strongly doubt other investors are poised to prop us up if 777 Partners falls over.

Although I worry about 777 Partners, I worry much more about the deal not going ahead.

Kristian Boyce
91 Posted 16/02/2024 at 22:55:08
I would imagine the Premier League are being ultra-cautious in approving the 777 Partners deal. Not in terms of looking out for the club and its fans, but covering their own arse with them being under the microscope from the government concerning an independent regulator.

If 777 Partners take over and things suddenly go tits up, their governance again gets scrutinised for allowing cowboys to pass the ‘fit and proper' test.

Phil Lewis
92 Posted 16/02/2024 at 23:07:29
I have grave doubts about the intentions of 777 Partners. Their track record thus far is hardly encouraging. The whole proposal screams of 'out of the frying pan, into the fire!'

I believe ultimately the stadium will be sold, our best option being to rent it from whoever the owner eventually is.

Derek Knox
93 Posted 16/02/2024 at 00:00:51
Brent @ 88, Oi, I play a bit of 5 String banjo (usually badly), but herby declare, I have never been to Georgia, apart from Atlanta Airport en route, or Bluegrass Country!

I would like to, but not for any nefarious hanky panky!

Oh No!

Just the Music Dude, and good Old Creole, Gumbo and Jambalaya!

Yee Hah!

Mark Taylor
94 Posted 17/02/2024 at 01:25:28
I'm with Robert, I think Moshiri has basically run out of (other people's) cash and won't throw good money, even if he had it, after bad.

It's 777 or bust. If they are that financially dodgy, how come the FCA approved them almost 2 months ago? Are they less vigorous in that regard than the Premier League? Doubt it.

Like Robert, 777 still fills me with trepidation. The numbers don't stack up. The new stadium earns us a hill of beans compared to its truly massive cost and the likely interest on it (adjusted for the humungously high risk level). But 777 is all we have. I see no white knight.

We now metaphorically shop at Woolies. That is, if we're even allowed in. Moshiri, along with the Kenwright poodle, will become a textbook example of disastrous management in any industry sector, not just football. What would Everton do? Go into administration, why not?

Ed Prytherch
95 Posted 17/02/2024 at 02:23:24
I too agree with Robert. And if the stadium is sold, it will be for a fraction of the construction cost if there is no Premier League team to play in it. It will be a white elephant.

It is in the interest of the city of Liverpool that Everton play Premier League football in it as it is the keystone in their development plan. Could they possibly do anything helpful if we are at the point of going tits up?

Eric Myles
96 Posted 17/02/2024 at 05:27:53
Mark #94

"It's 777 or bust. If they are that financially dodgy, how come the FCA approved them almost 2 months ago?" And others that keep regurgitating this FCA approval thing.

It was reported in a rag with no source provided. MK has pointed out that it is not recorded on the FCA website and went so far as to query it with the FCA.

Their response was that if it's not recorded they it has not happened but that there may, or may not, be a review in progress which they cannot comment on.

Please correct me if I got this wrong, Michael.

Jerome Shields
97 Posted 17/02/2024 at 07:38:31
FCA approval not recorded. Was that 'approval' one of those dodgy leaks that Everton are famous for before an official announcement, which sometimes proves to be contrary?

I can see the 777 Partners going the same way as MSP Capital and Moshiri having to pay up, which is dodgy, or a potential new owner will emerge.

I think the delay of the appeal result is very much tied up in this scenario, so the Premier League will be under pressure to announce a significant points deduction, which will dictate the result of the second commission. The commission regarding compensation will be put on the long figure.

Dealing with Moshiri is a nightmare when you consider where his money comes from, the influence of his backers on him, who his advisors could be, and the amount of unsanctioned money slushing about looking for a legitimate home.

Kevin Edward
98 Posted 17/02/2024 at 08:53:30
It seems like we really are in a mess.

If 777 Partners don't have the clout to push the deal through, and I suspect the Premier League's requests under due diligence are what they would have expected, then it's likely that they are not going to be fit and proper.

I know Moshiri wasn't fit and proper either, but our debt funding now is taking us close to the edge. We need a white knight, and fast.

If 777 Partners get signed off, then it's going to get rough.

Michael Kenrick
99 Posted 17/02/2024 at 09:09:08
Eric @96, I think that's a fair summary, thanks.

For those who missed it, the discussion of FCA approval appears on this thread: Yet more dirt on 777 Partners dug up by Josimar.

FCA's mainstream activity is the review and approval of companies providing financial services; once approved, they appear on the FCA's Financial Services Register. 777 Partners still do not appear on that register as an approved company.

However, that may not be the end of it; would 777 Partners be providing regulated financial products or services as owners of Everton FC Co Ltd? I don't think so, although Graham on that previous thread thought they need credit licensing for the purposes of season ticket financing for fans.

My thoughts are that such a function is already provided and (if required?) approved for Everton FC, who are the providers of season tickets to fans. But there could easily be a finance company behind EFC that is enabling that, I suppose?

This made me wonder if FCA approval of 777 Partners may take a different form in this instance. The devil is, of course, in the details.

That link above to the register search includes a menu item that I failed to spot previously, leading to Other Registers… 12 of them!!! Do 777 Partners score on any of those???

Check back here in a few hours, folks!

Dave Lynch
100 Posted 17/02/2024 at 09:57:53
So what if 777 Partners were deemed unfit and they immediately recall all of the loans plus interest???
Clive Rogers
101 Posted 17/02/2024 at 10:17:59
It seems that 777 just don't have the cash. The loans they have made to EFC are financed by borrowing from other sources.

It is most likely that the sale will collapse and the club will go into administration if there is no other suitable buyer prepared to step in.

Brian Harrison
102 Posted 17/02/2024 at 10:49:27
Understandably we as a fan base have now become engrossed in off-field matters, and what happens on the pitch has become secondary. We know that, if we don't get a reduction in the original 10-point deduction, then chances are we will receive a similar deduction for our 2nd breach of PSR.

We also have an even bigger headache than the points deduction and that is the financial position of the club. We have new potential owners who are struggling to provide the clarity that they have the funds to make them fit and proper people to run the club.

Fans at some of the clubs they own have demonstrated that they are very unhappy with 777's ownership of their clubs. The alternative to 777 Partners getting control of the club is the likelihood that the club will slide into administration and an automatic 9-point deduction.

Who knows how these decisions will pan out but it's very hard to see a positive outcome to any of this.

Brian Williams
103 Posted 17/02/2024 at 10:52:47
Well according to the "financial expert", Paul Quinn, we have no case to answer to with regard to the second charge, so we should be okay on that one. 👍
Sean Kelly
104 Posted 17/02/2024 at 11:40:54
Why not – after we get some points back – go into administration?

Tell Masters and his cronies if they wish to relegate us, that we will get an injunction against his corrupt organisation to prevent this until all of Man City's charges are dealt with. After all, their breaches go back over 10 years.

Also, him and his buddies have turned a blind eye to the Russian monies of Chelsea since 2004 and also turned a blind eye to the murderers money in Newcastle Utd.

I wonder… is he squeaky clean? Worth checking!

John Keating
105 Posted 17/02/2024 at 11:41:15
Fit and Proper… It's quite a wide-ranging 3 words.

Fit and proper like the owners of Man Utd, Newcastle, PSG, Real Madrid, Man City, Reading. The list is quite extensive
Or are we just talking money here?

It's like some posters have slagged us off for waving cards with the word "Corrupt" on them. Well, corruption doesn't necessarily mean a bung was involved. Unless, of course, it's Uefa or Fifa!

Regardless of the outcome of our future, the whole football system needs a dramatic overhaul, starting with the Premier League.

If anything good comes out of our situation, it's that the “corrupt” Premier League will not survive in its present form.

Christine Foster
106 Posted 17/02/2024 at 11:48:30
John, yes, 3 words, Fitted up Proper...
Michael Kenrick
107 Posted 17/02/2024 at 12:04:16
Hmmm… so I reckon we will be okay then.

Cos "fit and proper" appears exactly nowhere in the Premier League Handbook.

Where are you guys getting this from?

Christine Foster
108 Posted 17/02/2024 at 12:14:02
Michael, my comment referred to John's three words, I merely modified them to reflect a jibe at the Premier League,
Jerome Shields
109 Posted 17/02/2024 at 12:16:05
Dave #101

They are unlikely to be able to do that. The loan would have terms over a period and interest charged. They would be secured against equity. Moshiri, if 777 do not provide funds, would then have to step in. He is required under Profitability and Sustainably Rules to provide a yearly letter of guarantee for funds should Everton require them, if the rules are likely to be breached. 777 Partners did provide a letter of guarantee for the last funding shortfall. I don't know where this sits in the grand scheme of things.

Profit and Sustainability Rules; Letter of Guarantee of Funds:

The Premier League Profit and Sustainability Rules require clubs to provide a "Letter of Guarantee of funds" to demonstrate their financial capability to fund operations for the upcoming season. This letter serves as a commitment from the club's owners or shareholders to cover any financial shortfalls that may arise during the season. It's essentially a form of financial assurance to ensure that the club can meet its financial obligations.

Mark Taylor
110 Posted 17/02/2024 at 12:24:10
Many thanks to Eric 96 and Michael 99 for expanding on the issue of FCA approval. That was actually widely reported across a number of media but I guess the lesson is, don't believe anything unless you check the source material, which I didn't.

So as usual, the situation is as clear as mud. We may have had FCA approval, we may not, and what that approval actually covers and signifies is not clear either.

John Keating
111 Posted 17/02/2024 at 12:46:52
“Fit and Proper” is commonly known as the Directors test introduced in the early 2000’s for anyone buying or holding a majority shareholding in a football club or any other business
It applies to the PL and leagues down plus the SPL
Failed miserably
John Keating
112 Posted 17/02/2024 at 13:01:38
Quite surprised people haven't heard “fit and proper” as it's been used not only on this thread but on various threads on ToffeeWeb. Also throughout the media.

Anyway I suppose we have to adhere to the Premier League handbook where it says the exact punishment a club should expect. Or does it?

Robert Tressell
113 Posted 17/02/2024 at 13:23:31
Fit and proper exists as a test in many walks of life / business. Usually based on clear bill of health for dishonesty offences, tax isdues, bankruptcy and connections to anything of that nature.

Not sure what the letter of guarantee looks like but it is unlikely to mean that funds are ready and waiting and committed to propping Everton up if disaster strikes.

Brian Wilkinson
114 Posted 17/02/2024 at 13:24:12
Brent, I reckon Jim Ratcliffe went up to Masters and said "Squeal like a pig, eek eek!"

If only we had a member on the board that could try the same tactic; shame we have not got a board.

John Keating
115 Posted 17/02/2024 at 13:33:56
Robert you are correct in that it exists in most industries, business and life. Obviously it is termed in various forms but means exactly the same. Regardless of the “handbook”, the meaning is the same.

To some people, the rigid interpretation of the “handbook” should apply; however, in most cases, including ours, there are numerous fines that can be brought in.

Fit and proper, or the Directors test in this case, is open to interpretation: 777 Partners or the Saudi Wealth Fund, take your pick.

Unfortunately some seem to nitpick and take the written word as Gospel.

Michael Kenrick
116 Posted 17/02/2024 at 13:53:04
John @112,

"where it says the exact punishment a club should expect."

I'm sure you must know by now that it says the commission was required to issue whatever punishment they saw fit. Which is arguably exactly what they did.

John Keating
117 Posted 17/02/2024 at 14:17:00
Yes, Michael, but it was guided by the interference of the Premier League indicating what they expected or required prior to the “independent” commission. Although the “independent” commission said they would not adhere to the Premier League guidance, lo and behold, they did!!

You can argue as much as you want, and make every excuse you can, to somehow support the decision made by the commission. You can attempt to justify the opposite side of the coin that many of us see, that is your right. However, as much as you try and put the other side of the case, expect the opposite.

The Premier League are corrupt in what they have done.

Michael Kenrick
118 Posted 17/02/2024 at 15:09:50
John @117,

For me, screaming "Corruption" has to involve a little more than a knee-jerk reaction to something you don't like. Something can be unfair and unjust without being the result of corruption.

I think use of a word as strong as that requires a higher level of proof beyond the circumstantial coincidences and inferred intentions that have been assembled much along the lines of a conspiracy theory to justify the "Corruption" counter-charge against seemingly everything the Premier League is and does.

As such, I think even a minimal understanding of the rulebook that provides the parameters against which any charge of corruption must be evaluated, is essential. Without that, for me at least, it's just so much howling at the wind.

As I've said before, numerous times now, there are glaring injustices, obvious unfairness, and a complete lack of justification for the disproportionate punishment that I hope have all contributed to a good result from the appeal. But we still don't know and are forced to wait and see.

But sadly I can see the difference of views continuing beyond the appeal finding, whatever it is: If they give us anything back at all, that proves there was corruption; whereas if there's no change or they double down… well, obviously there's even more corruption than we ever thought possible!

Brent Stephens
119 Posted 17/02/2024 at 15:52:57
Michael, without going into detail, I understand your argument and (sometimes nuanced) points.

Jerome Shields
120 Posted 17/02/2024 at 16:03:56
I tried to find out what 777 Partners would require to fulfil the Premier League requirements of ownership, but only found general information with no mention of 'fit and proper'. Again, the Premier League have a lot of discretion in the decision.

The Premier League has a set of rules and standards for individuals seeking to own a club in the league. These standards encompass various aspects such as financial stability, good character, and involvement in the running of the club. Potential club owners undergo a rigorous owners' and directors' test to ensure they meet the Premier League's criteria for ownership. This helps maintain the integrity and stability of the league and its member clubs.

If a club is in breach of the Profitability and Sustainability Rules, it could face sanctions or penalties from the league. In such cases, the league may require the club to demonstrate a change in ownership that can ensure compliance with the rules. This may involve showing that the new ownership has the financial capability and commitment to meet the league's requirements.

It's important for the club to work closely with the Premier League and legal advisors to navigate through such situations.

Paul Hewitt
121 Posted 17/02/2024 at 20:26:34
So are Newcastle's owners fit and proper?
Philip Bunting
122 Posted 17/02/2024 at 20:32:43
Paul... they must be. I mean when you cover it up with spending money on military equipment and contracts, their great fellas.

Maybe need 777 Partners to buy a few bits of hardware!

Jerome Shields
123 Posted 17/02/2024 at 22:31:43
Paul #121,

It originally was that, if a owner provided the correct financial profile, but now Government involvement has brought politics into it and allies or non-allies are considered. But with 777 Partners, their financial profile is a hurdle.

The Premier League are not corrupt, they were never anything more than to preserve the vested interests of their members, including Everton. They sailed close to the wind from the start as far as regulation was concerned, with a light touch. They were primarily interested in media contracts and owners with money. They then under the pressure of threated Government regulation decided to tighten up and found some of their members in difficulties and in breach of the rules, which no amount of monitoring could recover.

They had to act and thought they could without accountability. Everton were singled out because it was favoured by the government to investigate Russian involvement and both Kenwright and Barrett-Baxendale were identified as the incompetents that they were. Man City were more difficult.

Some may view this as corrupt, but for the Premier League, it was following the path of least resistance. The only path available. That is why it is not so black and white and the situation is still evolving.

James Flynn
124 Posted 17/02/2024 at 22:43:27
It took PIF around 18 months to get approval Newcastle Utd.

777 is only 5 months along.

Jerome Shields
125 Posted 18/02/2024 at 09:15:09
Good reality check, James.
Brian Harrison
126 Posted 20/02/2024 at 20:43:10
I just read a post on Twitter which Paul the Esk as backed as correct, and in the Premier League handbook it says that the Premier League can only refuse to agree to let a person or persons take over a club but they can't stop them.

So the question is how long will 777 Partners keep pumping money into Everton for day-to-day expenses when it's looking like they will never get the go-ahead to take control?

The downside for 777 Partners is that, if this forced the club into administration, they are behind both Rights & Media Funding and MSP Capital for claims against the club.

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