23/03/2024 25comments  |  Jump to last

"The good news for 777 Partners is that the Premier League is finally “minded to approve” their bid to purchase Everton. The bad news is the four conditions they need to meet to make it happen," write Paul Brown and Philippe Auclair for Josimar.

"So is this good news or bad for 777 Partners? At face value, it would appear to represent progress after months of waiting in which the group has been beset by financial problems on all sides. It is contesting a growing number of debt recovery lawsuits in multiple jurisdictions in the USA and UK. Its Bermuda-based reinsurer 777re, a major source of funding for acquisitions and subsidiaries, has been put into administrative control pending the results of a regulatory investigation.

And its biggest backer, A-CAP’s Kenneth King – who is under investigation himself by insurance regulators in the US – has announced publicly that he is exiting his relationship with that reinsurer. But dig a little deeper and you see that while this development concerning the Premier League would appear to open a window for 777 Partners to finally move forward with the purchase of Everton, it actually leaves them racing against time to meet a set of conditions so stringent that sources both inside and outside the company believe they cannot be satisfied." 

» Read the full article at Josimar

Reader Comments (25)

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Laurie Hartley
1 Posted 23/03/2024 at 21:26:35
I am not sure how much credibility Josimar have but this article which sets out the “Four Conditions” makes interesting reading.

Tony Abrahams
2 Posted 23/03/2024 at 22:34:16
Stuff like that starts going over my head, Laurie, but good on the Premier League for setting such stringent demands.

I've heard that the group I've been going on about for quite a while now have got all those bases covered but everything is hearsay until it truly happens and, until something does, then there doesn't seem to be much light in our Evertonian minds.

Christine Foster
3 Posted 23/03/2024 at 22:39:43
Wow, what a read... and there was me thinking the news was a positive one for 777 Partners.

I doubt there is not a hope in hell of doing what the Premier League have demanded in the timescale, given the situation 777 Partners find themselves in. As always, the maxim is, follow the money, and unless 777 find a way to say, rob a bank, their other (bad enough) commitments mean it's really doubtful the deal will go through.

Interestingly a couple of snippets in the article, a former player, Marouane Fellaini, loaned 777-owned Standard Liege €3m which is now falling due, and also that if 777 are unable to meet the league's condition for buying Everton, another US investor is waiting to pounce.

Ian Pilkington
4 Posted 23/03/2024 at 23:10:43
Final paragraph:

“Josimar understands that a rival US bidder is waiting in the wings should they (777) be unable to complete a deal”.

More than a glimmer of hope?

Mike Hayes
5 Posted 23/03/2024 at 23:25:39
Ian Pilkington,

Tony Abrahams has said that there was someone waiting in the wings all along — just a matter of wait and see.

Ian Pilkington
6 Posted 23/03/2024 at 23:44:31
Mike @3,

I've followed Tony's comments for months and live in hope.

Don Alexander
7 Posted 23/03/2024 at 23:51:07
And folks, 777 Partners are the dream purchaser long since projected as our "saviour" by he, our Kenwright-trusting (and Kenwright-trusted), opaque, unaccountable, alleged owner.

And still, some continue to say, despite the plethora of evidence now to the contrary, that the new stadium that's forever going to be owned by others to the cost of the club's player-spend-ability and the pockets of us fans, is the way to trophy winning credibility.

Yeah right!!

Dave Williams
8 Posted 24/03/2024 at 09:50:45

At the moment, just continuing to exist as a Premier League club will be an achievement! The trophies will take a little bit of time with a progressive youth policy surely a priority?

Dave Abrahams
9 Posted 24/03/2024 at 10:44:58
Dave (@7),

Amen to that. As depressing as it is, we have waited 30 years or so since our last trophy win; three or four more isn't that long!

Danny O’Neill
10 Posted 24/03/2024 at 10:52:42
Just make a decision.

We have more immediate pressing things to worry about that keep us awake at night whilst the so-called grown-ups debate.

Just get on with it.

Tony Abrahams
11 Posted 24/03/2024 at 11:26:58
I love your passion for Everton, Danny, but if there's one thing for everyone to learn whilst debating, it has surely got to be that nobody should ever be allowed to split the Everton fanbase in half ever again?

Don't forget to tell the kids because there was enough adults who fell into the Kenwright trap.

Iain Crawford
12 Posted 24/03/2024 at 11:39:44
The conditions are tough, and so they should be. With 777's options seemingly limited due to two of their main sources of loans (777 Re in technical administration and A-CAP withdrawing all funding) drying up. Unless they can get loans from elsewhere at short notice, it's going to be very hard for them to satisfy these requirements.

Paul Joyce, Times journalist, says there are interested parties (note plural) waiting in the wings. They'll need deep pockets and good loan facilities too, to meet the demands. But that's an imponderable as we don't even know who they are. The insinuation that there are more than one interested group is a positive.

It's crazy everything is still up in the air after all this time. Surely it's time, right now, for 777 Partners to meet the conditions or walk away or alternatively Moshiri to pull the plug and talk to alternatives who can.

Brian Harrison
13 Posted 24/03/2024 at 11:52:41
I think, irrespective of what happens with the possible takeover by 777 Partners, the real problem is we are in such a financial mess, that it's hard to see a way out of it. We are somewhere in the region of nearly three quarters of a billion to a billion in debt.

I guess, whoever takes over, there will be a fire sale of players and, because of the financial mess we are in, the price that we get for the players will be a lot less than they are worth.

We have a stadium that still needs more funding to finish the job and, whoever takes over, they will either have to settle the outstanding loans to Rights & Media Funding and MSP unless they can negotiate a new deal with them.

Then, if 777 Partners don't get control, then we will also have to settle the £180m in loans they have pumped into the club so far.

I don't see there being many if any prospective buyers out there given the indebtedness the club is in. Even PIF who own Newcastle are finding being able to move that club forward with the constraints of the P&S rules very difficult. And despite the Newcastle fans criticism of Mike Ashley, they were in a much healthier position than we are when PIF took over their club.

Tony Abrahams
14 Posted 24/03/2024 at 11:59:52
I think the biggest difference in that last sentence, Brian, is that Newcastle are ready to run but Everton are just about limping.

You need massive foundations to build on a dock and I think, more than anything else, laying some strong foundations has got to be the first requirement for whoever purchases Everton.

Danny O’Neill
15 Posted 24/03/2024 at 12:13:58
Never, Tony.

We are at our best when we are ferociously united. No others compare.

Stay together blues because we will be at Bournemouth and at Stamford Bridge. And of course at Goodison Park. United in what we love.

Keep the spirit. I hope the players do.

Jerome Shields
16 Posted 24/03/2024 at 12:31:30
I hope the alleged interested parties actually exist.

Sometime in the future, Lyndon and his mate might write another book and we may get to know the truth of what is happening in the background...

Christine Foster
17 Posted 24/03/2024 at 12:31:59
In the immortal words of Cuba Gooding, "Show me the money ..." (777) Jerry Maguire was a great film, but I bet the odds of this happening are slimmer by the day.

1. Too many entities owned by 777 Partners are struggling financially.
2. Cash liquidity is the issue, robbing Peter to pay Paul means Peter is stuffed. They don't seem bothered about ruining a business, their own included.
3. Their backers have said enough. The pipe is dry, the bills are high, the time is short.
4. Their morality in business stinks.
5. A lack of money and a lack of time ensure failure.

The Premier League have asked for the simplest of things: divvy up or get out of the game. One wonders now if the league will believe their answers or will they just wait for the magic beans to grow?

Dave Abrahams
18 Posted 24/03/2024 at 12:36:49
Jerome (16),

You'll find out in early April; all you need, Jerome, is faith and patience.

Jerome Shields
19 Posted 24/03/2024 at 12:47:47
Dave, I hope so. Anything just to get back to football.

I suppose professional footballers will have to get used to these rules and regulation implications since they have such effect on the pitch. With the government coming into the mix, it will become normal as part of the season. Relegation was always difficult to forecast; now, it is an absolute nightmare.

Have a good rest of the day.

Dave Abrahams
20 Posted 24/03/2024 at 13:03:13
Thanks Jerome,

Yes, the football keeps us going and I think we will get normal service next season in the Premier League, the worries will lessen but won't go away as the climb back begins.

Enjoy the day, Jerome, with a derby win in the ladies match!

Tony Abrahams
21 Posted 24/03/2024 at 13:06:03
Faith, patience and some very strong headache tablets, if you're anything like me, Jerome.

I've mentioned on these pages how a young kid was trying to purchase Morecombe FC, Christine, and it seems as though the EFL just basically told the kid that, until “he could prove” that he was serious by providing what was needed, then he was never going to be really taken that seriously.

777 Partners have just basically been given that same treatment.

Dave Abrahams
22 Posted 24/03/2024 at 13:17:41
Tony (21),

Definitely strong headache tablets. I've got a load in stock, been taking them since you learned how to talk!

Jerome Shields
23 Posted 24/03/2024 at 14:06:35
Dave and Tony,

If I started on tablets, I would end up an addict. It is remarkable the impact it is having on the fans that think their club may be a target.

The problem is that someone should have told Moshiri where to go. We should have known when he was hand-picked by Blue Bill. He obviously never had a clue, but did what Usmanov wanted to get his money in the first place. Never would happen to me.

Anthony Hawkins
24 Posted 25/03/2024 at 15:01:19
From the little I know and understand, 777 Partners simply don't have the cashflow and active funding to support a top-flight football club. Their dream is that one such club would prove to be sufficient asset to offset other funding models but it lacks the persistent cashflow to complete the cycle.

The club needs money pumping into it, not taking out or asset stripping. Once the assets and money has gone, there'd be no mechanism to plough sufficient back in for transfers etc. It's funding which wouldn't take long to dry up.

It is possible they see the opportunity to promote talent into a big shop window to sell for big money, but that's simply one possible outcome of many that can fail so easily.

Whilst the reports may be noise, there's so many reasons for wanting 777 Partners to fail. The worst part is the unknown should the takeover fail. Where would we go from there?

Derek Thomas
25 Posted 11/04/2024 at 08:20:04
£1 Billion(?) debt...which includes most of the BMD costs, another £3/400 Mill to finish the ground and other odds and sods

£1.4 Billion for a Premier League Club and a new ground...it's a bargain, wrap it up, I'll take it with me.

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