Reports: Everton consult debt-restructuring advisors as doubts around 777 Partners takeover persist

"Bonza has entered voluntary administration hours after suspending its flights earlier today. An internal note sent by airline CEO Tim Jordan to staff, obtained by the AFR, confirmed that its aircraft had been repossessed by its lessor at 3 a.m., but the news came as a “surprise” to both Bonza and owners 777 Partners."

Kind of Blue

Because of that, Everton now appointing Teneo an international adviser on Insolvency and Restructuring according to The Guardian. That's never good news.

The dominoes seem to be toppling. But let's see what MSP do now.

The (Red) Echo are reporting that one of 777's companies - a budget airline called Bonza (Australia), have ceased trading, leaving passengers stranded: it's mainly to do with 777's wider struggles in raising funds and losing key credit ratings in the US, something we had been aware of, but now the house of cards seems to coming down, Michael?

Isn't today-April 30th- the absolute deadline for 777 to have the plug pulled on the exclusivity deal with 777 are preferred owners? I have read this, but – as usual – neither the owner nor the club have put anything out through official channels.

Let's see what develops. But what a mess. Moshiri is a disgrace.

Will we even have a club to support next season?

Sorry times…

They will need to protect their loan.

Being in the Premier League next season, could be an attraction. But not if we lose 9 points to Administration.

These are real crooks in the financial world and it would not surprise me if they now shuffle the money saved from operating the budget airline over to keep the Everton takeover going. This is how they operate and they will focus on where they think the most profit is and that's getting their foot in the Premier League door or, at bare minimum, asset-stripping Everton.

Kenwright was a cunt but I believe he died of guilt when he realized what was happening to us.

Interesting read. Remind you of anyone?

Everton 777 Partners takeover hit with fresh doubt as club call in insolvency advisers

But nothing new, just repeating the various themes…

As a potential buyer, the sensible thing to do is wait until the seller is desperate. They can then lowball him, getting the club at a discounted price. It's bad either way for Moshiri, but the lesser of two evils.

Could be a nervy ride to that point, but it wouldn't be a season ending without a bit of jeopardy, would it!?

Bringing in insolvency advisors will assist the club in assessing what needs to be done to: A) avoid insolvency; B) best prepare for possible insolvency; and C) restructure in the event of insolvency.

Might have taken a chance with 9, too risky for 12.

I assume we will get a further points deduction for PSR again next season. Congrats to Moshiri for replicating that scene in Batman when the Joker acquires millions of dollars and just decides to set it on fire.

Portsmouth were docked 9 points for entering administration in 2010.

Is it a given that administration incurs a maximum deduction of 9 points given our previous record and possibly an upcoming third misdemeanour?

Or will we get done for being over a new wage cap rule given our wage bill is reported as 92% of income?

I would be very shocked if this isn't the case in the Premier League and so taking the points deduction this season isn't even an option.

This is what happens when very dodgy people get involved in someone's business. If 777 Partners do eventually take control, I think it will be a case of 'out of the frying pan and into the fire'.

What a terrible terrible situation.

You wouldn't think it possible to ruin a football club by investing half a billion pounds, but Moshiri seems to have done it. For sure, we need someone with some financial common sense to advise the club.

"My guess is MSP will exercise their right to acquire 54% of the club if insolvency looms.

They will need to protect their loan."

I doubt it. Turning the loan into an equity stake means that they are more exposed if EFC go into administration.

Kenwright made £40+ million from Everton. His estate should make an interest free loan to get us to the end of the season.

Surely a lot of investors (including Moshiri) would lose a lot of money and value if we went into administration. I find it hard to see why they would let that happen. Perhaps this appointment is just Moshiri's way of playing hardball and force the current investors to agree to beneficial re-structuring terms?

I look forward to when we can return to talking about just players, managers and transfers rather than owners and point deductions.

We already know that their £158 million loan will not be paid before other 3rd party loans are satisfied, for example Rights and Media Funding which have a prior charge. Their dilemma is whether they convert their loan to 51% equity or risking the loan repayment.

Bottom line is that with a net debt position of £330 million per 2022/23 accounts, none of our lenders can afford for us to go into administration. We will be looking a debt restructuring in the event that 777 cannot complete the takeover.

First reaction is the team need to keep trying

to perform tiill the end of the season.

Second reaction is the situation that is evolving is a whole new ball game.

Three reaction is Pray Everton come through this still standing.

Actually why am I surprised that Moshiri is unable to deliver on what he was saying? He has never delivered on anything he said yet.

It doesnt state we are specifically being advised on insolvency.

I can see the stadium becoming a lease rather than ownership as the club struggles to survive the unbeatable combination of Kenwright and Moshiri.

Moshiri should do the honourable thing and fund the club he has taken to ruin until we find an appropriate owner which quite clearly to the whole world except Moshiri is not 777,

Knowing our luck, we would probably suffer a similar punishment if we went into administration.

Not sure who said it or how it applies here, I just read it on a stocks message board once…

777 Partners are definitely scrambling to fulful the Premier League's conditions for takeover, but I am increasingly sceptical of this rumour.

It's origin is Simon “one story” Goodley at the Guardian who has been stretching his “Usmanov bought Everton” line for years. He only rivals Matt Hughes at the Mail for fake news frankly.

The first set, Moshiri agreed to support the club for a year. In the last set, he made no such statement, but that discussions were under way to sell the business.

777 Partners have been giving us ongoing loans to supply us with cash flow, to pay for the stadium, and also to pay for wages, running costs. Because our income is insufficient.

One of the reasons we are short of cash is that we are paying hundreds of million a week in servicing the loans. And we keep borrowing. At high rates of interest. We've replaced expensive player wages with expensive loans.

Because 777 Partners haven't got sufficient funds or can't guarantee the stadium funding, they can't complete the purchase, at which point, the loans can be converted to capital and we stop paying the same levels of interest.

They have seemingly defaulted on the latest payment, as they seem to have done elsewhere. Repeatedly.

If you have insufficient cash flow to pay your costs, and have no way to remedy that, then you are basically insolvent.

This isn't a surprise. So Administration is a possibility. The restructuring bit of it may involve the new stadium at Bramley-Moore Dock, and selling off shares in that, which the club seems to have acknowledged in some reports last week. And of course the sale of our other assets, the desirable players.

Also other suitors may come in, or MSP may protect their position. But first the acceptance that 777 Partners won't be continuing their nonsense pursuit of the club and Moshiri accepts it, needs to happen.

It's a fucking mess.

The story originated with Bloomberg. The Guardian came along shortly afterwards. They reported it in the main news section and not in the sports section.

If this hadn't actually occurred, the Guardian couldn't report it. Are you saying they shouldn't report it? How is it fake news?

If it goes into liquidation, the squad can walk for nothing — like Naismith at Rangers.

One rumour suggests that the latest payment to Laing O'Rourke has been missed; another rumour suggests that other payments from 777 to other companies have also been missed.

So it's very difficult to see how they raise the £158m to pay off the loan to MSP which they extended from the end of April to the end of the season.

We need answers from our absent owner, but I doubt we will hear from him as he hides away in Monaco.

Everton receive last-minute £16M cash injection from 777 Partners to allay fears staff may go unpaid next month... but prospective owners' takeover bid remains blocked despite £200m investment

Not now. Suddenly it takes on new significance.

This is hilarious. 777 Partners actually have PR people? No wonder they didn't pay them! But seriously a company that you stiffed are now brought in to examine your books? Isn't that a conflict of interest?

1) The invisible suitor referred to on here by others materialises with a low-ball offer to Moshiri to buy the club debt free, and he to negotiate the pennies in the pound to the various creditors (with him getting zero, I suggest).

2) The creditors (or some of them) take on the stadium as an asset with a rental agreement for the club.

3) We go into administration with a player fire sale to repay the creditors as far as is possible.

You could combine 1 and 2 to an extent. 3 will see us relegated next season and will also likely see the stadium sold separately. Effectively the end of us as the club we are today.

My money is marginally on 3. It will probably raise the most money, possibly even provide some money back for Moshiri and our creditors could not give a toss about our club's future.

Nice one, Kenwright and Moshiri.

All focus and effort has to be given to the remaining games.
6 points against Luton and Sheffield Utd and just go for it against Arsenal.

Move up another place and get a few more quid and more importantly points on the board in case the next month sees us going into administration.

Fucking joke.

Tencea restructuring and insolvency work typically involves various aspects such as bankruptcy proceedings, debt restructuring, reorganization plans, creditor negotiations, asset liquidation, and legal compliance. Some examples of Tencea restructuring and insolvency work include:

1. Advising distressed companies on their financial obligations and restructuring options to avoid insolvency.

2. Representing creditors in insolvency proceedings to maximize recovery of debts.

3. Developing reorganization plans for financially troubled companies to facilitate their turnaround.

4. Negotiating with stakeholders, including creditors and shareholders, to reach consensus on restructuring terms.

5. Conducting due diligence to assess the financial viability of companies undergoing restructuring.

6. Managing the liquidation process of insolvent companies to distribute assets to creditors according to legal priorities.

7. Providing legal guidance on compliance with insolvency laws and regulations during restructuring processes.

These are just a few examples of the types of work that Tencea may be involved in when it comes to restructuring and insolvency matters.

AI

I would like to know whose or what parties decision it was to bring in Teneo?

It has not been officially announced that Teneo have been engaged and I am sure the Premier League would have to be informed or even involved.

"One of the reasons we are short of cash is that we are paying hundreds of millions a week in servicing the loans".

Really Chris?

Couldn't make all this up...

The club are taking advice, as any organisation would need to do in these circumstances. We can only hope that whatever happens, 777 don't succeed in their bid to buy the club.

Russian-backed investment fund tied to influential US.corporate consulting firm Teneo

Published Tuesday, 1 March 2022
Updated Wednesday, 2 March 2022

Brian Schwartz

LetterOne has multiple links to Teneo, which was founded by two Democratic consultants who worked for former Presidents Bill Clinton, Barack Obama and former Secretary of State Hillary Clinton.

Hours after CNBC reported on the ties between Teneo and LetterOne, a supplemental statement stamped for late Tuesday was filed to the Department of Justice showing the contract ended between the two firms late last year. The end of the contract in October suggests Teneo was likely paid over $1 million for their LetterOne advisory work.

The Department of Justice's FARA Unit, which monitors US lobbying and consulting work for foreign representatives, said it believes the contract between Teneo and LetterOne "remains active."

And, personally doubting he really is dead, add one William Kenwright to that list. This is Everton. This is my love. It is not yours to destroy.

Shit on it.

Is that so?

How have those companies exposed themselves to this lunacy...???

Sorry Paul, I meant hundreds of thousands a week. My mistake. Should've checked it properly.

I was told before Christmas, by a very good source, that we were paying nearly £500k a week servicing our loans. I believe this figure, knowing the source. So 5 expensive players equivalent.

And since then we've kept borrowing. At high rates. The only rate I've seen reported is 5% above base. Which here is 10%.

I'd guess the £500k per week has gone up a fair bit since Christmas.

For stadium costs which we can and have capitalised, much to the annoyance of the Premier League, and for general running costs which we can't.

So apologies, but still a hell of an issue.

How can a billionaire be so bad at business – I just don't understand!

I believe we were reliably informed a while ago that interest was around £1 million a week.

Same as R&MF. Beside other protections in place, their loans are also secured against whatever property (other than the stadium) Everton could put up as collateral. There's a list of those properties on the last couple of EFC pledges in Companies House.

It's 777's loan that's unsecured. God knows what interest they're charging on it. Last September 15th, I bet they never, for even a second, thought it would come to this.

Moshiri is either very clever or very stupid. Maybe he is pushing it to insolvency, then buying it back debt-free!

"Interestingly the CVA must pay the football creditors (players and leagues) 100p in £1 before any creditors like HMRC."

So in that respect, come July, we will have a significant number of big wage earners off the books, then we get the next round of Sky money. So, if the creditors place a winding-up order, that would be the time to do it if they're smart.

Then, if we sold say Jarrad and Onana, conceivably Kenwright's Riverdance boys could get their investment or most of it back if they are as is claimed the first in line of creditors.

So then everybody else would be screwed.

I was told maybe October last year, when it wasn't quite so well known. It was a shock then, and it's certainly got a lot worse.

£1M a week is impossible to absorb, especially against a deteriorated top line.

Pretty much guaranteed to have another points deduction this season, unless there is a deus ex machina event. Hard to envisage what though.

11 days later, Bonza are in administration. Presumably Moshiri put the pressure on so they let Bonza go to the wall as part of their unravelling Ponzi scheme and hope they can sell Liege to fund the next round of Everton wages.

Obviously what Sean Dyche referred to, when he said he wasn't given the whole picture when interviewed. I feel for everyone involved and pray there is a solution for our once-great club.

But the club is close to worthless. EFC has debts exceeding its assets. If it goes into administration, the assets (player contracts) are sold to pay off wages and salaries owed to employees of the club, money owed to other clubs, the taxman, and then loans to the club. Some or all of these creditors will take a bath and the shares of EFC will be worthless.

The new stadium is a separate entity and it will always have value, but probably not as much as it has cost to build it.

They're all business people and Moshiri will be looking at alternatives hopefully.

Everton given delayed 777 loan for day-to-day costs

I get he is trying to sell the club but, the way he is behaving, there will be nothing to sell.

Over the past couple of years, he has come across more and more like a spoilt kid that is bored of his plaything.

Clearly shows who was injecting the cash and what a piss poor accountant the man is.

The Premier League should be actively chasing him down and pointing out as owner he has a duty and is bound to keep this club financially sound while he still holds the reigns.

The sooner he hands over to someone else (just not 777 Partners), the better.

You don't calculate Everton's business value the way you would a hardware store. (The Washington Commanders NFL team sold last year for $6 billion, and you couldn't find a worse-run business than that one.)

The stadium, once completed, would likewise be valued well above the construction costs based on future events revenues. That value would only really plummet should the club cease to exist, leaving the stadium standing empty. I'd consider that highly unlikely.

That's not quite what they said.

They said "It is believed there is currently not a threat of administration" because Everton paid their bills even though 777 Partners were late making a payment to the club.

Just as they were late paying Bonza and British Basketball etc several times until they couldn't get away with it any more and Bonza went into administration.

Do you honestly believe based on their track record there is no threat of administration? Albeit it next week, next month?

"I will return tomorrow to answer earlier questions, but just to establish a couple of things (i) Everton received some funding to meet our monthly obligations but not from the source quoted extensively in the media (ii) The Bonza situation has considerable knock on effects for 777 & associated companies (more tomorrow) (iii) the club is secure between now & end of season (iv) those "waiting in the wings" continue to be ready to support/acquire the club at the appropriate time, which is not too far away"

Maybe Tony's other 🇺🇸 are really there

This is why I've been more worried about the takeover than I have about anything else and genuinely find it hard to believe that Moshiri has ever been a genuine accountant.

The sanctions have destroyed Usmanov's plan for Everton, so hopefully now the Premier League can step in because everyone can see that there is something badly wrong behind the scenes of an English institution.

To those worrying about whether it will be a 9 point or 12 point deduction and whether it will be now or next season - that will be least of our worries.

An administrator needs to keep the club going and clear the debts of the people who ask for them to be appointed. That means selling Onana, Pickford, Calvert-Lewin, Branthwaite, Garner, McNeil and anyone else that someone is willing to take off our hands, including Messers Dyche and Thelwell.

The main issue is our revenues don't cover costs, which should hopefully be eased come July as we've got some high earners out of contract. Likes of Alli and Gomes are on >£100k pw and will be gone in June. They hardly played this season but still cost the club £11m a year.

The only way out of this mess is a) staying in the Premier League, and b) signing players for low transfer fees and/or wages and selling later for a profit so we can pay down the debt. Both much easier said than done admittedly but one Onana or Branthwaite a season for 3-4 years gets us in the clear.

Just needs a really disciplined approach to recruitment. We wasted £100Ms over the Moshiri years paying massive transfer fees and wages and then not being able to get rid of the players because they were overpaid, who then just sat out their contracts and left on frees. Keane is a live example we can't get rid of. He still had two years left on his contract in 2020 when he was given a new £80kpw 5-year deal. £4m a year in wages for a bench warmer.

Calvert-Lewin and Doucoure are out of contract in 2025, both on £100k+pw, interesting to see what happens here too in the summer. We can't let Dom go on a free so will either offer a new contract or sell. Duke is 31 but our highest earner at £130k pw.

There is a path out of this but it needs patience. No buyer of the club can seriously think they can make any money in the near to medium term so not sure what 777's business plan is. Next few years will be spent paying down debt.

"Hey Bill, what would Everton do in this scenario?"

This was done by Elliot Management in the case of AC Milan. Elliot Management rescued and corporate restructured AC Milan.

It's not scary that the club are taking advice, looks like 777 is unravelling and it's hard to see how the Premier League would be able to approve them, no matter how much they hate us.

We are a Premier League club in a mess, but administration (I would assume) is likely to be a disaster for Moshiri and the creditors.

Hoping that there really are some 'smart' investors looking at how things are unfolding, waiting to pick up the club and move us forward.

Premier League cashflows are huge, debt can be managed by smart people in business, the new stadium, although costly, is nearly finished. Our 'dummies' misfortune can easily become someone else's opportunity and gain.

After the week we've just had, I'm staying positive. Up the Toffees White Knights.

Yes, I know the book value will always be different than the capitalization but Everton's earnings fall short of the operating costs. What is the future value of losing a million or two per week?

The elephant in the room is interest on debt and combined with a wage bill of around 90% of income is an extremely risky investment. If Everton shares were publicly traded, then they would be worth very little.

I believe the capacity of Macclesfield's ground is around 5,300, there will be many disappointed at not being able to obtain a ticket.

“But 777 Partners are now into us for what £200M? Oof.” — of other people's money???

Do not let 777 Partners anywhere near this football club!

You brainless shitbags!

I think that is wishful thinking to put it mildly. We are indeed not a hardware store but there are still business fundamentals to consider. You reference the NFL but that is not comparable, especially not in scale, player wages etc. Nor is there much risk there. There sure is here.

The stadium is a white elephant, worth nothing close to build cost even with Everton as a tenant in the Premier League, neither of which is guaranteed. Might it be worth £850M one day? Yes, in theory… but God knows when and the risk premium attached would make financing costs non-viable. All those who have invested in it need a cold bath, probably 60-70% to make it even remotely work.

In essence, there is no intrinsic value in an entity that is described in its own accounts as not a going concern. There might be hope and belief, but good luck with that, beyond our supporter base.

Neither MSP Capital nor 777 Partners are the types of owner we want or need. At least MSP had a modicum of credibility!

777's airline is in administration and their UK PR firm has dropped them due to non-payment. All signs point to 777 being skint.

I have the strong impression that, should 777's purchase of Everton come to pass, it will signal the end of the Everton Football Club Company Ltd and possibly the club in its current form. While that may seem unthinkable, I find it difficult to foresee a different outcome.

So distracted as we've been by Premier League survival, we may have missed our opportunity as fans to fight for the very survival of our club. Surely we should be protesting regularly and loudly against this purchase and demanding that Moshiri does everything in his power to find a more suitable buyer.

Then, they'd get on the horn and try to find rich folks who want to buy and help negotiate a "fair" deal which would get Moshri out of the muck and the buyer a fairly good deal on a Premier League Club?

That, or they prep the Club for restructuring bankruptcy, which is by far the worst option and approaching evil.

When bankruptcy happens, ethical good people don't get paid, or get paid cents on the dollar. The offending party (which in this case would be Everton) basically stiffs tons of people in order to "fix" their awful financial decisions and situation.

I don't want that. I don't want my Club to not pay their bills. It's just definably and inarguably bad and unethical.

I realize my bankruptcy description is elementary, and probably naive. But I know in my gut it's not a good thing and screws a hell of a lot of people in the end. Everton is better than this. I hope to God this works out in the end, I really do.

There are two reasons that major sports clubs increase exponentially in value. One, as I mentioned, is a guarantee of future revenues. The other is status. They are wildly in demand. Every billionaire wants one.

Chelsea was bought for £4.25B from a guy whose assets were frozen and had to sell. Daniel Snyder and Robert Sarver were literally forced by the NFL and NBA to sell their clubs, but they still got $6B and $4B respectively, hugely profiting on their investment.

I have no idea if Everton is a good long-term investment, but the club sure as hell is not "worthless" because its books are upside down.

Jamie #100, we're nowhere near that yet. Debt restructuring is the first step. A second might be administration. Only if those failed would bankruptcy enter the picture.

Joe #98, I think MSP is exactly the kind of owner we need. Smart, principled, low-key, and wealthy enough but not a murderous oil sheikhdom. I know many here are dubious of Yanks, but MSP ownership would be reason for great celebration in my opinion.

If there is an American investment company ready to buy Everton lying in the weeds, I will celebrate like a Calvert-Lewin header saving us from relegation!

One caveat – said American investment company can't come from Miami, or execute their business in any fashion like 777 Partners!

It has to be the right Yank to come riding in on the white horse!

Mike Gaynes is completely correct.

These sports franchises and eams are valued in a completely different manner.

And it's people with Monopoly money who are doing the buying. Like, money no one on this website can even fathom. Stupid money. Just stupid.

This is why I hold to hope.

Yeah, right!

The one thing I've learned in life is, no matter how shit things are, they can always get worse.

If you're a leprosy sufferer in a North Korean camp thinking you've hit rock bottom there will always be that guy saying “You got off lightly, I also have Ebola.”

The life of an Evertonian.

The first call after reviewing the situation will be to stop the bleed. Restructure the loans into a longer term agreement at less interest over a longer period of time. (Buy time, stop money going out the door.)

Look at the deal on the table, is it going to fly or not? If not, can another creditor (MSP) make it happen? They have a lien on their loan they can act on once the timeline has lapsed or 777 Partners give up.

It's unlikely that all the creditors will try to force administration or bankruptcy as it's killing the golden egg… but it depends on their own situation and loan agreement. Make no mistake, though, we have a couple of loan sharks in there too.

Rights & Media Funding is the biggest creditor for one and of course our dear friend Usmanov who probably funded Moshiri in the first place. R&MF, an Isle of Man registered company (previously JG group) with links to third party loans from the BVI allegedly of Earl, Green — "the Mozart of money" and like fame...

It's worth bearing in mind that MSP and 777 may want to do a deal but, in order to do so, R&MF is the spanner in the works. Of course, no-one knows who is behind R&MF… but I think they hold the cards with £260M already at stake – they may want a deal but one that's (only) in their favour.

I think the 777 takeover deal is dead in the water but they remain a major creditor.

It's kind of reassuring for someone like me who doesn't really understand the complexities of this.

It all a bit mysterious. The club released footage and an interview of ongoing work on the stadium, with the foundations for the fans' plaza being laid.

We're playing Luton on Friday. That's where my head is right now.

MSP can convert their loan into equity, which means they would own 51% of a premier league club guaranteed huge TV income rights. The club on close to completion of a brand new stadium on land that will see significant redevelopment in the next 10 years, and which will transform the club's commercial income.

Our wage position has improved in the last 2 years and will do so again when big earners like Dele and Gomes leave at the end of the season.

The downside of the club is that it is heavily geared as you say, therefore the aim of any owner will be to expand commercial revenue, incrementally improve the squad and reduce debt over time.

I am pessimistic about 777 Partners as everyone else, but I am not as pessimistic about the viability of the club. However, we do need to conclude a takeover as we cannot continue surviving on monthly cash injections from a prospective buyer.

Concentrate on the football for now, and we will see how the takeover options unfold in the coming weeks.

It must be concluded by the end of season though, as it will seriously disrupt planning for the new season if the ownership is not resolved.

We can't control what is going on off the pitch other than protest.

I can't even control what is happening on the pitch!!

I agree with you, something needs to happen and soon.

How much further can we fall? How much more humiliation can we take?

How can we expect players and staff to function when they are being stabbed in the back?

Chelsea got docked 9 points when they went into administration got new owners and a clean slate to buy a shit load of players.

Just a thought: if every Evertonian around the world chucked in a few bob, couldn't we take a class action against Moshiri, as he is suppose to run the club as an owner instead of borrowing the money to run the club when he has wealth, as an owner should — I don't know all the legal words.

But surely running the club and building a new stadium by borrowing money while you have substantial money yourself as a owner is misuse of a company like Everton.

Also, I've seen on the web, despite what he would get through the sale of Everton, we would still owe him £450M through loans he has provided… no wonder he doesn't care who buys us as long as it goes through.

How do you value a football club?

It even covers the impact of a new ground, and The Markham Multivariate Model.

Advertising and Cookies rammed down my throat piss me right off! Not your fault mate. Worrying times for our beloved Club indeed.

https://theathletic.com/3068619/2022/11/22/how-do-you-value-a-football-club/

Here's a link another article explaining the Markham valuation model.

Link

Whilst MSP, Moshiri and 777 are involved (particularly Moshiri) Administration is the least desirable outcome for them, financially they'd lose the most. Therefore it remains unlikely.

Calling in advisory of this type is not the road to Administration at all.

It doesn't mean we are not in shit

But it makes great press / clickbait to suggest it is on its way !

It would be Evertonians' luck for something called Bonzo to enter the equation. I thought I remembered a dog called Bonzo. But apparently it was a chimpanzee.

Ronald Regan stared in a film called Bedtime for Bonzo. This is in my mind because the Mean Fiddler in Harlsden had an excerpt of the film with Ronaldo Regan taking off his trousers and putting them on again, on repeat on a big screen.

It was dead negative, but not as negative as some of the stick he has taken on this website for allegedly playing anti-football, even though it was apparent what kind of conditions him and his squad were having to deal with.

I think they were a surreal outfit. I guess google them?

Meantime, the other surreal outfit, 777 Partners are at it again… oh lordee!

Play has been absolutely atrocious in the final third – unable to score or have a decent shot from distance, all pass pass pass oops Pickford's got it.

Had we not put together those last 3 displays and either lost or drawn, then the feelings toward Dyche would be worse than Walker and Allardyce put together… but he and the players pulled it out of the hat, staving off any more negativity.

I assume the season ticket money for 2024-25 has disappeared into a black hole and we shortly have to stump
up for Beto.

The bail-out bill is escalating rapidly.

I have been surprised reading all season that the answer to our problems was to sack one of the only two individuals who have provided leadership in the club during a season where its existence as a going concern has been under threat.

Thelwell and Dyche have given this club direction and focus in a complete vacuum. Owner gone, board resigned, invisible senior executives, communication blackout.

Despite all of this, Dyche has fronted up to the media to represent the club in a positive light in the face of negative reporting. The words he chose in such difficult situations have also been examined by some supporters to condemn him.

To sack the manager whose points haul would have moved us towards mid-table without the points deductions has left me amazed. The reason seems to be the serious drop on form mid-season, certain stubborn managerial traits he has (don't they all?), and his style of football.

Although I think the style of play this season was less important than the results, I think it is also slightly unfair. He started the season with an attacking approach and got little reward before going more pragmatic.

But during this period he still adopted a high line, pressing game and varied attacking options. He has had to adapt, not always successfully, as the team's form, confidence and stamina have dropped badly.

Thanks, I seem to remember them now you mention it. I will look them up.

Came across an Australian sketch which was pretty unrepeatable regarding Bonzo Airline. Bonzo in Australia means coming through hard times and left still standing, or excellent

Everton are going to be known worldwide and may benefit if they are still standing. It's a hell of a lot better than Denise's blue balloon PR attempts. We may get a mascot out of it, which we can call Bonzo.

I hope he's right.🤞

This is a time when everyone including us has to pull 'together' – although we are effectually powerless as observers of gradual destruction form within.

Let's just hope and pray that we beat Luton and Sheffield United to make it mathematically impossible to be relegated, even if administration comes in. At the same time (again) hoping and praying it never comes down to that!

It's not a Russian invasion to get Usmanov's money back, is it?

Michael may join him. Hope they don't forget old friends.

“I will return tomorrow to answer earlier questions, but just to establish a couple of things (i) Everton received some funding to meet our monthly obligations but not from the source quoted extensively in the media (ii) The Bonza situation has considerable knock on effects for 777 & associated companies (more tomorrow) (iii) the club is secure between now & end of season (iv) those "waiting in the wings" continue to be ready to support/acquire the club at the appropriate time, which is not too far away”

The 'knight on a white charger' was scenario 1 in my post at 50. For sure it exists as a possibility, but I wish I could be as optimistic as you are about its probability.

It is certainly true that it remains possible to make an awful lot of money out of football, the Glazers arguably being the pinnacle of that. But it is fraught with risk and I suggest even more so if you are not investing in the really big trophy assets, namely the Big 6.

Sad to say, we do not carry that level of prestige and our performance suggests we are a bona fide relegation risk, which would slash any perceived worth of the club.

I've said previously that the only way we can be seen to be viable, even for a trophy hunter, would be for existing creditors to take a very large haircut – in Moshiri's case, probably most if not all of his investment.

I cannot see even your white knight clearing our debt and acquiring Moshiri's shares at current nominal value. That would require the best part of £1.5B and we simply are not worth even close to that.

But we'll see. I hope you're right.

“The Blues, however, are understood to have received their latest funding package on behalf of 777 Partners on Tuesday.”

Not from 777, but on behalf of them? Seems like Moshiri will be forced to face reality imminently and consider other bids.

Yes, they get a shiny new stadium, which can be used for concerts but probably only in the close season. The fan base is largely UK based with I would imagine very little revenue from outside these shores.

Even Man City with their success, it will take at least a decade or more of continually winning trophies, especially the Champions League, to even get near the overseas merchandise sales that Arsenal and Chelsea enjoy but they will still be decades behind the sort of money Man Utd generate from worldwide sales.

So how does a new owner even begin to contemplate getting a return on his investment in Everton? Because of P&S, there is no chance of pumping money into the team to get them to compete in Europe – something the Saudis are struggling to do with Newcastle. There is even talk of them having to sell their better players to stay within P&S Rules.

So maybe as unpalatable it would be for 777 Partners, maybe it's the least-worse option. Yes, they would probably sell off the stadium as well as any player who would bring in money, and probably Dyche would walk, but that still might be the least worse option.

Today is 1 May. A little early I know, but it genuinely feels like the beginning of our Grand Old Lady's swansong. Goodison Park, 1892-2025.

If you only watch one commemorative video (though you won't!), this one has to go viral.

“It's like a Gladiator arena, where the noise is deafening” - @WayneRooney

Goodison Park - 1892 - 2025

One final year. #EFC @Everton pic.twitter.com/sCXgu3MRiP

— Classic EFC Matches (@ClassicEFCGames) May 1, 2024

And 124 was a great post too. Get yourself a chocolate digestive and a cup of coffee. You've already played well this morning.

It is also important that the new stadium remains under Everton control and not bit-sold.

How all this will be achieved is the $64,000 question!!

As mentioned at the end of the article, the 'low-cost' model will always struggle in Australia. It works with a large population in a smallish geographic location. Australia is the opposite of that.

Other low-cost operators have already tried and failed in Oz, Bonza's failure was only to be expected. 777 Partners have probably pulled the plug when this became obvious to them, not because of their issues with Everton.

This won't have helped though!

You can't beat a chocolate digestive though.

Standard Liege ultras interrupt game in 777 Partners protest

Unfortunately he doesn't appear to give a toss about the future of our club. 777 ownership is at best a slightly prolonged death.

You bastard, I'm in bits and there is still a year to go.

I had seen the Gary Neville piece but hadn't see the Thomas Frank piece.

Neville has always had a soft spot for Everton ever since his brother Phil played for us. He says he has said for the last 4 or 5 seasons, Everton will be the surprise team and as we know, they weren't.

I have a lot of time for Neville and his ideas, he talks a lot of sense and if he wasn't so involved in his many businesses, he would be the ideal man for the government to employ as the independent advisor to the Premier League. He would certainly shake up Masters and his crew and would also look after grassroots football.

Funny when you think a Salford boy saying nice things about Everton, mind our best ever Chairman was a Salford boy. If only Sir John was around now; he must be turning in his grave seeing what these clowns have done to his beloved Everton.

The first step for Teneo will be to negotiate the introduction of capital to stabilise the situation, which has happened from an unknown source. The next step will be a creditors agreement to park interest and possibly payments for a 2-year period, which then would be reviewed. There could be some restructuring of the debt where possible on better terms.

The final step would be to increase operational efficiency by focusing on cost-cutting measures (something that Everton has lacked), improving revenue streams (similar), and making strategic player acquisitions and sales. Additionally, they will work on enhancing the club's management and governance structure to ensure long-term sustainability.

Good Luck, Everton. We need a strong end to the season.

I think there is a very substantial latent support around the world. There are very few cities I have been to, for work or leisure, where there has not been a bar that Bluenoses meet at.

The fact that you cannot buy an EFC shirt in John Lennon Airport or that EFC is the only Premier League club shirt that you cannot buy at Heathrow, speaks volumes for the complete neglect the club has shown towards marketing over the last 20 years.

The RS have a dedicated store in Singapore, we didn't even bother to sell shirts at the venues of the last USA tour. The Fanatics / Kitbag deal makes my blood boil.

The 777 takeover isn't going to happen. Administration might. This is where we are at thanks to Kenwright.

Moshiri seems have been the one who has called in Teneo and such is the life of an Evertonian.

Shameful we have a non-communicating owner hiding behind legal parlance, trying to exit with personnal damage limitation, but with no regard to our great club.

I get that at a point in time 777 Partneres were probably the only show in town, they have provided operational finance (not their own – at huge cost), but anybody can see they are a poor choice and don't have the means.

I hope that Teneo are restructuring debt to allow all parties the most efficient way forward/ out, paving the way for a more suitable owner to step forward.

Some, including Moshiri, are going to have to take some pain but, for the sake of our future, it is time for the adults to come to the fore…

Any more of it, and I'll have me hanky out!

"The final step would be to increase operational efficiency by focusing on cost-cutting measures"

I know nothing about UK employment laws but would it be possible to somehow unemploy the 20 or so new employees that were recently hired thanks to Barrett-Baxendale's recommendations in her 120-point Action Plan?

I know that in the countries I work in, it would be very difficult without some redundancy payouts.

BONZA is what you have defined.

BONZO was a clown.

Perhaps I'm mistaken but I thought the Strategic Review was the work of Kevin Thelwell.

However, the £260M to R&MF will have extortionate rates of interest and another £60M to Metro means £320M at circa 15% annually (a guess) means repayments in the high hundreds of thousands a week, more than £100k a day... that's what's killing the club.

That's why I believe that R&MF are the ones making serious money out of the club. Where did the money come from for them to give to us? Good question… perhaps a Russian somewhere is quietly getting his money back...

As I said, R&MF are the deal breakers in this, I would imagine any suspension of interest payments is not where they want to be. Their money is secured if we go to the wall... it's their money that's doing it.

3 points on Friday would all but erase any administration concerns when it comes to our top-flight status.

Yes, you are mistaken, the Strategic Review was commenced before Thelwell was recruited, and it was him and Lampard that the Review identified as the ideal candidates.

Chairman Bill and Li'l Miss Dynamite took credit for the "success" of the Review.

Strategic Review

I didn't discover dark chocolate digestives until 5 years ago when I was living in the Maldives.

Since then. they have become a favourite of myself and my daughter, whenever we can find them.

At this stage, I am not 100% sure. We will name the new Mascot Bonza on your definition and get you to check the spelling.

If so, does that mean the total debt is only increasing by the interest costs rather than the full loan value?

The cost of the stadium always did need to be paid, whilst this isn't the best way it is also not just for day-to-day running costs of the club. Or is it day-to-day costs?

Surely this bunch of clowns and crooks cannot be allowed to take us over!!!!!!!!!

We've had enough of them at the club already.

You can be sure implementing cost-cutting will be difficult. Firstly because of the structured self-preservation culture that is embedded in Everton, and secondly Barrett-Baxendale in her 'Permanent' Strategic Plan and Review, which was a nothing as far as Strategic Plans and Reviews go, increased positions which flew in the face of having one of the highest wages % in the Premier League. Thelwell did a Strategic Review on the football side only after that, but he seemed to know what a Strategic Review was.

I would have preferred MSP Sports Capital, because they are more independent, like Elliot Management who implemented the above in the case of AC Milan. Teneo have been brought by the spectacular failure and Bonzo, Moshiri. I just hope that MSP and R&MF have a big day in calling the shots.

Had a brainwave: >Bonzo is Moshiri.

Commercial revenue was £39M and £116M was broadcast revenue. £136M went in wages which was 92% of total income (source: K Maguire, Price of Football).

That % is what is killing the club's finances – along with interest payments.

You continue to be one of the minority on here who understands UK accounting and finance but you will continue to be drowned out by those with only opinions.

Additionally, you could mention in Everton's case one of the highest director remunerations in the Premier League and two now ex-directors who decided their pay-offs.

I think it is hope rather than opinions. What Mark is talking about is reality. AC Milan were challenging at the top of Series A and in the Champions League though barred.

I wonder how much money Phillip Green, aka the Mozart of Money, has made out of lending money to different “Everton owners” over the last 20 years?

And I wonder why there never seems to be anyone ever interested in Everton? Maybe it has always had something to do with the interest.

25, 47, 51, 53, and 55 Goodison Road,
Land on the East Side of Goodison Road,
1 Finch Lane,
Land at Finch Farm,
Land on the South Side of Lower Road,
Sterling account with Metro Bank,
Euro Account with Metro Bank,
A floating charge that covers all the property or undertaking of the company, including all intellectual property and goodwill.

Everton Stadium Development Ltd. Has 2 charges against it both to Blythe Capital and includes the 'Leasehold Land at Bramley-Moore Dock'.

No charge makes mention of a specific amount.

I'm just checking to see if this information is correct because it came from someone who seemed to have even more disdain for our former chairman than myself.

I cringe when some fans still remember him fondly.

The story I heard, and I stress that it was a story, was that Peter Johnson had put up houses he owned on Caldy Road as security for a loan to Everton from a company call Singer and Friedlander.

Once a deal had been agreed for Kenwright to buy Johnson out, Duncan Ferguson was sold to repay the loan and enable Johnson to recover title on his property. But I don't think the properties were ever owned by EFC.

But I stress I have no evidence and my memory ain't what it was.

Re 'land at Finch Farm' ,does that refer to the training ground or land in the area around the training ground?

My previous knowledge was that Finch Farm is owned by Liverpool Council and leased by EFC with an agreement the club could buy back?

I would be grateful for any additional information you may have on this.

I was by Finch Farm the other day and there are a lot of houses being built in the area right now. I've never understood that, with all the money in football now, why the club has never really got into building houses, when remembering how much money they could have made out of Bellefield, once permission was given to build houses on our old training ground.

Would you buy a house from the people who run EFC or even a used car?

Trying to lighten the mood, lol.

I'd heard it was Fleetwood Mac – Sheikh Yermunni Mayka

Everton bought the land in 2006 and later sold it to Hudson Capital Properties (a US Property Development Company based in New York) for £2.0M on the basis that Hudson would develop the site. On completion, it was valued at £17m.

Everton signed an exceptionally long lease giving them a virtual freehold and had the option to buy the land at a pre-determined price every 5 years.

Hudson sold it to Liverpool City Council for £13M in 2010 but on the same terms so EFC still have a very long lease.

Lightening the mood too. Random fact, my son used to pick strawberries on what is now Finch Farm or part of it.

Genuine question. Do Liverpool Council own the land? With it being Halewood, I would have thought it would be Knowsley Council?

I have never understood why Everton never purchased Finch Farm, Stephen, because the rates they are paying in rent have probably only been surpassed by the money the likes of Mozart have made out of interest.

This is an extract from a council response re Finch Farm that you might find interesting:

In 2013, Everton Football Company Limited surrendered its existing lease and Liverpool City Council granted a new Lease to EFC on revised terms. The Lease is for a 40-year term and EFC are liable for ongoing repairs and maintenance.

The initial rent was £850,000 per annum. The rent increases by 3% per annum year on year. After the annual cost of capital outlay, the City Council are benefiting from a net rent of £200,000 per annum in the first year, rising thereafter. A further rent is payable when the additional works have been completed of £320,000, this is again liable to 3% annual increases.

The owners of Everton seemed to have embraced the phrase 'you will own nothing but will be happy'.

Mind you, he did say that our second PSR charge would amount to nothing!

The only thing I've heard about them is that there will be a massive twist (imo) if this group are successful, but I'd take anyone over 777 Partners, so let's just hope The Esk is correct.

I might be wrong but I recall that Everton sold Bellefield to Bellway Homes for a sum I think in the region of £10-15m. That was its market tested residential value at the time.

That money was used to avert our financial mess at that time and to supplement our meagre transfer kitty.

If they had had the foresight, and the money, to buy Finch Farm then its value with a residential planning consent would be significant.

Be interesting to see how much land Everton own around Bramley-Moore Dock, and how much is still with Peel Holdings. There will certainly be some value-added in due course as the area develops. I hope they had the foresight to take some options on some of the adjacent land.

The last pot we had to piss in has just been repossessed.

Sean Dyche and the squad have achieved a miracle on the playing side, this season, but a couple more wins would be nice and the teams below Everton lose their remaining games.

Nirvana's every Sunday until it happens and the odd Saturday morning, until it happens.

The legacy of the greatest Evertonian's time in charge at Goodison Park will be remembered for eternity.

UTFTs!

I resent it when people say Everton sold Bellefield because it was really the conniving charlatan who did everything he could to keep hold of Everton for as long as possible, who sold Bellefield whilst keeping hold of Everton, and this was his only genuine foresight.

Bill the blue knew what to do and what was best for him, rather or regardless of our football club.

777 Partners are being told by those corrupt twats, the Premier League, that they need to show they have money to buy the club but allow them to get us into fucking huge debt, I don't get it.

Now we have done that, I suspect the interest will begin to materialise.

My understanding is MSP Sporting Capital were not prepared to pay R&MF the amount they demanded to reduce their loan exposure, as a condition for their support. 777 Partners were prepared to agree to R&MF demands. In both cases, Premier League approval would have been required.

Philip Green has come up as a lender to Everton prior to the takeover, though it did not come up as being secured..

Bonza owner pays Everton Football Club £16m after fleet grounding

That self-serving charlatan Kenwright would have a lot to answer for if he was still alive.

That has the double merit of being both painfully funny and accurate.

Any rich Yanks or Arabs fancy buying it out of administration? It is a prestige pot.

Where did it all go wrong? Come to think of it, I know the answer to that one…

I do have the academic, professional education and experience, ongoing, well tested by trial and error, and with something probably undiagnosed.

But I do recognise the importance of any opinion put forward open to discussion and debate which always contributes. It is put forward by whatever motivates that individual which is a whole spectrum of what occurs to them in their life.

It contributes to a collective consciousness. The bases of which in a lot of cases is humility or, as TS Elliot put it 'to live is to learn'.

Humility is to die to one's ego. Thankfully amongst Evertonians it appears in droves. It is the most important human trait a person can have. No-one inside or outside the Everton debate is immune to that, no matter how much they think they are.

It is what is keeping Everton going.

Everton Player Salaries

Surely the non-playing staff don't earn £70 million?

Although other lesser players should come nowhere near the £70M missing, it would be good to have numbers of those players and other staff. Does it include part-time stewards salaries for example, and maybe we have the best paid tea ladies and dinner ladies in the league?

How on earth did we operate before getting them all hired?

I have been told that Everton are completely over staffed, and one of the first things that will probably happen after the takeover is complete is that a lot of people will probably lose their jobs.

I haven't got a clue what you are talking about but it sounds impressive. I don't remember Eliot playing for us.

The non-playing staff are having to pay for their own coach to Wembley and the new ‘regime' are due to announce staff cuts at the end of the season.

Moshiri is still sticking to the line that 777 Partners are the best solution, yet since he agreed to sell to 777 in September the Premier League will still not ratify the deal.

Seems the latest £16M payment from 777 or whoever will sustain the club for another month. But this hand-to-mouth existence can't go on much longer, and despite 777 having pumped in £200M, it's hard to conceive them continuing to fund the club on a day-to-day basis past next month.

So what happens then if they don't get the approval from the Premier League and Moshirit isn't prepared to spend another penny — then it's hard to see how we avoid administration.

I seem to remember a few years back that Sunderland had an outrageous number of employees that they had to address.

Thelwell probably meant to say we need 20 competent staff, but was just too polite

Criticised for your style of football, which has been no worse than the previous five managers, except for a 6-, 7-, 8- game run at the start of the season under Ancelotti, and a 14-game run at the end of another season by Silva, and rather than waiting to see if you are going to be given any money, you are already probably gearing to lose the best young defender in the country.

This needs sorting out sooner rather than later so, with one home game left, I think it's time to think of a proper thought-out protest.

I'm sure a lot of people will want to stay and clap the players with it being our last home game but we need to do something because, if things drag on a lot longer, we are only going to be in an even worse position at the start of the new season in 3 months time.

“Humility is the most important human trait a person can have.”

It's no surprise that Kenwright didn't have a shred of it. Narcissism he had in abundance.

The only good thing he did, at the end, was to stay away from Goodison Park and, true to form, that was to save himself.

Also, auditors with relevant qualifications signed off the accounts that the Premier League have charged us over.

I don't think this is a relevant filter for who should or should not comments on the decisions they made!

I agree completely. We've sailed very close to the wind for the last 3 seasons and the job could be even harder for Dyche next season. We need to minimize the risk of the unthinkable happening, which is getting relegated in our last season at Goodison Park.

This takeover fiasco has dragged on long enough and it's about time we start making some serious noise. Information and answers are needed as to what is happening. The lack of respect the club shows the fans regarding this is one the things that infuriates me most.

The thought that, in the space of a few years, we could lose both Stones and Branthwaite is beyond belief. More so with Jarrad as even a mole can see he is a real talent.

I just can't understand how Moshri became a billionaire and a qualified accountant. He has lost Usmanov's support and cheap steel for the stadium. But it seems no one is chasing other sponsors and revenue streams.

Ah well… UTFT

The auditors are not responsible for confirming our compliance with Premier League spending regulations. The fact that BDO resigned over the 2022 accounts being prepared on a 'going concern' basis should tell us a lot.

I have always thought that compliance with Profitability and Sustainability rules should form part of a football club's accounts and be an inherent part of the audit. This would immediately remove any complaint of bias or corruption on the part of the Premier League.

Brilliant bit of negotiating that.

"But this hand-to-mouth existence can't go on much longer, and despite 777 having pumped in £200M, it's hard to conceive them continuing to fund the club on a day-to-day basis past next month."

I wonder if there isn't a different way to present this?

Over the last 8 months, since Farhad Moshiri pulled the plug, 777 Partners have established an excellent track record for providing the money to fund Everton's day-to-day operating costs, including the ongoing stadium construction costs.

This now represents an enormous financial commitment of over £200 MILLION to ensure that Everton remains a "going concern" with sufficient funds to sustain all current company costs until such time as Premier League approval of their takeover is obtained and the burgeoning debt can be converted to equity ownership of shares in Everton FC Co Ltd.

See — it's all about packaging!

But the bigger barrier is the almost complete absence of evidence and facts. For example, I'd be very interested in understanding the debt hierarchy and all we have to go on is some perhaps reasonably informed supposition that 777's rather large commitment is subordinate to both R&MF and MSP.

I cannot for the life of me understand why they would choose to commit £200M on this basis, if it's true. It does sometimes occur in acquisitions that the acquiring entity might provide some short-term cash flow. But over a year's worth of revenue, which is allegedly what has been injected? It might make sense if that was secured against the real estate of the stadium, but apparently not.

All the accountancy qualifications in the world won't find an easy answer to that.

777 Partners have borrowed millions of GBP at unsustainable rates in an effort to purchase a football club they can't afford.

In the process, they have taken Bonza Airlines into administration due to unpaid debts. They have also had serious questions asked about their other clubs' commitments and viability.

Yes, all about packaging, mate.

Why are 777 Partners the only player Moshiri will talk to at the exclusion of all others?

Secondly, with 777 Partners in so much financial trouble, where are they getting the money?

And lastly, why has Moshiri stopped funding, as he would lose almost everything if we go into administration or bankruptcy?

So to my little addled brain, it doesn't add up... it really doesn't. If our Russian friend was backing 777 Partners in some way, shape or form (hidden of course behind so many firewalls it isn't funny)... but if he was still trying to get his hands on the club, then it all would make sense.

Moshiri does nothing, 777 Partners keep funding, Moshiri doesn't have to worry about cutting a deal to make sure 777 go through.

Couldn't happen in reality though could it? I wish I had been drinking, it would all fit then.

I don't disagree with the slant you have put forward for 777, they have pumped in £200m which is an awful lot of money.

So why are they having such difficulty persuading the Premier league of their credibility? Maybe they need your skills in packaging their argument in a more persuasive way.

No they aren't, they are just bang-average businessmen. Companies fail all the time.

The general acceptance that profits before ethics is generally acceptable is the (global) problem but EFC are unlikely to find a billionaire pure as the driven snow.

I think we've reached the stage where nothing would surprise us. That scenario is as feasible as many others.

At this point, my mind reverts to a simple and naïve place. Moshiri just wants out and the 777 deal has progressed so far, whatever that really means, and in his mind, any other deal just takes more time and more money, so he doesn't want to consider any other options.

To whom the backers are of 777 Partners, it could be Russian money; however, I wouldn't imagine the funders would allow the collapse of the other arms so easily, causing the doubt in people's minds.

Equally, I would have anticipated any Russian backers to be a little more active in helping 777 Partners get ahead of the curve with evidence instead of letting the takeover rot, as it has.

I don't believe there's only 777 Partners available, although MSP's at least temporary reluctance to convert loans to equity does suggest there's something at play.

Maybe there was concern that 777 Partners wouldn't be able fund repayments if more time wasn't afforded to them?

In my view, 777 Partners aren't the answer. Even if they were able to support club financially going forward. There's far too much noise and uncertainty around them. That the last payment was late by a couple of days adds further doubt in my mind.

We're talking a pyramid scheme where finances are passed around in a Ponzi-type scheme to keep each element afloat. It never works in the long-run and only takes a delay in reshuffling the pack for issues to be uncovered.

Imagine being promised a payment before 31 December to adjust the books and it's late. We're into PSR territory again. Or worse, for whatever reason, another element of the pyramid falls – the whole stack comes down.

I have little doubt 777 Partners intend to use Everton to make profits on transfers and use the club as leverage for other deals. That's not a good place to be.

The alternative being 777 Partners taking over with us winding up in limbo because they are unable to fund any significant financing due to their perilous financial state.

There are no honest, rich people. Ideals that anyone with endlessly deep pockets are saints is a myth. Whilst a white knight bearing endless cash would be amazing, I doubt we'll see one of those.

I'd settle for a strong-minded, realistic owner that has a proper working understanding of the football model, who can invest a reasonable amount, that can stabilise the ship and move us forward. Even that might be a lot to ask right now.

I am sure you speak for the majority on TW but for us to achieve “a strong minded, realistic owner that has a proper working understanding of the football model who can invest a reasonable amount that can stabilise the ship and move us forward” can unfortunately only come out of administration.

In the meantime, our only path to survival is Teneo's ability to persuade the many major creditors to accept a restructuring plan – not impossible but they have a job on their hands.

As far as 777 proving their ability to complete the purchase would also contain a clause obligating them to prove the veracity of their funds provider. I believe this might be their stumbling block.

Feels a bit like a parent with 12 children, and only money to successfully support 5 of them - so they just take toys and clothes away from one child as and when another child cries louder. And there are always children that will be favoured over others.

Right now it feels like we are the favoured child, and if that means that Bonza has to have its toys (planes) taken away and sold to give Everton the money to avoid disaster then so be it. It's not a million miles away from a Ponzi (or should that be Bonzi?) scheme.

777 seem to have huge exposures all over the shop. We require an owner with assets, not one that is leveraged to the hilt with debt.

"Respectfully, Ed @ 168, it was professionals who "understand UK accounting and finance" that got us into this disastrous mess."

And weren't Enron's accountants professionals that understood US accounting and finance?

And where are they (and Enron) now?

No-one seems to have taken the bait on the Bonza Airlines sleight of hand that apparently saw 777 Partners decide to strip out a cool £16M from the failing airline, and switch this money to directly fund Everton for another month — just before they put Bonza into voluntary administration, with their planes already seized.

If that story is true, and it is reflective of the way 777 Partners operate, it seems unconscionable that the Premier League would allow the takeover to go ahead.

Yet arguably the information has been out there all along (Josimar, The Guardian, etc). Perhaps there are equally sordid and contorted pathways by which the rest of the £200M has found its way into Everton's gapping coffers? We just don't know if that has been part of the conversation.

But if you're 777 Partners, don't you say, "Look, we've demonstrated more clearly than any amount of paperwork and projections that we can provide the funds this football club requires. And we can keep doing it for as long as we want going forward.

"We have the means to do so, and we have proved that month on month, so what else is it that you want?

"Because our imperative to keep doing it, month on month, simply increases with time as we have more and more invested in this baby — why on earth would we want to see it fail???

"Why would we just asset-strip what's left? If the club goes down, the massive income streams which are what define any Premier League football club would be gone. Yet they must be sustained to ensure continuity and, with growth and success, bringing an increased long-term return on our investment."

So why are they letting this thing drag on?

Beacuse Masters is saying "Yes, but no but, where exactly is all this money coming from???"

The reason behind my belief is the very issue of their piecemeal financing whilst they desperately seek a way to bring in the real funding waiting in the wings but thus far not found a way or means to satisfy (or fool) Masters and Co.

Moshiri's steadfast support of 777 also signifies to me that he knows the background to said funding – and we can read into that whatever we wish.

In the meantime, Moshiri brings in Teneo to cover his back.

The Bonza Airlines slight of hand is exactly what 777 will continue to do to support their on-going interests. The open question is if and when Everton FC become the party where the cash is stripped (I hear the 'what cash') and fail because they're no longer interested?

If 777 have evidenced anything, it's how they manage to switch funding to the business that shouts loudest. They've not evidenced how they can consistently fund anything and everything without masquerading – or having to withdraw funding and leaving companies high and dry.

He recounted that he facilitated a workshop with the Enron senior leadership team at an offsite retreat to shape their new corporate values - Integrity, respect, communication and excellence.

He later realised that the senior leadership had decided at a separate session at the leadership retreat to commit accounting fraud. This ultimately led to Enron filing bankruptcy in 2001.

The world of corporate and private company finance is opaque indeed.

Why would 777 Partners pump £200 million of unsecured money into trying to purchase Everton when it looks like they are having major financial problems and have still got to prove to the Premier League that they are fit and proper owners?

Yet it's apparent to anybody taking an interest in this story, that they are not?

They've been pulling this crap all along.

On 15 September, they announced the takeover of Everton, and within two weeks they had defaulted on transfer payments due to be paid by Vasco Da Gama.

One week after that, it was revealed they'd missed another funding payment to British Basketball.

Then we got further money from them in December only for it to be revealed they had failed to pay player wages at Standard Liege in the same month.

So obviously they have some money but their liabilities far exceed their means so they keep switching it around and once they get Everton, they'll try and leverage us as an asset until they find some other venture to start shifting Everton funds too.

But all Masters has to do is read a newspaper any day of the week and he'd see this is a whole scam. Evidently, he doesn't care.

But this quote from their website is sadly true even if it isn't quite how they meant it, the fact is it rings true as their airlines go bust.

"Our aviation strategy focuses on disruption and value creation in those areas where profitability and unit economics are proven through the business cycle, and where our integration of airlines, technology and aircraft give us a real advantage over our competitors.”

The conditions they set, including evidence of funds, were exactly what Moshiri and his advisers should have been setting as part of their due diligence, in any case. Or indeed anybody selling a company.

I think the Premier League had massive doubts about them, as did anybody with eyes to see. Their continued failure to comply, and continued financial issues throughout their investment portfolio ,merely emphasises that.

I've no idea why they continue to invest other than if they stop, they lose the lot, plus the fact that they are getting a decent return in interest payments. Those interest payments will continue until the purchase goes through, and the loans are converted into equity. As the Premier League has stipulated.

And the purchase won't go through unless they satisfy the Premier League conditions.

So a right bugger's muddle.

This now represents an enormous financial commitment of over £200 MILLION to ensure that Everton remains a "going concern" with sufficient funds to sustain all current company costs until such time as Premier League approval of their takeover is obtained and the burgeoning debt can be converted to equity ownership of shares in Everton FC Co Ltd.

There's no "wonder" about it. This is exactly Wander's view. It's just not holding up.

And lastly, why has Moshiri stopped funding, as he would lose almost everything if we go into administration or bankruptcy?

As I said, none of it makes sense.... and it doesn't make sense to anyone else in the game either. The Premier League may well see 777 funding from somewhere but are obviously not getting full and complete answers.

In this case, they have attempted to call 777's bluff by requesting they meet conditions that a genuine party would or could. The financial sleight of hand employed by 777 shows their liquidity is insufficient to fund their range of business. They are looking for a cash cow — where better than the Premier League?

The old adage is true, follow the money, in the market world of finance, the Premier League want to know where because they don't believe what they are being told.

But exactly why Moshiri is persisting with them would indicate that he does. This is a case for Mulder and Scully, the truth is out there...

Started badly, they bought some players, they are now flying.

£200 million reasons why.

"Why has Moshiri stopped funding"

There are £350 million reasons why.

"He would lose almost everything if we go into administration or bankruptcy?"

He'll still be filthy rich if he just walks away without taking a penny of what the Club owes him.

Isn't it one or the other?

Maybe you are correct, but I honestly don't think that's how it works in this type of situation, even though I think it should.

I've said before that the only other time I've been aware of such an issue, was when a young kid was trying to buy Morecambe FC.

The EFL didn't chase him, they just basically said that, until he could give them the evidence that they requested, he simply wouldn't be able to purchase Morecambe.

The kid couldn't prove this and now it looks like Morecambe could end up going to the wall, so hopefully Everton have got other interest when 777 Partners cannot prove everything that is being asked of them.

Haven't you been saying for a while, there is another party waiting to come in?

Oayk. Is it the bottom-half mid-table mediocrity or the €100M tax bill they're not paying?

Who knows, they might have walked away, although I doubt this very much because they have allegedly been waiting in the wings for a very long time now, and are obviously very interested in purchasing our club.

It's very murky is what I was told, which is understandable when you consider how many people need paying and there's already a charge on the new stadium at Bramley-Moore Dock.

There's too many coincidences for me if I'm being honest, because Kenwright died when the 10-point deduction put the club at tipping point and MSP were denied access to our club by Rights & Media Funding. These other American investors have also been denied twice – both times whilst Kenwright was alive.

I'm very suspicious if I'm being honest (to actually question if Kenwright is dead possibly makes me a lunatic) but until Moshiri is forced to sell to someone other than 777 Partners, then I don't believe we will have rid ourselves of the terrible curse that has presided over Everton Football Club for the last quarter of a century.

I tend to think in terms of control rather than money. He was never interested in running Everton properly and still doesn't – hence the lack of cost control and accountability. He was more interested in control hindering about with managers and players. Even the response to P&S rules was centred on the team.

He quickly did not take up a Board position and disappeared from AGMs, which he eventually got rid of. His letters and pullover interviews were pure bullshit.

When his money went south, he got involved in to football politics with Kenwright and Co. He did not deal with the Kenwright backed Kenyon Group who wanted Everton on the cheap, was not serious about the MSP Sports Capital takeover, and got into bed with the ultimately Bermuda-backed (investors unknown) 777 Partners, who seem to have the same fleas as himself.

He now is trying his hand at corporate salvage with Teneo who have 'still active' connections with oligarchs, according to the US Federal Government.

As for money, where did it come from and what is its value? It could be loans are worth more than nothing. As for whether it is Moshiris's money involved, that is questionable. Moshiri is owned by Usmanov and his backers run under the convenience of the British and Monaco flags.