04/05/2024 118comments  |  Jump to last

In the latest in a seemingly never-ending series of negative headlines swirling around Everton's prospective new owners, 777 Partners are being sued for fraud in a New York court by a pair of London-based asset management companies.

According to Bloomberg, Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC are seeking "unspecified damages", accusing 777 co-founder and Managing Partner, Josh Wander, "along with his group of alter ego entities" of fraudulently borrowing against £350m in assets that "it didn’t own, didn’t exist or were already promised to someone else."

There are also allegations of forged documents and faked records and the assertion by Leadenhall that 777 have been operating “a giant shell game, at best, and an outright Ponzi scheme, at worst”.

Involved in the plaintiffs' case are 777 Partners' links to insurance giant Advantage Capital Holdings (A-Cap) which recently began the process of withdrawing from its entanglements with Wander's company following the downgrade of Bermuda-based reinsurance subsidiary 777Re's credit to C- "weak" status.

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In the court filing it is alleged that obstruction by A-Cap has prevented 777 from restructuring its loans with Leadenhall who allege that Kenneth King's firm "is the 'silent partner' behind all of Wander's businesses, providing the firm with at least $1 billion in loans to fund its dealings, with the two firms so intertwined that A-Cap has secured “the right to control all facets of 777 Partners' operations”.

Indeed, the lawsuit, described by Matt Slater of The Athletic as staggering in its implications for the future of Wander's company, says that 777 admits that "it does not control its own operations and ability to perform” under the lending agreement.

The Blues are named in the complaint which says, “Everton is the latest shiny object of Wander’s fraudulent scheme, solvency aside.

"Despite the fact that 777 Partners and many of the operating businesses and professional football teams that Wander owns are deep in debt, behind on their obligations, and on thin ice with regulators, Wander’s strategy has been continued expansion — using debt to acquire new assets that he can then use as collateral for more debt, which he then fails to timely pay off, in a seemingly never-ending cycle of ‘robbing Peter to pay Paul’.”

This fresh legal wrangle for the Blues' prospective owners comes on the heels of another New York lawsuit filed by Change Lending LLC seeking to recover more than £30m it says it is owed by 777 Partners, and the news last week that, through its holding company AIP Capital in which it holds a majority 51% stake, A-Cap repossessed the entire fleet of 777's low-cost Australian airline, Bonza, forcing that company into voluntary administration.

At the same time, 777 delivered another £16m in loans to Everton to cover stadium construction and general operating costs, taking the amount they have provided the Club over the last few months past the £200m mark.

Quotes sourced from The Athletic

Reader Comments (118)

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John Raftery
1 Posted 04/05/2024 at 18:40:56
How long will it be before our Government’s Financial Conduct Authority revisits the approval they granted last year?
Trevor Bailey
2 Posted 04/05/2024 at 18:44:59
Does this mean that any ownership shenanigans from these is dead in the water?

If so who if anybody is next in line?

Michael Kenrick
3 Posted 04/05/2024 at 18:48:35
Of all the myriad of negative stories about 777 Partners since the takeover was announced, this one seems to be the most serious that I've seen.

And it seems to strike right at the core of the incredibly nefarious financial shenanigans that apparently pass for 'acceptable business practices' in Miami.

Roger Helm
4 Posted 04/05/2024 at 18:54:30
777 Partners surely can't be allowed to proceed if there is any truth in this.

I know very little about finance, but if the club is valued at £600M and the debts are at least that, it means the club is essentially worth nothing?

Paul Ferry
5 Posted 04/05/2024 at 19:03:36
Roger, how have we been allowed to sink so low – how?

"but if the club is valued at £600M and the debts are at least that."

James Flynn
7 Posted 04/05/2024 at 19:07:44
Group of "alter ego entities".

Under New York law, a corporation is considered to be a “mere alter ego when it 'has been so dominated by … another corporation … and its separate identity so disregarded, that it primarily transacted the dominator's business rather than its own.

Now, in how many countries is Wander in trouble?

Nick Page
9 Posted 04/05/2024 at 19:36:27
Fuck these off right now!
Jerome Shields
11 Posted 04/05/2024 at 19:38:51
Gosh. That's it, 777 Partners gone...

What happens if the loans they made to Everton have come from funds that haven't been collateralised properly?

Anthony Jones
12 Posted 04/05/2024 at 19:43:46
Why do these people buy football clubs? Where is the profit going to come from?

Moshiri was in it for the "prestige", I suspect. It didn't turn out well, but he was a safer bet than the Americans who made a killing in refinancing debt as a lender of last resort.

James Flynn
14 Posted 04/05/2024 at 19:48:06
A little more:

Co-founded [777] by Josh Wander in 2015, the firm is also behind Canada's ultra-low-cost carrier Flair and with up to 134 Boeing 737s on order, 777 Partners has ambitious plans to launch even more airlines.

The lawsuit, however, claims that Wander is responsible for a “years-long pattern of fraud” and has built a “house of cards on the brink of collapse”.

The allegations have been made by Leadenhall Life Insurance Linked Investments Fund, which agreed to offer Wander and 777 Partners a credit facility of up to $350 million on the proviso that 777 Partners used assets that it actually owned as collateral.

Wander, however, is accused of double-pledging those assets, effectively turning the credit facility into an “illegal and unsecured personal piggy bank” the lawsuit alleges.

Leadenhall agreed to offer Wander the credit facility with a preferential interest rate in May 2021, but more than a year and a half later, the firm received an anonymous tipoff that Wander had already pledged the assets to another lender.

Last year, Wander allegedly admitted to double pledging some assets in what he described as an embarrassing mistake in a recorded conference call, the lawsuit alleges. Leadenhall, however, claims Wander hadn't come completely clean with it.

The lawsuit says 777 Partners are closely tied up with a New York-based insurance company, Advantage Capital Holdings, or A-Cap for short. A-Cap is allegedly the ‘silent partner' behind all of Wander's businesses, providing the firm with at least $1 billion in loans to fund its dealings.

In fact, A-Cap and 777 Partners are so intertwined, the lawsuit alleges, that A-Cap has secured “the right to control all facets of 777 Partners' operations”.

Private Equity Firm Behind Failed Australian Airline Bonza Has Been Accused of Multi-Million-Dollar Fraud in a New York Court — PaddleYourOwnKanoo.com

Barry Rathbone
15 Posted 04/05/2024 at 19:58:09
You can see why Usmanov and Moshiri thought Benitez was a savvy appointment — they must be the dullest billionaires on the planet.
Michael Kenrick
16 Posted 04/05/2024 at 20:04:40
That is a great link, Jimmy, especially the timeline it reveals behind this lawsuit, which seems to have a history that substantially predates even the takeover bid by 777 Partners.

Perhaps this is a mitigating factor? Perhaps the Premier League had been briefed on all the outstanding and ongoing skirmishes 777 are embroiled in? In which case, this would not be news to them.

Still seems just astounding that the Premier League has let it drag on into its 8th month with still no approval in sight if A-Cap aren't producing the dosh and 777 are still scratching around…

George Freeman
17 Posted 04/05/2024 at 20:09:02
John #1

As far as I know, having been regulated by the FSA, the predecessors of the FCA, they can only investigate complaints about companies or individuals based in the UK, hence the New York court involvement.

The three FCA fit and proper tests are for honesty, integrity and reputation, competence and capability and financial soundness. How 777 passed all those three is a mystery to me.

Rob Dolby
18 Posted 04/05/2024 at 20:24:07
At what point do the Premier League pull the plug on this firm and we start again? How many more red flags do they need to say enough is enough?

7 months and counting and they can't prove themselves fit and proper. Does anyone know why Moshiri is persevering with 777 Partners?

Ed Prytherch
19 Posted 04/05/2024 at 20:31:58
If 777 Partners go broke, then can the US administrator try to call in their loans to EFC and could that drive us into administration?
Stephen Davies
20 Posted 04/05/2024 at 20:35:14
At what point does Moshiri pull the plug?
John Raftery
21 Posted 04/05/2024 at 20:38:39
Rob (18),

I don't think the Premier League will pull the plug as such. I think all they will do is withhold approval because 777 Partners will never meet the financial requirements laid down.

Until 777 withdraw their bid or Moshiri decides to look elsewhere, we will remain in a state of limbo.

James Flynn
23 Posted 04/05/2024 at 20:59:40
Michael, Yes.

Have to say this guy has a pair of big brass ones to just keep doubling-down on what must amount to at least $1 billion of other people's money, without any outward concern for the trouble he could be in.

Derek Williams
24 Posted 04/05/2024 at 21:00:13
Clutching at straws I may be, but hopefully there is substance behind a Keith Wyness story referencing a Qatari-backed bid, led by none other than our own Tim Cahill.

Any port in a storm, as they say. I dare say Timmy would make a more credible board member than dear old Sharpy.

Tony Abrahams
25 Posted 04/05/2024 at 21:14:15
They have been withholding approval since day one, John R, and I think this is generally what happens until they satisfy the league. No good for us Evertonians, but that's how I think it works…

The most sickening thing I've read on this website lately is some people saying this group might be okay. I could understand it if we hadn't had such dreadful owners for a very long time but surely this is the time to rid ourselves of all the stains of the previous 25 years?

If it's true that you get the club you deserve, then it's time us Evertonians borrowed a phrase from the late Sir John Moores and started demanding better for our club, once again.

James Flynn
26 Posted 04/05/2024 at 21:25:07
"Does anyone know why Moshiri is persevering with 777 Partners?"

On 14 September last year, MSP and Moshiri completed the loan deal backed up by the new stadium as collateral.

On 15 September, 777 Partners and R&MF announced their agreement regarding the money owed to R&MF. Followed by Moshiri and Wander inking the sale of the Club to 777 Partners.

They have a deal; signatures and everything. 777 Partners have been paying the bills since. Moshiri is not "perservering" with 777, because he's sold them the Club. 777 are up to their neck.

Moshiri is done with Everton. He's waiting to see what happens like the rest of us.

Jay Harris
27 Posted 04/05/2024 at 21:26:49
This should be a hot topic for Moshiri's meeting the FAB.

Not sure he can paint a rosy picture about this crowd.

I am led to believe the exclusivity agreement with Moshiri expired on 30 April and if so I can't understand why Moshiri hasn't quickly gone to Plan B.

Jerome Shields
28 Posted 04/05/2024 at 21:45:09
Jay #27

Teneo may be Plan B.

But he would have to get approval of MSP Sports Capital whose payments is overdue, R&MF who have securities, and 777 Partners that he has agreed to sell his Everton shares to and have provided £200m in loans against part of the shares that they have agreed to buy from Moshiri.

It just is a mess of complicated proportions that is getting worse..

Michael Kenrick
29 Posted 04/05/2024 at 21:50:35
James @26,

Sorry to be disagreeable but I can't agree when you say "Moshiri is done with Everton."

Farhad Moshiri is an Everton Director, a member of the Board of Directors, and as such has a fiduciary responsibility to continue to run the club in a manner that protects the investment made by the shareholders.

I couldn't help laughing as I wrote that but it's true. You may have read on here many posters say we have no board and an absentee owner – but these things are just not true.

I believe he remains the major shareholder until the deal is ratified by the Premier League. His attendance at the odd game, participation in commissions, and talking to the FAB show that he is still involved with Everton — perhaps more so than he ever was when that ultimate charlatan Bill Kenwright was still alive and kicking.

Jay @27,

I'm not sure there ever was an exclusivity arrangement as such. It was never mentioned back in September when the takeover deal originally became news.

Jerome Shields
30 Posted 04/05/2024 at 22:01:32
MoshIri's agreement with 777 Partners would be dependent on getting payment for his shares in some form.
James Flynn
31 Posted 04/05/2024 at 22:21:19
Yes, Michael, all that is true.

But the question asked is "Does anyone know why Moshiri is persevering with 777 Partners?" Some version of that is asked routinely here.

What I posted shows every indication that he's done, or if you like "done". If 777's deal falls thru or their business collapses in the meantime, he'll deal with whatever comes next. But isn't about to lift a pinky until then.

Meantime, I agree, the name Farhad Moshiri is still on various name plates around Goodison and the Liver Building.

David Williams
32 Posted 04/05/2024 at 22:25:37
Clusterfuck. What an absolute shitshow. Morishi take a bow!!!
Tony Abrahams
33 Posted 04/05/2024 at 22:29:52
Maybe he's stuck with them until they genuinely fail, James, and maybe this is one of the reasons why the Premier League aren't turning them away?

Highly unlikely, but I don't think anyone within the Premier League would be wanting to help Moshiri, who must be perceived by many as nothing more than a lackey for Usmanov.

But as Everton are currently stuck in limbo, hopefully they have something in the pipeline to help stop us very long-suffering Toffees from going insane with worry about what is going to happen to our club.

Derek Thomas
34 Posted 04/05/2024 at 22:44:38
So to sum up;

777 won't admit they can't come up with the money.

Moshiri won't admit (to himself?) that they can't either.

And the Premier League won't admit they don't give a fuck either way.

Nigel Munford
35 Posted 04/05/2024 at 23:06:18
If A-Cap repossessed Bonza's aircraft, forcing them into administration, could they do the same with Everton?

What assets could they seize, the new Stadium, Goodison Park!!!

Laurie Hartley
36 Posted 04/05/2024 at 23:31:06
I have been talking to my old boss about this. He is retired now but was a top CEO in his day. He reminded that:-

“ In a solvent company, the business is run for the benefit of its shareholders. In an insolvent business, it's run for the benefit of its creditors.

“As soon as a director of a company believes it cannot pay its debts as they fall due, they must appoint an administrator; otherwise, they become personally liable for the debt.
The administrator only has one objective: to realise the most cash for creditors.

“Once appointed the administrator takes all decisions of a financial nature.”

There must be some very nervous people involved in this shemozzle.

Robert Jones
37 Posted 04/05/2024 at 23:43:09
Surely this soap opera has to end. 8 months and counting, it is clear to everyone that 777 Partners are in no way a solution. Either Moshiri or the Premier League (or someone!) have to make a decision now!

Having this endlessly dragged out is leading to one conclusion only, and one that is not a good one for Everton Football Club and it's fans. (Us!)

For those that claim to be custodians of our club and of our game, if they don't get this right, this will prove to be one of the biggest derelictions of duty. How many of us trust either Moshiri or the Premier League to make a decision in the interests of the club and fans? Not me!

Si Cooper
38 Posted 04/05/2024 at 23:53:01
Tony (25), whilst I've never said 777 Partners are okay, I have questioned what aspects of their potential ownership do other posters have particular problems with.

For instance, I think the multi-club ownership model could work if handled well – why shouldn't it be substantially different to running any other multinational businesses.
I have very little faith in the wholesomeness of ‘business' types in the 21st century.

Disrupters are the big thing these days, and they only get judged on how successful they become, not on whether they have destroyed a decent competitive market place and replaced it with a virtual monopoly.

Chancers, bluffers and out-and-out con artists seem to somehow gain respectability if they actually build their empires, only suffering real criticism when their machinations don't pay-out.

I can't work out why Moshiri chose 777 Partners or has stuck with them for so long. I can only conclude from the fact that their application hasn't been soundly rejected by the Premier League that they aren't actually as beyond the pale as the various headlines make them appear.

I'm not for 777 Partners but I'm not about to support ‘anybody but them' either.

David Vaughan
39 Posted 05/05/2024 at 00:04:05
So, let me get this right.

Our owner, Mr Moshiri, has I think repeatedly warned us of Everton's existential threat. And insists our only hope rests with another company which seemingly has its own existential threat.

Now why would that be, do you suppose?

Insurers sue rating agency over exposure to Everton bidder 777 — Financial Times, 4 May 2024

Si Cooper
40 Posted 05/05/2024 at 00:38:23
Laurie (36),

What was your former boss's stance on who should have regard for the customers of the business (the fans, of course, being the ultimate customers for professional football)?

Seems fairly typical that a manager is apparently only bothered about shareholders as they will ultimately control his or her renumeration. It would be wonderful to hear if anybody these days really cares about giving their customers the best quality they can manage at a wholly reasonable price.

Derek Thomas
41 Posted 05/05/2024 at 00:55:21
Nigel @ 35; plus whatever they can get for the other assets like players and those £24M fancy lawn mowers.

One key point is: In the commercial property world, what is the standard return on investment on a £750M (blue and) white elephant of a stadium with only one – in real terms – potential renter???

I would hazard a guess that, if all the debts (and estimates vary from £800M to £1.2B) were paid off, and in that would include whatever now smallish bit of cash Moshiri might trouser himself – that this white knight benefactor would basically get the club and the stadium 'thrown in for free'.

This might also involve a brief (maybe simultaneous) state of being wound up to avoid administration and reformed as a new entity.

Where, instead of the main asset being a Premier League club with a stadium, we become a stadium with a Premier League club with the stadium as the main asset... and some players hopefully.

Steve Carter
42 Posted 05/05/2024 at 00:55:58
James Flynn
43 Posted 04/05/2024 at 02:13:23
Tony (33) - "to help stop us very long-suffering Toffees, from going insane with worry about what is going to happen to our club."

I agree on some of that. 777 Partners did ask the League to give them until the end of May. Still a few weeks more weeks of suffering. For us, what's a few more weeks at this point?

From everything we see and hear, the Club and the League are waiting for 777 Partners to collapse.

My feeling is that Moshiri can field that pretty easily. The League, though, has a different responsibility. At some point, they have to make a decision.

Come the end of this month, disapprove the sale and Moshiri will deal with whomever is hovering overhead. Preferably, not like vultures.

Don Alexander
44 Posted 05/05/2024 at 03:09:55
Whatever was ever in his hideously conceited, wholly football-dysfunctional head when Kenwright used him to personally get £10s of millions off him, Moshiri long before now has had no interest at all in our football club's future – providing he can con some similarly devious dickhead into minimising his entirely self-culpable financial losses.

So with 777 Partners as his 100% approved purchasers (again by him alone, allegedly), he's now actively seeking to improve his personal financial credibility in whatever world of accountancy deviousness he believes himself to be still credible, to the cost of the very existence of our club's financial credibility for many years to come.

Maybe those of us who so trusted Kenwright to the extent of proposing to name a stand in the new stadium at Bramley-Moore Dock after him will now come forward to contend "The Farhad Moshiri Fucking Us For Decades To Come Stadium" as its name, as a fitting recognition of the disaster he's bestowed upon us.

Laurie Hartley
45 Posted 05/05/2024 at 03:10:45
Si # 36 – he was just stating the legal facts.

An administrator is only interested in the money and getting his cut – and he is first in the queue. 😬

Jack Convery
46 Posted 05/05/2024 at 04:05:37
Maybe Moshiri was told or 'advised' to back the 777 Partners bid, by someone not a million miles away from him, business wise?

After all, if you are asked, "Would you like to swim with the fishes or take my advice, comrade?" — What would you do?

Stinks to high heaven.

Phillip Warrington
47 Posted 05/05/2024 at 05:14:14
Farhad Moshiri is an Everton Director, a member of the Board of Directors, and as such has a fiduciary responsibility to continue to run the club in a manner that protects the investment made by the shareholders.

Couldn't we all band together and take a class action against him in court for failing to do the above and knowingly doing so?

I just hope like hell we can pick up more points just in case, not sure but I seem to remember the Premier League were going to review something that could lead to a 2-point reduction at the end of the season.

I still can't get my head around why Moshiri has let it get so bad considering his reputation in the business world and I feel there has to be some end game for Mr Moshiri.

Jerome Shields
48 Posted 05/05/2024 at 05:26:57
Dereck #34,

It must have been that there was a payment due to R&MF, which Moshiri was not prepared to pay and which MSP Sports Capital were not prepared to pay on Moshiri's behalf, in addition to Moshiri's remaining shares in a takeover of Everton.

777 Partners were prepared to pay this due amount in addition to purchasing Moshiri's shares. This resulted in the takeover agreement between Moshiri and 777 Partners.

A-Cap would not have claim on Everton, since 777 Partners' borrowings are unsecured against assets, other than an agreement to purchase Moshiri's shares which 777 Partners seen unable to fulfil.

The Premier League is a regulator and can only act when the club presents figures that breach their Rules or it is reported to them by other regulator agencies, eg FCA or insolvency court proceedings that officially come into the public domain and have broken their rules. A Regulator is always too late.

R&MF loans are secured against Goodison Park. Everton's MSP Sportis Capital loans are secured against Everton Stadium Development Company via a company owned by AS Bell and his wife. Metro is another secured borrower... I am not sure whether the latter has been satisfied.

777 Partners' loans to Everton are unsecured other than by an agreement to purchase Moshiri's shares, either directly or indirectly.

Denis Richardson
49 Posted 05/05/2024 at 07:04:22
I wish the Premier League would just end this sorry saga once and for all and declare them not fit and proper.

If they've put in £200M but there are doubts as to where that £200M has come from, it does beg the question who the ‘real' lender is. If 777 Partners go down, someone is going to lay claim to the £200M – who? We don't know.

I just cannot imagine any scenario now where 777 Partners are the owners of the club. At least that's a positive to add to avoiding relegation. Ultimately, as long as the club is in the Premier League, it has value.

Scott Robinson
50 Posted 05/05/2024 at 07:41:35
Moshiri is not done with Everton. His share and purchase agreement would have as a condition precedent to completion, "approval by the FCA and the Premier League". Until that is granted, the deal is not over.

The funding agreement that 777 Partners have would be a separate arrangement, that has been entered into in contemplation of the sale.

If 777 Partners withdraw or cannot meet the conditions stipulated by the Premier League, then the club's ownership would remain with Moshiri.

Ian Bennett
51 Posted 05/05/2024 at 08:01:32
All agreements will have a long stop date of when the deal needs to be completed by.

The agreements will be subject to regulatory approval, but they'll have a date when the deal needs to be completed by. This can be extended by the agreement of both, and if not, it can be terminated by the seller.

Jerome Shields
52 Posted 05/05/2024 at 08:02:36
Denis #49,

It is £200M loaned and whatever 777 Partners paid R&MF on behalf of Moshiri to satisfy the conditions of the R&MF loan involved.

At the time, it was rumoured to be £80M to £100M. R&MF still have other secured loans with Everton. I am assuming that security was not transferred for the loan, since no charge has been registered under Company Law as yet.

The source of recent funding is unknown.

Tony Abrahams
53 Posted 05/05/2024 at 08:05:25
I hope so, James, although I have become a lot more relaxed about the situation but don't know if this is because of the perfect derailment of a season and the silence that has ensued since if I'm being honest mate!

"777 Partners or anyone" is kind of what I'm alluding towards Si. We need “good” owners for a change, instead of nepotistic conmen or lackeys who don't want Everton Football Club to be taking up to much of their time.

The American investors who I've been going on about for a long time now could be worse than anyone but there is one thing that I've heard about this group that gives me a little bit of hope. First we have got to see what happens with Moshiri's pick because they might just be the only group in town!

Laurie Hartley
54 Posted 05/05/2024 at 08:07:20
Scott # 50 – so if that happened presumably MSP could ask for their £158M to be repaid or alternatively receive 54.1% of his shares.

At that point, it would surely be time for Mr Moshiri to cut a deal seeing as how he also owes 777 $200M.

Looks like MSP are in the box seat to me – especially now we have maintained our Premier League status for another year.

Scott Robinson
55 Posted 05/05/2024 at 08:35:37
Laurie @ #54, I'm not familiar with the MSP arrangement.

However, a failure to meet the CPs to the SPA, would mean Moshiri would have to revisit the arrangement with 777 Partners and other creditors. Perhaps that is why he brought in the restructuring experts last week to discuss alternatives.

Mal van Schaick
56 Posted 05/05/2024 at 08:37:38
How on earth can our situation improve with all this uncertainty?

I would rather have an ex-player based or driven consortium that will give the club certainty. The fans have had enough of financial skullduggery, dubious owners, and cloak-and-dagger goings on.

Personally, I would rather not have 777 Partners involved but, if they are the only investors to keep us afloat, we as fans have to put up with it, but for me there is no longevity in this deal.

Jerome Shields
57 Posted 05/05/2024 at 08:38:37
A-Cap have taken a Rating agency to Court who are about to downgrade them. A-Cap have taken back assets from 777 Re, eliminating their exposure. They also question the Agency's assessment of these 777 Re insurance assets, which are derivatives or securitized debt bundles.

777 Partners are funded by 777 Re. A-Cap was a major provider of pension funds to 777 Re. 777 Re debt bundles have a rating of C-. A-Cap are fighting a reduction from B++ to B-.

Being Bermuda-based and reinsuring pension funds, both with restricted information access, it is not possible to find who is ultimately investing in 777 Re.

Laurie Hartley
58 Posted 05/05/2024 at 08:58:47
Scott #55,

“Moshiri would have to revisit the arrangement with 777 and other creditors. Perhaps that is why he brought in the restructuring experts last week to discuss alternatives.”

Precisely – one of the other creditors being MSP who wanted to buy the club at the beginning of this saga.

Strange as it may sound, I am beginning to feel optimistic. 777 have run out of money and are fast running out of time. I am hoping they pull out of the deal on condition they get their $200M back.

Colin Glassar
59 Posted 05/05/2024 at 09:20:50
This fiasco is doing my head in. It's worse than a Mexican soap opera, ie, farcical, over-the-top, hammy, and never-ending.

Between The Esk, Kieran Maguire and Keith sodding Wyness (amongst others), I'm losing the will to live.

Eric Myles
60 Posted 05/05/2024 at 10:13:24
I think Scott and Ian at #51 & #52 have the best handle in the contractual situation between 777 and Moshiri.

Laurie #58, MSP did not want to buy the club, they only wanted to buy 25% of the shares from Moshiri. So only an investment, and maybe just transferring their debt to equity rather than a cash influx?

Andrew Clare
61 Posted 05/05/2024 at 10:19:24
Colin #59,

I feel the same way. Most of the takeover news is groundless speculation. Maybe 'groundless' is a bad choice of word.

I just have this horrible feeling that – despite all the bad news about 777 Partners – they will actually wind up being our owners and we will be in a worse situation than we are now.

Steve Brown
62 Posted 05/05/2024 at 10:49:00
From the Athletic today:

In trying to explain just how bad 777's latest legal scrape is for the Miami-based investment firm, it is difficult to know where to start.

The complainant this time is London-based investment firm Leadenhall and the civil suit it has filed against 777 Partners, some of its portfolio companies, its co-owners Steven Pasko and Josh Wander, its close partner A-Cap and its boss Kenneth King, runs to 82 pages. And there is a wounding zinger on each page.

But perhaps the easiest place to start is simply to say this must surely be the end of 777's almost eight-month attempt to complete its purchase of Everton, and very possibly the end of 777, too.

The allegations are staggering, although to many they will not really come as a huge surprise.

After all, Leadenhall's complaint, which was filed in a US district court in New York on Friday, notes that 777 and its associated companies are already the subject of 16 different lawsuits over unpaid debts totalling more than $130million (£104m). Leadenhall, for what it is worth, says it is owed more than $600m by the group.

Wow, right? But Leadenhall says 777 and its affiliates owe A-Cap more than $2billion, not that it thinks A-Cap itself deserves any sympathy, as Leadenhall believes A-Cap is in on the scam.

The central allegation is that 777 and its associated companies set up a credit facility with Leadenhall in 2021 that was secured against assets that had to be “free and clear” of all other potential claims. And the unencumbered status of these assets had to be confirmed to Leadenhall by the group every month. This enabled the 777 group to borrow lots of money from Leadenhall, at a relatively low interest rate.

However, a combination of anonymous tip-offs, forensic accounting, conversations with other lenders and, even, admissions from 777's main man Wander himself led Leadenhall to the conclusion that what was going on here was “a giant shell game, at best, and an outright Ponzi scheme, at worst”.

Instead of “free and clear”, most of 777's collateral either did not exist or it was “double-pledged”. Oh, and the borrowers forged documents and faked records to hide its deception, Leadenhall claims.

“Everton is the latest shiny object of Wander's fraudulent scheme, solvency aside,” the complaint says.

“Despite the fact that 777 Partners and many of the operating businesses and professional football teams that Wander owns are deep in debt, behind on their obligations, and on thin ice with regulators, Wander's strategy has been continued expansion — using debt to acquire new assets that he can then use as collateral for more debt, which he then fails to timely pay off, in a seemingly never-ending cycle of ‘robbing Peter to pay Paul'.”

This “house of cards” was propped up, in “Whac-A-Mole fashion” by King's A-Cap, which, contrary to 777's agreement with Leadenhall, had overarching security over all of 777's assets.

But, according to Leadenhall, King's control over 777 goes even further than that. He is the “puppeteer to Wander's marionette” and the “Wizard of Oz behind the 777 curtain”. It is A-Cap's money which has bankrolled 777's purchase of airlines and football clubs. It is A-Cap's money that has been paying Everton's bills.

And when we say A-Cap's money, what we really mean is it is the insurance premiums of millions of regular Americans, everyday folk who have invested in healthcare and pension schemes, people who thought their money was going into gold-plated, copper-bottomed investments that would definitely be there for them if and when required.

Evertonians, do you agree with current owner Farhad Moshiri that this lot are the “best partners to take (your) great club forward”?

Obviously, this is just a civil suit. We are not yet at the criminal stage, and we may never get there. Wander and 777 have declined to comment but their usual line is they never comment on ongoing litigation.

A-Cap has not yet responded to a request for comment from The Athletic but in a statement to The New York Times it said the accusations are “sensational and unfounded”. “A-Cap, similar to Leadenhall Capital, serves as a lender to 777 — there are no ownership ties,” it said. “The key distinction lies in the fact that A-Cap holds senior rights to collateral associated with 777.”

The plan, as far as Leadenhall can fathom, was to funnel money, usually borrowed money, into “speculative bets” on airlines, payday lenders and football clubs, with Everton being the biggest and most important bet of all.

But A-Cap has already been forced to try to untangle itself from 777, under pressure from its rating agency and state insurance regulators.

Good luck with that. Hope it goes well — if not for you but certainly for your customers, who did not sign up for this.

But can you conduct your experiments in financial engineering away from our football clubs, please? They are not moles to be whacked, Peters to be robbed or shells to play with.

It's hard to see what 777 could say to answer these claims. But whatever happens, for Everton, the FA and the Premier League, surely this is now too much.

It has to be over. This must be the end.

Denis Richardson
63 Posted 05/05/2024 at 10:52:58
Thanks ,Jerome, it sounds like one group has loaned money to Everton with the new stadium as security, another has loaned money to the club with Goodison Park as security, and 777 has loaned money to the club on condition it can buy a majority of the shares.

If the above is right, I'm not sure where that leaves the club if 777 Partners are unable to buy the club, either due to lack of funds and/or not being passed for and proper. Where does the £200m stand relative to the other debt?

Your #57 post would suggest 777 Partners have no gas left in the tank as their main funding via the insurance side has dried up. Given the rumours swirling about, I cannot see a scenario whereby 777 Partners are in a position to buy the club.

I think in the long run this would be positive and I cannot see what positive outcome the club would have with them as owners. They haven't got a pot to piss in and their other business ventures seem to be crumbling apart.

Whatever the outcome, I hope the management is at least allowed to plan for next season. PSR is pretty clear re the losses allowed and so that should make it clear what profit from player sales is needed before 30 June.

So we choose Onana or Branthwaite and get a good price and move on. Get a few frees and loanees in to replace the high earners going and ensure we have a better squad than this season.

Dyche and team can only sort out the playing side after all.

News of 777's woes is good all round.

Jack Convery
64 Posted 05/05/2024 at 11:51:08
Apparently Kevin Malone is in London looking to buy Everton FC. I found this article about him:

He went from running the Dodgers to fighting sex trafficking — LA Times, 11 February 2022

Jerome Shields
65 Posted 05/05/2024 at 12:07:44
Denis #63,

I think where we're at is that Everton is not a going concern and needs to be restructured with a creditors agreement. So that means that all the creditors have to work together. An example is Elliot Management and AC Milan.

The rumours round Teneo's involvement would seem to indicate that this is being attempted by Moshiri.

But there is a problem in that Moshiri has no equity leverage,
unlike Elliot Management, or management creditablity and there are big questions around 777 Partners, who will never takeover Everton.

On top of that, Teneo, according to the US Federal Government, have ongoing Oligarchy relationships.

The only one capable of this restructuring is MSP Sports Capital, but it would take Moshiri and 777 Partners to be sorted and preferably gone, and any possible Russian connections with them.

Everton would then become a going concern and sold properly.

Matthew Johnson
66 Posted 05/05/2024 at 12:10:20
Jack #64,

Not the guy from the US Office I hope, although his accounting skills would be an upgrade on what we currently have at Everton.

Peter Hodgson
67 Posted 05/05/2024 at 12:14:37
Jack @ 64

The link to the LA Times is no longer there or unavailable. 404 error.

Laurie Hartley
68 Posted 05/05/2024 at 12:51:01
Eric # 60 - yes I stand corrected they did only want 25%. And yet they knocked back the opportunity of 54% when their loan was to be repaid a couple of weeks ago.

Instead they extended the loan period. It is like the Gordian knot.

Michael Kenrick
69 Posted 05/05/2024 at 12:57:58
Peter @67,

Strange. I'm pulling it up okay. I converted it to a live link, so see if that works for you.

Dave Abrahams
70 Posted 05/05/2024 at 13:33:36
Michael (69)

Are you doing anything about the problem of ToffeeWeb it's taking ages to post with various comma's, full stops and Capital Letters coming into the posts without me putting them there, the column takes more time getting it to appear and being honest my wrist is bleedin' aching from have to correct the post erasing letters that have a mind of their own.

Have you had a good look at that dickhead of a word checker you employ, has he gone completely out of his skull and creating these problems.

Or being honest, is it just me and my iPad is out of control?

Brian Wilkinson
71 Posted 05/05/2024 at 13:46:14
Hi Dave A, are you on an iPad, mine is doing the same on there, but when I go on my android phone its working fine.

Sounds like it could be an issue with OiS or iOS, can never remember what it is on an iPad so if Mike is reading this, are you are on an iPad? Dave, I think that's where the server issue is coming from.

Takes forever to type a word in on iPad.

Danny O’Neill
72 Posted 05/05/2024 at 13:57:16
I've also experienced a lot of delays and slow response and played catch up when posting.

The site doesn't seem, to like Safari on Apple machines, so I tend to use Chrome.

Although what I tend to do is write up on a word document and do cut and paste.

Michael Kenrick
73 Posted 05/05/2024 at 14:05:26
Just typed this in on the wife's iPad, no bother.

I was going to say it was divine retribution for Dave being so down on Carlo and the utter genius that was James Rodriguez.

Can't believe it's affecting you as well, Brian.

Martin Farrington
74 Posted 05/05/2024 at 14:10:40
Everton are not a plc so have no obligation in rules governing such. Moshiri is the main shareholder as well as owner. He is really only liable to submit annual accounts.

He has No responsibility to supporters / fans. He can effectively destroy the club fiscally (and therefore from the league) putting it out of business, should he choose.

777 put down a sum which gave them 'Exclusivity' over purchasing Everton. Like a deposit on a house so no one else can buy it whilst legalities are formalised.

Hence Moshiri is not engaged in conversation with others to step in because that would breach contract. 777 had to meet certain obligations during the exclusivity period, they failed. One being to repay the MSP loan.

Moshiri has complicated everything by getting loans from numerous sources when his credit with one was maxed out. 777 were supposed to pay off the Moshiri loan from MSP as part of the exclusivity deal, but were unable to. Hence MSP being put in a position to legally foreclose and take over Everton.

We were sold out to crooks long ago. It started with hamperman Johnson. Then the loathsome narcissistic charlatan Kenwright. Then his launderer and cretin Moshiri who is a front for Usmanov.

777 is a Ponzi scheme. Straight fraud.

Usmanov a Russian ally of Putin who has indirect access to UK movers and shakers via Moshiri. Moshiri does what he is told. He has to maintain a modicum of interest in the club. He has nowhere to hide if he doesn't.

Pl are in theory owned equally by all pl clubs under the guise of The FAPL who manage and administer their product. This has not been an equal or fair governance.

Everton are unlikely to go into administration because the sums owed are massive and somewhat recoverable. Creditors would lose far more by doing so.

In reality the exclusivity should be allowed to lapse and new investors sought. But as we are owned by a crook who is owned by a crook.

Dave Abrahams
75 Posted 05/05/2024 at 14:16:06
Brian (71),

Thanks for you trying to help, I am on an iPad but I haven't a clue how it operates but it certainly takes much longer to post an article now than it did a week ago, that's how long the problem has lasted and being honest it's took me well over ten minutes to write this simple post with all the alterations I've had to make caused by different letters coming and going.

Brian do you think a solicitors letter to Michael would help getting his arse moving over this?

Colin Glassar
76 Posted 05/05/2024 at 14:46:13
So now some outfit called Leandenhall are suing these 777 shysters for fraud. Just when you think things couldn't get any worse.

I'm having a hard time typing on my iPad. Do we have gremlins? I might have to revert to my old typewriter if this continues.

Peter Hodgson
77 Posted 05/05/2024 at 17:18:47
Michael @69,

Thanks a bunch for that. Worked a treat. I must have been typing something wrong to get the 404 error. (I think I might not have typed the full address).

Apologies, Jack, if you read my post.

Stephen Davies
78 Posted 05/05/2024 at 17:57:39
Been reading about this Kevin Malone connection.
Not sure if he's rich enough on his own to buy and sustain Everton.

If these reports are correct, surely he must be heading a Consortium of some kind

Billy Shears
79 Posted 05/05/2024 at 19:00:23
Avoid these Yank fuckers like a plague, methinks!
Billy Bradshaw
80 Posted 05/05/2024 at 19:10:21
The site has been really hard to navigate around for weeks now. I've sent some emails to Lyndon about the problem, he has always replied to me for which I'm grateful but nothing is getting any better.

Some days, it's really bad. I use a Samsung Android phone – as I've said to Lyndon, all the other apps and search engines work fine, so I don't know what's happening unfortunately.

Ed Prytherch
81 Posted 05/05/2024 at 19:25:25
Moshiri clearly has a preference for dealing with crooks. He deserves to lose everything.
Dave Abrahams
82 Posted 05/05/2024 at 19:30:26
Billy (80)

I'll second that post, Billy, no messing it's very annoying. A dozen words in that first sentence and they are literally crawling through one letter every few seconds and that's the truth.

I'm developing a stammer because of it!

Phil Friedman
83 Posted 05/05/2024 at 19:30:30
Don't get too excited about Kevin Malone. From his Wikipedia entry: his hiring (at the Dodgers) “led to several expensive high salaried stars being signed to huge contracts.”

Sound familiar?

Eddie Dunn
84 Posted 05/05/2024 at 19:38:42
As ugly and dodgy as all this sounds, I wonder if it is that different to the millions of financial transactions going on all of the time?

It's a murky world out there. Legal or illegal? It often depends on how good your lawyer is.

Until Everton are owned at least in part by the fans, it will always be open to scoundrels.

Nick White
85 Posted 05/05/2024 at 20:06:48
Is it possible that, as 777 Partners are actually putting money in, that Moshiri doesn't want to end the deal with them until the new TV money comes in during the summer?

Otherwise, he's going to have to fund it himself?

Si Cooper
86 Posted 05/05/2024 at 20:17:08
‘We need “good” owners for a change, instead of nepotistic conmen or lackeys who don't want Everton Football Club to be taking up too much of their time.'

That's what we all want, Tony. Hopefully they still exist and one or a group of them is primed to swoop in as soon as the 777 ‘courtship' is terminated.

My (admittedly jaded) view is that modern business practice now includes essentially parasitical behaviour, designed to appeal to and then exploit typical human frailties such as impatience, vanity, jealousy, gluttony and lack of discernment.

Hopefully we (the club and the fans) can avoid becoming an expected cash cow for someone indiscriminately acquiring assets.

James Flynn
87 Posted 05/05/2024 at 21:11:15
"Mr Moshiri to cut a deal seeing as how he also owes 777 $200M."

Moshiri doesn't personally owe 777, R&MF, MSP, or Metro Bank a single penny. The debt is on the Club.

Moshiri himself has something like £400+ million interest-free loan into the Club.

Laurie Hartley
88 Posted 05/05/2024 at 22:58:40
James # 87,

Fair enough... but at this stage, he is the one making the financial decisions concerning the club, is he not?

Although MSP appear to me to be in a strong negotiating position.

James Flynn
89 Posted 06/05/2024 at 03:32:59
Laurie, I'm not going round and round on it.

The debt is on the club, not Moshiri. He doesn't have to pay anyone a penny even.

You want to keep saying he does, type away.

Laurie Hartley
90 Posted 06/05/2024 at 05:26:47

"You want to keep saying he does, type away."

I don't - I have probably just failed to express myself correctly.

Jerome Shields
91 Posted 06/05/2024 at 08:40:45
Moshiri is more about control than money. Any more that has been put into the Club had not been his, whether what appears to be his, which ultimately came from his master or loans from Metro, R&MF, MSP Sports Capital, and 777 Partners.

He has moved onto the potential takeover party who has kept him in control and his backers. There is no current direct legal or regulatory process to challenge his control.

Teneo's possible involvement if reports are correct is an attempt by Moshiri to get a creditors agreement in place to restructure debt. I doubt it is to restructure the current regime at Everton. Something he has never been interested in. But the creditors as part of the agreement could insist that this is gone.

Adminstration would mean there is less money to sort out creditors. The threat of that could be used to get the creditors to the table. A lot depends on what MSP Sports Capital do if their outstanding monies are not paid.

They may be already insisting on a form of restructuring, but Moshiri is still maintaining control. He has lost some control since his preferred 777 Partners have proved unreliable.

An attempt will be made to look at staying within PSR but this slipped a bit in the 2022-23 financial year. There is also the need to address future funding after the present tranche has run out.

Lester Yip
92 Posted 06/05/2024 at 09:10:17
With Premier League status secured for next season and the punishment being served, and also the new stadium going to complete soon, we must be in a better position to get a deal than before? I'm hopeful.
Martin Farrington
93 Posted 06/05/2024 at 09:42:42
Moshiri bought Everton in stages with his own capital, according to official records. This he did via a private limited company he established for at least some or all of the shares.

Everton Football Club Co Ltd is a private limited company. Limited by shares. Limited by liability to the company only.
It is its own separate entity in law, both legally and financially.
Shareholders are paid after-tax profits each financial year. Whether they take them is a matter for themselves. If there are no profits, they get nothing.

If they are in the red, then they do not have to put in their own money or assets.

Being "limited" means that the owner and / or shareholders cannot be sued for outstanding debt, only the Club itself (ie normally the secretary or CEO are answerable).

So does Moshiri stand to lose money if Everton go bankrupt?

Yes & No.

Yes because it is his capital that purchased the club, ie, his own personal wealth. Plus any other he has since added. All of that could be lost with creditors taking priority when all assets are sold off.

No because Everton is a private limited company and any debts are limited to cash and assets of the club. He is not personally liable to pay off the club's debt.

He needs Everton to stay afloat.

Mark Andrews
94 Posted 06/05/2024 at 11:43:52
It's all going so very well, isn't it?

Let's face facts, Usmanov didn't make his money through brilliant financial acumen and Moshiri was always a convenient 'respectable' front for him.

Bill saved the club from crocodiles and handed it to sharks. The sharks are now throwing us into the volcano.

Sean Kelly
95 Posted 06/05/2024 at 12:20:37
Some say on here it's the hope that kills you but I reckon it's the speculation that does it.

A vacuum created by Moshiri's silence and lack of leadership is ruining this club.

Ian Wilkins
96 Posted 06/05/2024 at 12:39:41
Also having trouble posting, though seems bit better today.
Think we've been hacked by the Russians, Usmanov trying to get into the inner sanctum.

Seriously, this is a complete mess and a very worrying mess. No easy Moshiri - 777 solution, we need to be well away from their debt laden, cash absent, pyramid scheme.

For some reason, Moshiri won't let go of 777… he will have to be forced to. Come in, MSP and R&MF – your loan entitles you to.

The rumours of ‘white knights' are just that, rumours. Nothing substantiated, nothing surfaced.

This needs urgent solution or next season will look and feel a lot worse than this one. Just when we were feeling some relief….

Philip Bunting
97 Posted 06/05/2024 at 14:12:05
Seriously we need MSP to take up that offer asap just to not let 777 Partners get hold of the club. They are only looking to leverage the stadium for a bigger dept pile to assist their pyramid scheme.

If MSP don't want to control the club, take up the option so you can pass it on to others than do and can offer a better solution to that of 777 Partners.

Tony Abrahams
98 Posted 06/05/2024 at 15:14:55
"Bill saved the club from crocodiles" is hilarious, Mark, it definitely made me smile, anyway!

I'm hearing these Yanks are still standing by their beds, so this gives me hope that there's at least one other party who are still trying to purchase Everton despite all the problems.

Once they get past the problems though and look at the new stadium that is nearly ready and waiting, then maybe Everton will end up being a bargain. Who knows?

Stephen Williams
99 Posted 06/05/2024 at 15:18:11
There will nearly always be positive and negative comments on all manner of things, in which case it's difficult to come to a definitive conclusion. However, when there is absolutely nothing positive, as with 777 Partners, then it's very easy to conclude that these aren't the right fit for the club. That's not to say that they aren't the right fit for Moshiri.

The major problem here is the valuation placed on the club. That valuation appears to be a combination of clearance of debt and leaving something left over for Moshiri to set against the cost of equity he has sunk into the club – somewhere in the region of £600M to £750M. As a consequence, that valuation is way too high.

A recent comparator is Newcastle United. When they were sold for £360M, they were bumbling along towards the bottom of the Premier League (but with potential to be far better), enjoying the benefit of a sizeable, dedicated fanbase, and had a fit-for-purpose (if somewhat odd looking) ground.

When the new stadium at Bramley-Moore Dock is finished, we'll have a better ground but all other attributes will be similar. I would argue that a buyer wouldn't place a ~£300m premium on Everton. That will be the reason why no other potential buyers have come forward – hard-nosed business sense.

However, if 777 Partners are out of the equation, just perhaps that brings the valuation back into the realms of realism. Without that, neither MSP nor any of the other debt holders will be interested.

Stephen Davies
100 Posted 06/05/2024 at 15:40:28
Multiple sources in Belgium telling us that 777 Partners's two main creditors, former owner Bruno Venanzi and shareholders of Standard's stadium, have now instructed their lawyers to seek seizure of the US group's assets in the country.

Full story will follow in @JosimarFotball

Brian Cleveland
101 Posted 06/05/2024 at 15:47:03
If the Premier League really want to get rid of us, they don't need to dock us points…

Just let this takeover go ahead and we'll disappear down the plughole without a trace...

Stephen Davies
102 Posted 06/05/2024 at 15:53:38
Venanzi and the shareholders of the Immobilière du Standard were due (on 15 and 20 April) the second tranche of payments owed by 777 Partners for the acquisition of their shares.

777 are basically threatened with repossession and will have to act very quickly to avoid escalation.

Stephen Davies
103 Posted 06/05/2024 at 16:25:53
Seems inconceivable now that there's not going to be a mad scramble among 777 creditors globally to try and secure their position ahead of other creditors.
Martin Farrington
104 Posted 06/05/2024 at 16:56:51
It seems clear:

Moshiri wanted his money back. No one was going to pay it. He knew 777 were fraudsters running a complicated multi million £££ Ponzi scheme. After all, he is a crook.

Legitimised through establishing ownerships in other businesses, hedge funds and football clubs throughout the world. 777 are a perfect fit.

They would pay him and get Everton in return. I believe he thought they would pass the Premier League ownership test. Hell, who doesn't? Then he would be well gone when the 777 house of cards collapsed.

He must have shat blue bricks when the Premier League actually demanded certain proof and making payments on the new stadium.

The ruse was being rumbled so 777 (being a Ponzi) had to secure further finance because the well was drying out.

To get the money they need, they have to borrow but they are maxed out. Hence when they were rejected they were downgraded from AAA to a C.

Then recently they have used collateral already used on another loan, to secure the funding they require, which is duplicitous and illegal. And / or said such existed, falsifying documents in order for proof so that they can obtain that money. Hence the present lawsuit.

As Moshiri's plan is falling apart, he still needs to keep the club afloat if he has any hope of getting his money back.

So, amongst the 777 failings, he has borrowed from a number of others. Thus complicating his lot and moreover, the club's finances.

Who on earth knows what grotesque resolution will end this sorry saga???

Mark Ryan
105 Posted 06/05/2024 at 17:07:32
I know we are all beginning to hate the Premier League but I think in time we'll thank them for not simply approving 777 Partners.

I think they are doing us a massive favour and I hope 777 get the thumbs down sooner rather than later.

Stephen Davies
106 Posted 06/05/2024 at 17:16:03
Josimair Article

Larry O'Hara
107 Posted 06/05/2024 at 17:37:55
Martin (104) — your account seems horribly plausible to me.
Andrew Clare
108 Posted 06/05/2024 at 17:50:19
Despite all of the speculation about other parties being interested in purchasing Everton, I still think that 777 Partners are unfortunately most likely to buy us.

Is there a deadline or can this just roll on and on? What a terrible situation we are in.

I am sure people like Wyness who is always speculating on NewsNow about our sale reads ToffeeWeb because, two days after I mentioned Tim Cahill and the Qatari connection, he was quoted on NewsNow speaking about the same suggestion.

Mike Gaynes
109 Posted 06/05/2024 at 17:55:58
Totally unrelated, but ecstatic congratulations to Marine AFC on promotion today. They upset Macclesfield (starring Rooney's brother) 1-2. Well in Mariners.
Sean Mitchell
110 Posted 06/05/2024 at 17:58:59
Cheers, Bill.

This all stems from you.

Mike Gaynes
111 Posted 06/05/2024 at 17:59:36
Stephen #106, great catch, thanks for posting that.

Philip #97, MSP would most definitely want to control the club. They tried to buy it last year. They're not a loan company, they're an acquirer, and I have believed all along that their stadium loan is a wedge in the door to eventually take over the club. Absent all evidence, I still believe so.

James Flynn
112 Posted 06/05/2024 at 18:08:36
Thanks Stephen.

From Josimar: "The two main creditors of 777 Partners in Belgium are asking for the seizure of all assets held by the US investment fund in the country after it failed to respect payment deadlines."

Josimar: The Repo Men

Jimmy Carr
113 Posted 06/05/2024 at 18:12:58
Paul The Esk's article related to this issue – elsewhere on the site – is compelling reading. I find him to be the most informed writer out there regarding Everton's current situation.

He's called it regarding 777 since the very beginning and has never believed the deal will happen. Let's wait and see… but his understanding of financial matters is rather more nuanced than most of the rest of us.

James Flynn
114 Posted 06/05/2024 at 18:33:16
Red Star FC of Paris been protesting 777 for a while.

This "777 Cash" was being handed out at their last game.

James Flynn
115 Posted 06/05/2024 at 19:08:38
Red Star FC of Paris been protesting 777 for a while.
This "777 Cash" was being handed out at their last game.

[I'm not on Twitter either. But you can see what's at the link below without needing to log-in.]


Dale Self
116 Posted 06/05/2024 at 19:27:14
A rather satisfying episode of another IBGYBG deal collapsing. (I'll be gone, you'll be gone by the time this all blows up)
Sean Kearns
117 Posted 06/05/2024 at 19:35:05
The Sheikhs only bought Man City because of their stadium… the Qatari's should be all over us like white on rice.

Come on, you sun-kissed beauts!!! Find a cheeky £500M behind the couch cushion and get the blues up the league!!!

The Emptyhad is a library on most weeks. We must have so much untapped potential, it's unreal!!!

Si Cooper
118 Posted 06/05/2024 at 23:27:25
Sean (117), the goalposts have been moved since then.
No-one can do a Chelsea or Man City any more, ie, pump in money, wipe out debt.

Brian (101), unfortunately they don't even have to sanction the takeover to hurt us – which would actually implicate them if the new owners then proved they weren't actually fit and proper – just keep the club stagnating in our current limbo position until Moshiri flinches and dumps the 777 bid for something viable (or puts the club in administration).

Jerome Shields
119 Posted 07/05/2024 at 06:25:20
There are no suitors to buy Everton in its present state. Everton needs corporate recovery experts to become a going concern. Which Paul the Esk asked for 2 years ago.

Such recovery experts can only be brought in by creditors who have financial creditability. This excludes both Moshiri and 777 Partners. Anyone that they are associated with for the job, such as Teneo or Gada Luna are questionable and will be unacceptable to creditable creditors... Any other potential backers of finance are just distractive PR press releases by parties trying to gain credibility lost.

It is only after corporate recovery or admistration that Everton becomes a viable takeover target. Otherwise, it is an asset-stripping job, a carve-up to recover outstanding creditor monies, and what is left of Everton Football Club may be sold. It will take the present financial fog or noise to clear a bit for the correct process to begin.

Tony Abrahams
120 Posted 07/05/2024 at 08:16:02
I think having a major airport was key for the Arabs buying Man City, Sean, and with most major airports usually standing by the sea, then it's obvious that Liverpool missed a massive trick by allowing Manchester Airport to become so popular.

I was told yesterday that these Americans are still very confident of purchasing Everton, Jerome, but the date keeps getting pushed back, for whatever reason.

It's obvious that even Moshiri can't continue with these vultures any longer, so when do you think we can start to get excited about our future?

Jerome Shields
121 Posted 07/05/2024 at 08:44:12
Tony, it is only when a suitable structure emerges that Everton will be for sale. Anyone coming in now will be into corporate recovery with a view to, having done their job, a sale and moving on. It is then that a purchaser will emerge.

The thing that I am wary of is Everton getting caught up in court proceedings, which are often baseless to start with.

Tony Abrahams
122 Posted 07/05/2024 at 10:56:29
I’m also hearing that there is more than a grain of truth in the rumours about Tim Cahill, and these Qatari’s.
Martin Farrington
123 Posted 07/05/2024 at 11:45:26
Moshiri paid how much for Everton? The exact numbers are not quite known as they are not all publicly available.
He owns 94.1%.

He has paid probably in the region of £400M to £500M for shares. (There was a shares reissue.) Add in all the running cost losses, stadium costs and loans outstanding, and it's around another £350M to over £400M.

Then there is this season to add… well, probably subtract.
It is believed he wants either £400M or £500M. That would be for the club and not all the new stadium debt which would come with it. Loans too. It's a mess.

I think it is safe to say that a break-even figure for Moshiri would be around £1.1B. So who would pay that for a crumbling club teetering on the brink of insolvency and obscurity???

A club so not famous it doesn't register on the radar of Europeans, let alone worldwide football fans. No-one in their right mind is going buy Everton for less than half what Moshiri is believed to be asking.

Other than the crooked 777 Partners, who may not feature for much longer if a number of court decisions are realised.

Moshiri is the Chris Grayling of football. A complete and utter disaster. Financially, professionally and football(y – new word invented).

Every Evertonian is at a loss as to where the hell our wonderful club will be this time next year. Without Moshiri and without 777 Partners is the best that we can hope for.

The niggling nightmare being we could be without a football team with squad numbers dwindling and a dearth of talent in the academy.

Are there sufficient ridiculously rich blues on the planet who could form a conglomerate and rid us of this troublesome accountant?

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