Masters defends Premier League role in delayed 777 takeover

Yes, the latest £8M from 777 Partners will see us secure for the next few weeks but what happens after that, seems highly unlikely 777 will pump any more funds into Everton without getting the go ahead from the Premier league and that looks unlikely.

So if no new owner is found and Moshiri doesn't put any more money into the club, there seems one only outcome. Even if a new owner comes forward it will take a few months before they would get the go-ahead from the Premier League, so what happens next, Moshiri?

People want Everton, but who ends up buying the club, and how much they end up having to fork out, to purchase the club, is everyone’s guess at the moment.

Anyone who isn’t both frightened for our future and exasperated at the disgraceful mismanagement, I mean, otherwise it’s best just switching off until we hopefully hear some good news.

I know it’s not easy switching off, (it had me totally up the wall in April) but I take solace from what Alan Myers wrote, because I’ve heard there’s more people involved than just Bell & Downing, (MSP) who have got an emotional attachment towards Everton FC🤞

Hopefully Moshiri is working hard to get something over the line before he has to meet the fans, Stephen, although who wouldn’t want to hear a secret tape recording of that meeting!

Moshiri, if you have any respect for the shareholders, fans, staff and players pull out of this deal now, and tread a different path to ensure that Everton (as a club), are placed into the hands of decent, respectable, solvent buyers who will cherish the club and make a better future for it.

It's like selling it back to the idiot he bought the shares off – is there any good news for the club?

That makes it abundantly clear that they truly haven't got a clue and the sooner a Government-appointed Regulator is appointed, the better for all concerned – good or bad.

Their system (if you can call it that) for approving owners is a bad joke and not fit for purpose!

If a new owner came in and cleared the debt, would that all of a sudden mean we could be competitive again. Does anybody know how much interest /repayments we are paying on the various loans per month?

I know this is a big IF.

Had an amazing time meeting with His Royal Highness Tunku Ismail, the regent of Johor Darul Ta'zim FC owner.

We discussed exciting new football ventures and it was inspiring to see his vision for helping football, grassroots, and education. @HRHJohorII

"Richard Masters has offered new insight on the attempted takeover of Everton by 777 Partners."

Er, no he hasn't. He's said virtually nothing confirming that the situation has not changed, that Moshiri still persists with 777 Partners — despite many ITK assertions to the contrary.

Also that the Premier League continues apparently without judgement on 777 Partners yet or still — despite the almost daily avalanche of negative stories about them. Masters gives nothing away in terms of how these may or may not be influencing the process which he implies simply continues to grind on with no apparent resolution.

And so it goes on…

My understanding is that It's not the premier league's job to "disallow" or "reject" a prospective owner but to give that prospective owner a number of conditions to satisfy the premier league's requirements.

It's then up to the prospective owner to do that. If the prospective owner can't, it's up to the present owner to ditch them and find someone who can.

BBC Journalist Guilia Bould suggested on X that the Premier League previously told her that they could reject 777 Partners. In a separate tweet, she wrote that the Premier League do have a reject option but it is “hard to use”.

“Interesting comment from Richard Masters as when I asked the Premier League for the potential outcomes of the Owners and Directors Test I was told they CAN reject Everton,” wrote Bould.

She added: “Clarity, I'm aware the reject process has specific reasoning. The point is 1) there IS a reject option. 2) the criteria to reject is so specific it is hard to use & means Everton remain in limbo where 777 can't be accepted or rejected & the OADT has no timeout either so doesn't end.”

According to Masters it's not their job!!

What a load of bollocks. However it is befitting of them. Useless is the best word to describe that sort of attitude and the reason why there has been so many calls for Masters to go as he just epitomizes the organisation he supposedly leads.

Change can't come soon enough.

Michael's post above probably gives a more accurate answer and that is It Is More Difficult For Them To Do so bugger it, we will just kick the can down the road again and sod Everton and Moshiri.

That sound right?

Yea that's exactly how I read that, basically “here's what you need for the take over”.

Clearly 777 have not or cannot meet the criteria. So clearly they should be binned off.

Moshiri is persistent in 777 because the terms are “favourable” for him. Why else would he stick with them?

Are you suggesting that could be the new Everton song? :)

If that is true, the silence being decried above is merely a passing stage where we must await the next development; we must wait until the new buyer has been put in place…

This from Masters makes it abundantly clear that disapproval is highly unlikely to be coming from the Premier League, so only when there is a new buyer in place will Moshiri come forward and announce that 777 Partners have ridden off into the sunset, never to be seen again.

Well, except for a small matter of £210M in loans to keep the club afloat. A satisfactory resolution of that matter would almost certainly have to be negotiated as part of any new takeover deal with A N Other.

Indeed this article in Forbes hints at the same impasse:

Everton Takes Care Of Business On The Field As 777 Uncertainty Reigns

"The onus appears to be on current Everton owner Moshiri to move on to seeking another suitable buyer, rather than for the Premier League to give an outright no to 777. Something he is increasingly expected to do.

"But as long as the Premier League believes Moshiri is still in discussions with 777, with whom Everton has already taken out numerous loans separate from any takeover, the league will not stand in the way of those discussions."

Masters, in as much as he's botched this, is saying nothing wrong here. The Premier League has put conditions on the takeover, which they should do and is their right to do as the governing body. It's not their job or right to tell owners who they can sell to and who they can not sell to ultimately.

As Michael says, we're left dangling in the wind awaiting the next development. And the next development will only occur until 777 fulfills the restriction placed upon them to acquire the club by the Premier League, or if Moshri backs out.

I see the real issue being Moshril willing to extend these deadlines placed upon 777 Partners. The frightening thing is if 777 asks for yet another extension. If Moshri wants another extension, the Premier League will grant it and purgatory will continue.

Someone is going to come in with a verbal offer contingent upon 777 not meeting a deadline. When that occurs, Moshri will back out of the 777 deal and take the new one. When that happens, God only knows.

It is a circus. Just pitch the tent, buy a ticket, and watch the train wreck.

There you have it. Watch the show unfold – unfortunately a show that has gone on far too long.

I imagine we'll also be looking to sell someone before 30 June for PSR as well as to get cash in.

As noted before, as long as we're in the top league I cannot see how we can go into administration when guaranteed over £150M a year in revenue. At worst the equity holders need to do a deal with the debt holders. Administration is bad for all.

Premier League reiterates ‘very clear' stance on 777 Partners Everton takeover

It includes the following in reference to Masters and the parliamentary committee:

Asked by Damian Collins why the Premier League had not rejected the 777 offer outright, amid uncertainty over the group's finances and problems at its other clubs, Masters said his scope was limited. He said the league could approve a deal or leave it unapproved but could not reject it and that it was up the seller or proposed buyer to take a deal off the table or meet the league's demands.

Let's hope he is waiting the right moment to trumpet an alternative plan. It is a debt laden mess, but we need those sensible, Everton friendly heads to step forward and orchestrate a pragmatic way ahead.

I think it's pretty clear that 777 would have a very hard time getting the approval so really no need for him to say anything other than what's said above.

777 sells Standard Liege and a few other "assets" (or any assets really, doesn't have to be Standard Liege) to fund the acquisition of Everton. Moshri accepts extensions to facilitate this.

777 then owns Everton and uses Everton and all its assets as collateral to further other "investments", leveraging us to the hilt to continue the wicked Ponzi scheme they've created.

That's a real possibility in my mind, so pray that doesn't happen.

The Premier League would love to give –9 points to EFC on top of the points we're going to get deducted for more PSR issues, including the interest payments on the stadium. Something, I believe Spurs did but no issues with PSR for them.

Masters is deffo Slitheren.

It would not surprise me in the least if Usmanov is the brains behind 777 and Wander is simply a middle-man. Meantime, Moshiri is sat on the Bog chewing his nails and shitting bricks.

It stinks. The deal and the other bit.

I'm afraid I'm gonna have to go all contrary on you and disagree strongly with what you have posted.

Once they come to an agreement, then the Premier League needs to apply the fit and proper persons test. Right now, there's no agreement so no test.

They have an agreement. They have had an agreement since 15 September 2023 — 8 months tomorrow.

There is no "fit and proper persons test". No such thing. It's called the Owners and Directors Test.

The test is in underway – has been for months – and has led to the Premier League's conditional approval of 777 Partners taking over ownership of Moshiri's shares and thus majority ownership of Everton FC.

I think it's pretty clear that 777 would have a very hard time getting the approval

777 Partners have been given conditional approval by the Premier League. There are four conditions that must be met. They don't appear to have met the conditions yet. So final approval is still left hanging.

Meanwhile…

That is correct as far as it goes but as far as Masters is concerned this could be a never ending process. He, they, are abdicating their responsibilities which is NOT their job.

They are tasked with making decisions which they are failing to do. I get it insomuch as it is down to Moshiri who he ultimately sells to, for good or bad, but all the evidence points to 777 Partners being unwilling or unable to conclude the deal with Moshiri within a reasonable amount of time. It is therefore up to the Premier League at some stage to refuse or grant them permission is it not?

777 Partners have not (nor does it seem likely will be able to comply) with what has been demanded of them. The least that should be done now (even after 8 months or more) is for the Premier League to tell 777 they must do what has been demanded by a certain date or they will be presumed to be unwilling/unable to be approved and therefore refused permision. No more extensions. The same edict to be provided to Moshiri for obvious reasons. Both will then be aware then of what is necessary.

It is called clarity.

We all need him to accept what we consider a realistic offer, but that involves him taking a hit. Cynically, I believe that 777 can offer him as much as he wants because, realistically, whatever they offer, they cannot raise any cash and it is all fantasy money.

It's not their job to require owners to sell or not sell to whomever the owner has entered into a deal with. They (the Premier League) have done their job. To ensure 777 is "fit and proper" they've placed restrictions on the acquisition.

Those restrictions have not been met. Moshri and 777 have asked for extensions to fulfill the Premier League's conditions. The Premier League is not in a position to tell them they can't have the extension if it's requested. They can only demand the conditions be met, and if both parties who want the deal to go through ask for more time to meet the conditions, the Premier League will grant it. Like, every single time.

Clarity isn't a factor here. The Premier League doesn't give a shit about clarity. Their only concern is whether or not the prospective buyers have met the conditions they set forth for acquisition. That's it. There's no PR lens or other issue, it's singular (or a four-headed monster in this case).

"He, they, are abdicating their responsibilities which is not their job."

I don't believe that's correct. I think you'll find he's doing exactly what he is supposed to be doing per Premier League Handbook rules.

It is therefore up to the Premier League at some stage to refuse or grant them permission is it not?

It is not. I won't repeat so read the pertinent sections of this thread above.

There is no timeline, no deadline, as frustrating as that may be. Sorry.

If that is 4 conditions not met out of 40 then it might be close but if it is 4 out of 10 then it looks much less likely.

Ed, this is bad enough already without you throwing in a bucket of opaque mud.

Four conditions, period. Not 40, not 10… but 4.

I strongly dislike the idea of 777 being owners of Everton and do not want it, however, legally it remains a possibility. In practise, it's very very unlikely to happen.

The Premier League are saying 777 Partners have to meet certain criteria to become owners; however, they are still to meet those conditions. It's Moshiri's job to decide if the new potential owners will meet those criteria and persist or to look elsewhere.

We all know what Moshiri should do. The question is if he will before it's too late.

Technically you're correct. 777, to date, has done nothing wrong.

But one has to be exceedingly naive or simply have blinders on to think they conduct their business dealings akin to the Sisters of the Poor.

They are evil shits. Every effort should be undertaken to avoid these snakes owning Everton.

777 is the turd after you eat six ears of corn on the cob for dinner.

You ain't polishing this turd, friends.

Okay I get it. Nothing we say on here is going to make a scrap of difference to the ultimate outcome, but someone outside of TW might take a read and may be slightly influenced by what they read.

The drift I am getting is that everyone is more or less content with the trajectory of the negotiations as they stand. I find it difficult to understand that if true. But so be it. I'll shut up now.

Moshiri is keeping his cards close to his chest because 777 Partners, are continuing funding EFC so until he gets another party fully on board and has a plan for the creditors, including 777, he cannot and will not reject 777.

Much as though this is frustrating and creates uncertainty to the people running the club for our absentee owner, we have to be patient and assume no news is good news right now.

Andy Bell and George Downing (I hope I got their names the right way around) have both got a lot of experience in this field and, according to what we are led to believe, are working feverishly with Moshiri and others to get a resolution to the situation to avoid administration and end up with proper people running the club.

We should know nothing is ever easy with Everton.

The drift I am getting is that everyone is more or less content with the trajectory of the negotiations as they stand.

Peter, I think I can say without fear of contradiction or disagreement from any poster that you're totally wrong!

This is my last post, but wanted to comment to you directly.

Nothing, absolutely nothing, you say doesn't make sense in a "fit and proper world." Unfortunately, we don't live in a "fit and proper world".

No fan, I have to believe, is happy with the trajectory of the negotiations. What's happening is frustrating beyond description. In a perfect world you'd not encounter these circumstances, or at least there would be some mechanism in place to stop this madness.

But when someone privately owns an entity, they can sell to whomever they want within legal means.

Don't shut up please. Your posts are refreshing in a way, because I'd think we're all banging our heads against a wall asking when will this stop, and won't someone, anyone step in to end this charade?

Cheers.

However, it appears 777 can no longer get their hands on other people's money. Nor can they demonstrate where their future funding for Everton would come from, leaving aside shell games and three-card tricks.

We may be stuck in the Mosh pit for some time yet.

Farhad Moshiri agrees surprise extension with 777 over Everton takeover until end of month?

Exclusive: Moshiri has given Miami-based investors last chance to rescue a deal that remains in major doubt.

From The Telegraph

I don't think it matters whether its 4 out of 10 or 4 out of a 100 that 777 have failed to meet, until they meet those 4 tests the Premier league will not give them the go ahead to take over Everton.

What's really curious is why would a company who have already pumped in around £210M keep funding the club, yet fail to convince the Premier League they are fit and proper people?

I would imagine that they would not only have to settle the outstanding loans of MSP and R&MF which are in the region of £360M, and both unlike 777 have their debts secured against the stadium, then it’s hard to see who would loan 777 the money to buy out those companies loans, with their poor credit rating.

We are now into their 8th month of trying to convince the Premier League of their suitability and have failed, maybe in the very murky world of offshore accounts that Mr Usmanov is funding 777 to keep Everton afloat, but obviously 777 Partners cannot let that cat out of the bag if indeed it has something to do with Usmanov.

So he looks like he is going to entirely bugger up our summer in the vain hope that 777 get the green light.

This story may have a lot of mileage in it yet!

It is so clear and obvious that 777 Partners are struggling big time with lawsuits, payment defaults and bad press. Everybody has waited enough and there needs to be a time frame to end this farce.

Premier League's Owners and Directors Test is bullshit. I mean we have waited for so long and when you have someone as bad as 777 Partners, this test should not have been applicable to them in first place and we should have moved on by now.

This lack of regulation for the takeover from Premier League is actually ruining our club and adds to further uncertainty.

However, I read up an article in the Echo, where it states that provision of capital to Everton was part of the agreement of Moshiri to sell the club to 777 Partners. These are contractual obligations to keep the agreement alive.

If they face another default here, they will face a lawsuit, while they also probably realize that the best chance of getting their money back lies with them providing additional funding given that their £200m-plus is through unsecured junior debt, meaning they would be behind the likes of Rights & Media Funding Limited, Metro Bank, and MSP Sports Capital in the event of any administration proceedings.

Moshiri holds the cards here and is probably already in talks with potential buyers to iron out a deal. Administration is not on cards and 777 Partners won’t get Everton in their portfolio – that is almost certain. Best chance for 777 Partners is somebody clearing this unsecured debt and rescue us from hell to heaven.

I should have made myself clearer. Do we know that the Premier League had just 4 conditions to be met and if so do we know if 777 failed to satisfy all of them or any of them?

Also do we know if there were more conditions and 777 satisfied all but 4 of them? Maybe you know the answer but I don't.

Pity they can't give him a kick up the arse too.

Because with 777 Partners, all they seem to have done is set some financial requirements in order to obtain approval. So does that mean that they will approve anyone who can borrow loadsa money and saddle a club with debt?

Not a very responsible way to approve the new ownership if you ask me and takes no account of whether the owners and directors are competent persons to manage a club. And it seems that their own company have decided that Wander and his pal are not competent having removed them from their positions in their Football Division.

My recollection is that, when granting their conditional approval of 777 Partners, four conditions were set forth by the Premier League for 777 Partners to satisfy.

At least one of the stories I linked above included the statement that 777 Partners had so far failed to satisfy any of the four conditions set by the Premier League.

This all came out relatively late in the process (I should link back to the story and find the date) which is somewhat opaque to us mere mortals but could well have involved a series of 'conditions' if you like (more probably 'requirements') that were not made public but that the prospective new owners needed to meet in order to pass the Owners and Directors Test.

Eric @52,

I would have to start with the Premier League Handbook but I would have thought The Alhletic or someone else must have published something on this.

A couple of things we know were being asked for were (1) audited accounts for 777 Partners, and (2) the source of their funds. We seemed to have moved on from those issues but I would be very surprised if they have been adequately resolved, which does suggest that the Premier League is being incredibly lenient with them, as the BBC headline says, quoting Masters: Everton ownership 'not for Premier League to decide'.

One thing Masters has clarified to me at least through all this is that it is very much up to Moshiri if he wants to carry on with 777 Partners. And the message has come back: "Yes, at least until 31 May."

I find it revealing to see how many Evertonians are having such a struggle with all this. It shows that many of us seem to have a big issue with uncertainty. Yet for me at least, life seems fundamentally uncertain in most respects, and to expect certainty where it simply does not exist is just a tad unreasonable, it seems to me.

But okay, judging by the vehement and passionate responses, I'm obviously a little odd in this respect…

Yes, Richard, if I may call you that rather than some expletive laden tag, it is a good line for the Premier League not to be choosing to whom a particular owner sells. On the other hand, the rather fluid nature of the Premier League's review of capital candidates has now resulted in a logjam of short term debts without a clear view forward. This has damaged the overall financial health of the club and made new investors' assessment of the potential club value damn near impossible.

This is on your desk. Your guidelines are what has given 777 the chance to muck around and sully the whole process. There is no scapegoat for what is ultimately a regulatory failure. I am sure you will be given the chance to refine your defence of the process.

Evertonians were fed "The People's Club" sop and still are. That is where the money is made, that is where everything is ripped off to their benefit. In Everton's case, there are layer upon layer of this. It is the internal culture of the club. It even now goes beyond the club.

All Evertonians have some knowledge, whether it by life experience, professional insight, or a combination of the two from ToffeeWeb articles and posts, resulting in scrutiny that has resulted in a worldwide media investigation covering football, the financial system both onshore and offshore, gangsterism, and celebrity.

So you have a combination of factual analysis with not all the information and others calling a spade a spade as they see it. Really what is happening is a number of parties are trying to get on the inside track to capitalise when the opportunity materialised. It is an assumption that they know what they are doing, which Evertonians are learning as: "Don't assume, because, if you assume, you make an 'ass' out of 'u' and 'me'..."

So therefore factual analysis without all the information, calling a spade a spade, and assuming they know what they are doing is not the reality of what is going on. The reality is Everton is caught up in many big money laundering operations, with a seemingly unlimited supply of money, trying to find its way out into a number of people's pockets.

Deadlines will come and go, parties will come and go, administration will be put on the long figure (pushing for administration not knowing the facts and who owns what is a no-no), and regulators are powerless, even when one like Masters allows himself to be wheeled out. We will never see or hear from the lady who is Chairperson of the Premier League.

So the madhouse will continue on its merry way into the coming seasons. We will all become veterans of relegation dogfights, points deductions, takeover fatigue, missed deadlines, meaningless PR, factual analysis without all the info and 'ass-u-me' – and Everton have not been in court yet! You all know as much as any of the related parties involved and collectively more.

It will all work out for the best in the end. Keep going, you are all doing a great job.

The Premier League does not have a big stick.