12/06/2024 94comments  |  Jump to last

Farhad Moshiri remains in negotiations with 777 Partners' chief lender over a potential takeover of Everton, according to The Telegraph.

Tom Morgan reports that A-CAP Chairman & CEO, Ken King, is trying to convince the Blues' majority shareholder that he can pick up where 777 left off and complete a buy-out of his 94.1% shareholding despite his firm's legal problems in the United States and exposure to Josh Wander's and Steve Pasko's troubled company.

Insurance giant A-CAP were implicated in a civil suit brought against 777 Partners in a New York court by Leadenhall Capital Partners of London alleging large-scale fraud and the Telegraph report suggests that their exposure to the Miami-based firm could be as high as $2.9bn.

Nevertheless, the claim is that Moshiri regards A-CAP as a "serious takeover contender" alongside the bids submitted by the Andy Bell/George Downing consortium and the multi-national group fronted by London-based businessman and lawyer, Vatche Manoukian.

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MSP Sports Capital, another New York private equity outfit that is owed £158m by Everton, are also in talks despite having passed up the chance to take a 51% majority stake in the Club in April.

A-CAP, who are believed to have been the primary source of the £200m 777 Partners have lent Everton over the past few months as part of their doomed attempt to buy the Club, have been under pressure from regulators in the states of Utah and South Carolina to sever ties with the company that Wander and Pasko co-founded after a subsidiary firm, 777 Re, had its credit rating slashed to C by agency AM Best.

"A person close to A-CAP" has played down reports that the firm's exposure to 777 is as high as reported while King, who is apparently in London this week to pursue a deal with Moshiri, says he is looking to raise as much as $400m in new capital.

A-CAP's chances of pulling off a takeover of Everton have been played down by other sources, though, and Morgan writes that some of the Club's potential suitors believe that "existing lenders are considering triggering a 'right to veto' clause as soon as this weekend ahead of various club transactions next week", which include a fresh payment to stadium contractors, Laing O'Rourke, and payments for players bought last year like Beto and Youseff Chermiti.

The Club's largest creditor, Rights & Media Funding, were said to have blocked an initial investment in return for a 25% equity stake by MSP last year.


Reader Comments (94)

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Ryan Holroyd
1 Posted 12/06/2024 at 19:17:30
The sooner Everton are free of Moshiri and Kenwright, the better.
Phil Wood
2 Posted 12/06/2024 at 19:22:10
Sounds like a veritable financial bun fight.

The mention of 777 Partners in any form sends shivers down the spine.

The idea that this is becoming some sort of battleground to save monies owed rather than take Everton forward does not bode well.

Hopefully someone with a better insight into the facts can help out here.

Billy Shears
3 Posted 12/06/2024 at 19:26:45
I totally agree with the posters above.

The murky world of finance seems to me perfectly suited to running a football club these days... sigh.

John Wilson
4 Posted 12/06/2024 at 19:28:42
Everton were stupid enough to put Moshiri in a position to take money off 777 Partners and stupid enough to allow Moshiri 94.1% of the shares without knowing anything about him. Kenwright should have done his due diligence.

Crystal Palace would not have done that, as Textor's current situation shows. In any event, at Everton that wasn't done and now we have a Moshiri mercenary playing Russian Roulette with Everton's future.

Couldn't make this shit up.

Mark Ryan
5 Posted 12/06/2024 at 19:35:07
I'll give you my view, Phil @2 but it's just me venting my spleen.

I've said all along that 777 Partners are simply a bridge to Usmanov. He's calling the shots and, ever since we held up banners stating "Moshiri, get out of our club" he's taken the view "Okay, fuck em, I will but on our terms and fuck the future of this lot."

There is no way the Premier League will let this through and so it drags on. Moshiri, son of Kenwright…

Such disappointing news.

Adrian Evans
6 Posted 12/06/2024 at 19:35:11
When are we going to get rid of this man Moshiri? He always looked like the junior partner to his boss Alisher Usmanov. Everton deserve better, as do the fans.

Let's hope we can get decent owners who put Everton and the fans in front.

Yes, make your millions but put football people in charge, please.

David Vaughan
7 Posted 12/06/2024 at 19:46:51
Or yet more fabricated guesswork by a journalist and his rag?

Even if the headline is true, Moshiri would be talking to A-CAP, wouldn't he? He appears to owe them money (via 777's alleged lending of £200M).

We continue.

John Wilson
8 Posted 12/06/2024 at 19:53:43
I think this story has got legs as we owe 777 £200M and they owe A-CAP £200M.

They will pay Moshiri a tidy sum to get this through. The leak is probably from A-CAP, not Moshiri.

Derek Knox
9 Posted 12/06/2024 at 19:55:18
That prick Moshiri is not to be trusted, he seems stubbornly against the best deal for Everton and more on dodgy dealings.

Hope he gets his fingers severely burnt!

Paul Washington
10 Posted 12/06/2024 at 20:03:21
The plot sickens.

The sooner we're rid of this stooge, the better.

Jay Harris
11 Posted 12/06/2024 at 20:06:05
Why should we trust a money-laundering puppet to do the best deal for our club?

It is also interesting that Moshiri seems to be handling the negotiations himself rather than through experts in the field.

Sums up amateur hour at the club.

Paul Hewitt
12 Posted 12/06/2024 at 20:10:27
I have no faith in Moshiri to do the right thing and sell to a good owner.

If this story is true, I can see the other parties walking away.

Lewis Barclay
13 Posted 12/06/2024 at 20:22:09
The person who owns the shares chooses who they sell them to.

They will pick what is best for them only.

[* Or what's best for any associated Russian…]

Mark Taylor
14 Posted 12/06/2024 at 20:27:11
On balance, I am unfortunately minded to believe Mark Ryan's post as being closest to reality.

We do not have an owner remotely interested in the future of the club he leaves behind. He just wants as much of his investment back as soon as possible, directed towards the bank accounts he wants it to go to.

If there is a right to veto for all creditors, then unless Moshiri (and/or A-CAP) put their hands in their pockets again, there is no avoiding the reality that we are not a going concern and the directors of EFC either have to resign or choose administration.

If 777's money is junior debt, then they have a motive to avoid administration and at the very least, spin it out for a week or two. So, bizarre as it may seem, I don't think it's impossible A-CAP will do this and pay the next tranche of bills.

They may well get their money back quickly from the proceeds of Jarrad's sale which I think sadly is now looking like a 75% probability at least. And Man Utd, or whoever is in for him, will know that so we will get far less money than we need and merit.

The vultures remain over the carcass…

Kieran Kinsella
15 Posted 12/06/2024 at 20:38:35
So, if I am reading this correctly, regarding the 'right to veto' clause, Kenwright's shady ex-Riverdance mate with his business that has no employees can prevent any kind of ownership change at the club and just keep us on the trip paying exorbitant interest to him until such a time as his pound of flesh has been collected?
Craig Scott
16 Posted 12/06/2024 at 20:51:47
I can't understand the deluded sentimentalists that post on here thinking that investors in this club are supposed to 'donate' their millions or billions for the good of the club.

So, if you buy a house and spend money on doing it up and maybe contribute some goodwill to the neighbourhood over the years, what do you do when you go to sell it?

You seek out the best price and terms from whoever is prepared to pay that, don't you? How many would say "No, I don't think I'll accept the best price because I don't think those offering that amount will get on as well with the neighbours…" Really?

Moshiri is doing what any investor does and will look to recoup as much of his investment as he can. And why wouldn't he?

He's at least had the balls to source the readies to get a beautiful new stadium built but some on here slag him off because he wants to get some of that money back.

Were we expecting a 'sugar daddy' to pour millions into the club for no return? How entitled or deluded are some of the posters on here?

Steve Brown
17 Posted 12/06/2024 at 20:54:52
If the supporters are opposed to A-CAP, then they need to make their opposition very clear.
Kunal Desai
18 Posted 12/06/2024 at 21:00:48
I wouldn't trust anyone who takes 9 months to decide on a bunch of cowboys to take over the club.
Colin Glassar
19 Posted 12/06/2024 at 21:04:06
Once Moshiri is gone, I hope we do an exorcism of Goodison, Finch Farm, The Liver Building and Bramley-Moore Dock. In fact, everywhere he and Kenwright ever visited.

We need to rid ourselves of the stench these two crooks have left lingering behind.

Tony Abrahams
20 Posted 12/06/2024 at 21:40:57
I'm not sure that the people who are interested in Everton will walk away but, if things don't move forward soon, then Everton are going to be in another horrible position football-wise and will eventually fall through the trapdoor because of this continued ineptness, imo.

I still think there's at least one other group waiting in the wings but, until Moshiri stops playing these silly games, then my guess is that it's probably hard for them to take the man seriously.

He allegedly couldn't tell the people at FAB much the other week because of an exclusivity clause, so maybe they should ask him again now.

Or they should try and get the Premier League to put a bit of pressure on him (wishful thinking, but I'm sure this is eventually what happened to Hicks & Gillet across the park?) because, as it stands now, I'm not sure anyone trusts the current alleged owner to do the right thing by Everton Football Club.

Good point, Craig @16, but if you have massively overspent on that house, and lent way too much money in the process, then there is simply no way you will get all your money back.

Sean Connor
21 Posted 12/06/2024 at 22:00:08
We are a golden goose. Moshiri has invested around £350 million out of his money, and will bank over £800 million.

The reason we are? As the FAB said, history speaks for itself: apart from multiple debts Man Utd have being living off for years, so why can't we?

Sean Connor
22 Posted 12/06/2024 at 22:06:25
I think he has had already decided…
Kieran Kinsella
24 Posted 12/06/2024 at 22:30:48
I'm wondering (per Colin) how far I could throw Moshiri?

Just a standing throw would be hard but if you lifted him up sideways, held him towards your midriff and span like a shot putter, I'm betting you could propel him at least eight feet.

Brent Stephens
25 Posted 12/06/2024 at 22:34:14
Kieran, you can throw the bits further.

An arm, then a leg, then his brass neck...

Jerome Shields
26 Posted 12/06/2024 at 22:35:08
If this is the case, I am not surprised. The 777 Partners deal was given every chance above and beyond what was reasonable. It failed because 777 Partners could not fulfil the Premier League's conditions, not because of sanctions.

In the Bonza debacle is tl was uncovered that there was little distinction between A-CAP and 777 Partners. They both were connected to 777 Re, Bermuda. There is absolutely no due diligence being applied by Everton regarding 777 Partners or A-CAP. They might as well be in-house.

The Premier League is trying it's best within it's remit but the implementation and investigation of sanctioned parties is lost in a tray somewhere.

The only deal on the table is with such parties.

Kieran Kinsella
27 Posted 12/06/2024 at 22:57:39

Small portions go along way.

Raymond Fox
28 Posted 12/06/2024 at 23:24:33
Well someone has to come up with the money or we will probably go bust. He needs to find a buyer, any buyer and quick, the clock's ticking.

Moshiri bought the club, he gave it a shot and flopped, there were several culprits responsible for the failure – not just him.

He's built a shiny new stadium to try and advance the club but then Putin put a very big spanner in the works.

I think the club has been cursed for some time now, we just can't get a break.

Ryan Holroyd
29 Posted 12/06/2024 at 23:34:17
Laughable if you think Moshiri will bank £800M.
Jay Harris
30 Posted 12/06/2024 at 23:47:23
Craig #16,

I think a lot of people appreciate Moshiri's intentions but the top and bottom of it his he has employed contractors and advisors that have made a mess of his house and loans exceed the value of the said asset meaning someone has to take a haircut.

He seems reluctant to accept this and is engaged with dodgy people who he thinks will rescue him but it's actually making things worse.

Mark Taylor
31 Posted 13/06/2024 at 00:21:07
Craig @16,

If you sold your house to metaphorical drug dealers and violent criminals for a few dollars more and in the right offshore account, maybe the neighbours might have a point?

Mike Gaynes
32 Posted 13/06/2024 at 01:01:42
To quote Sam Mussabini in Chariots of Fire... I've seen better organized riots.

Jay and Mark, maybe, but it's his house and nobody else's opinion really matters a damn.

Sean #21, you've got a better chance of banking £800 million than Moshiri does.

Tony #20, if genuine bidders for the club are those still capable of taking Moshiri seriously, Everton will get new owners in 2037.

Eric Myles
33 Posted 13/06/2024 at 02:10:40
Kieran #15, you got it right.
Christine Foster
34 Posted 13/06/2024 at 02:30:19
Realistically, why is he giving them the time of day? His agreement was with 777 Partners – not A-CAP.

There would appear to be far better options around the table if all is to be believed, and if A-CAP have anything to do with 777 Partners, then surely Moshiri would be advised to steer well clear?

Except… other than restructuring debt on a long term basis, Why do they even get a hearing? Whats in it for Moshiri, never mind the club?

How does any deal with A-CAP benefit Moshiri? In anyway if he is honest about selling up? (I personally think he only ever wanted to sell a majority shareholding…)

A-CAP can only provide part of any solution, who is funding the rest, the equity needed to pay out Moshiri, pay for the rest of the stadium, ongoing management of costs, etc… Who is (still) pulling the strings here?

Maybe i's all bullshit made up by media but we are no longer bound by any "exclusivity" agreements so how about the club making comment? Na… will never happen.

Why were 777 Partners in the picture for so long in the first place? Why are their backers even talking to us except to try to get their money back… but they aren't, are they?

They want to restructure our debt? R&MF anyone? Loan sharks the lot of them.

So Mr Moshiri, you enabled the build of a fabulous stadium. Probably with the help of a friend we all know… Why are you even talking to A-CAP?

Kieran Kinsella
35 Posted 13/06/2024 at 02:58:04

The only “logic” I guess is if 777's loans that apparently are A-CAP's are transferable into equity and, with that money “in the bank”, maybe these conmen claim they'll chip in more – let's just say £300 million?

Whereas maybe people with actual money and actual business acumen may be saying “We will only chip in £400 million cause realistically that's the best you're gonna get, mate.”

But, with a Russian Uzbek gangster tied to a state leader who has a habit of killing enemies, perhaps Moshiri is worried about Usmanov's public comment about wanting all his money back, and fear has driven him to believe the fantasy that A-CAP can make it happen.

Don Alexander
36 Posted 13/06/2024 at 03:12:59
As soon as Moshiri succumbed to Kenwright's bullshit, I posted that he, Moshiri, in terms of wealth and football know-how, was a light-weight.

I over-estimated him and, to my dying shame, the vain-glorious bombast of the arch parasite Kenwright, even though I've always rightly slayed him.

We are fucked, because of those two, for years to come. Nobody next owning us can feasibly contend any sort of optimistic scenario.

We're up Shit Creek, devoid of paddle, for years to come, courtesy of a shyster so-called genius mega-accountant and the devious ultra-hypocrite who conned him (and way too many of us – to our endless shame) for years.

Derek Knox
37 Posted 13/06/2024 at 03:37:26
Don @ 36, that pretty much puts it in a nutshell; what did we do to deserve this?

I can't see, barring miracles, there being any solution to this self-created mess (Moshiri) which seems to be getting bigger by his flirtations with another set loan sharks and crooked dealers.

Let's hope he gets a visit from Mr Kobiashi on behalf of a very displeased Kaiser Sose!

Paul Hewitt
39 Posted 13/06/2024 at 06:47:06
I think it's now clear that Moshiri doesn't have a say on who the club is sold to. That clearly is now from someone higher up.
Colin Glassar
40 Posted 13/06/2024 at 06:59:03
Moshiri just can't help himself can he? He's like an addict with his dealer or a prossie with her pimp.

He just can't pull himself away from dealing with shady characters who he knows are abusing him.

Danny O’Neill
41 Posted 13/06/2024 at 07:07:00
If your assumption is correct, Paul, I hope Moshiri has his cyber security locked down and his mobile device is secure.

If there are any connections to who we think you are talking about, we would be right in the shit!!

Paul Hewitt
42 Posted 13/06/2024 at 07:08:13
I wouldn't want to get on the wrong side of the people Moshiri hangs about with, Colin. He doesn't have a say on anything, I would imagine.
Colin Glassar
43 Posted 13/06/2024 at 07:20:15
I hope you're not suggesting he could end up “sleeping with the fishes”, Paul?
Paul Hewitt
44 Posted 13/06/2024 at 07:27:17
Who's paying the reported £40 million bills we've got to pay next week?
Jerome Shields
46 Posted 13/06/2024 at 08:01:33
In the 777 Partners deal, it appears that Moshiri was writing off all his shareholder loans. It was not reported anywhere that 777 Partners were making an upfront payment for these loans.

In Everton's accounts, these shareholder loans have been been converted to equity and are shown under other reserves. The deal with 777 Partners was to buy Moshiri's equity. I can't recall it being all his equity or part of it.

Moshiri was reported as securing a extension on the MSP Sports Capital loan, since 777 Partners were unable to pay it. lt seems that Moshiri is still in negotiations with 777 Partners, or at least related parties, A-CAP.

It seems to me that Moshiri may be even part of the negotiations with lenders and the Premier League on behalf of 777 Partners to get this transaction over the line. Everton are paid a tranche of the Premier League monies in June, so cash flow may be okay for the moment.

I don't even expect an exclusivity agreement, I expect a fait a compli statement, but not immediately. What is the point? A mockery is being made of normal takeover procedures. Neither 777 Partners nor A-CAP would pass normal due diligence.

David Vaughan
47 Posted 13/06/2024 at 08:06:25
Though still open to accusations of subliminal bias, Paul the Esk's latest piece (follow link below) appears to perfectly summaise this latest A-CAP twist in Moshiri's search for a buyer.

In short (my take), if A-CAP do get hold of the club, it will let them recover their money (allegedly loaned via 777 Partners) and replace it with a new, probably 3rd party source of funding, aka debt. They will then hope to sell the club on to parties unknown.

This could, I suppose, be either (i) doomed to fail, leaving us with a reluctant, disinterested owner (again?); (ii) be part of a pre-planned route to a more preferred owner (Bell and Downing, Manoukian, whoever); or (iii) start the whole sorry process of being put up for sale once again and effectively back to square one with all its unpalatable options (administration included).

The very presence of A-CAP 'still in the game' suggests or at least fans a suspicion of powers further up the food chain than our erstwhile accountant...

The absurdity of a potential bid for Everton by A-CAP

Tony Abrahams
48 Posted 13/06/2024 at 08:27:24
Exactly Mike. It won't just be Moshiri though, and it came to me this morning why those alleged Americans have yet to show their hand. It was during one conversation that I was told how incredibly murky it was behind the scenes at our once great English institution, and I'm beginning to fear for our immediate future if things don't start to move forward soon.

I agree with Jerome and have started thinking that we need something more than an exclusivity deal now, because of both the enormous debt and the worry of being hit with another points deduction next season.

Christine Foster
49 Posted 13/06/2024 at 08:43:20

This is not a straight sale. There must be so many dark closets in this it beggars belief.

Think back, why wasn't Kenwright ever canned? Why was 777 listed as a junior debt for £200M? Why is Moshiri even talking to A-CAP?

I think it's painfully obvious it was never Moshiri pulling the strings. Once sanctions came into effect in 2022, the money stopped, the board went AWOL, and the fans were basically told where to go.

Moshiri may have no choice in the selection of a buyer. For reasons even he might not know.

Kevin Molloy
50 Posted 13/06/2024 at 09:25:06
This deal is never going to go through unless matters are brought to a crisis point. The people, including the owner, who are owed money are going to have to be given a choice.

You either take X pence on the pound for your debt or you may lose all of it as the club is now, eg, 'facing administration' – and at that point, the deal will be cut. Until we get to the crisis point, it will just drift and drift.

Brian Harrison
51 Posted 13/06/2024 at 09:49:22
I don't for one minute think Moshiri is in charge of who he sells the club too. His boss will tell him who to talk to and who to sell to, and from Day 1, Usmanov has always been the man calling the shots.

Let's go back to the very beginning: Usmanov is an Arsenal supporter and, as well as his own shares in Arsenal, he gifted shares to Moshiri. When Kronke told Usmanov he wouldn't sell him Arsenal, even if he was the last man on earth, within weeks, Moshiri sold his shares in Arsenal and bought Everton.

We know that Usmanov had a 2-hour meeting with Ancelotti before he agreed to be manager, and we know that's a fact because Ancelotti has said that's what happened.

He also interviewed Benitez on his yacht while just outside Sardinia, and the rest of the board had no idea he had signed until Moshiri presented him at a board meeting.

I don't understand the murky world of high finance, but I can well imagine that billionaires don't like losing money. So Everton will be sold to the people who will give Usmanov and Moshiri the best return.

But the problem they have is trying to convince the Premier League that the people they wish to sell to are fit and proper people. So far, 777 Partners, their preferred option, hasn't convinced the Premier League and I imagine that A-CAP will have similar difficulties.

Roger Helm
52 Posted 13/06/2024 at 10:07:53
I am getting sick of the whole thing, not knowing anything while Moshiri, Usmanov, 777 Partners and who knows which other charlatans, semi-criminals and assorted other shady characters decide what to do with our club.

I hope the good guys win in the end, but God only knows how long it will take.

Paul Hewitt
53 Posted 13/06/2024 at 10:11:02
Football never used to be like this. It was fun and less stressful.

All that stopped when Sky took over. Now it's shady deals, overpaid players and corruption.

Tony Abrahams
54 Posted 13/06/2024 at 10:36:26
I said it last night but, if this drags on much further, I think us fans should turn towards the Premier League bosses who might even get a chance to show they don't need no Government intervention by forcing Moshiri's hand.

It must be the worst kept secret in football that Moshiri is only a frontman and it is also clear that this has been going on for years so hopefully someone from the league steps in. (Almost everything is a contradiction in this world!)

I believe a precedent was set years ago when Martin Broughton appeared to save Liverpool from going into administration, although, if it goes much longer, I'm not sure how Dyche and his players will be able to prepare for next season with such dark clouds hanging over the club.

Hopefully what Kevin M says @50 happens soon.

Barry Rathbone
55 Posted 13/06/2024 at 10:43:56
Sooner we go bust, the better.
Derek Thomas
56 Posted 13/06/2024 at 10:51:06
Forza St Domingo Phoenix (©️ applied for)
Dale Rose
57 Posted 13/06/2024 at 10:53:28
The phrase "Feasting with Panthers" springs to mind.
Stephen Williams
58 Posted 13/06/2024 at 10:59:08
Barry Rathbone (55), why?

Administration would be a disaster. Immediate 10-point penalty, selling off of Pickford, Branthwaite, Onana, Calvert-Lewin and anyone else who would generate cash. No ability to sign anyone new or offer existing players new contracts.

It would be much better to hold off from selling any players, take the PSR breach which is likely to be much less than 10 points, and regroup next season with the same squad as last.

As I posted previously, no amount of new investment would fix our PSR breach – only income (sponsorship, player sales etc) would do that.

Brian Williams
59 Posted 13/06/2024 at 11:22:53
A little bit of stress certainly brings out the crazy in people, judging by some of the daft posts.

Andrew Merrick
60 Posted 13/06/2024 at 11:57:04
Paul @53, Nail on head...

Barry @55, Noooooooo...

I can't see how this cycle is going to break, though… :(

Bill Gall
61 Posted 13/06/2024 at 12:41:24
Typical Everton, the left hand doesn't know what the right hand is doing.
Barry Rathbone
62 Posted 13/06/2024 at 13:27:50
Stephen @58,

We're in utter shit street, yet people are still interested.

Imagine if the decks were cleared financially – the queues of interested parties would be round the block plus the acquisition would be transparent, clean and quick with an open field to invest where required – on the pitch.

Some of those interested might have real money rather than consortia who seem akin to Kenwright post Johnson.

Bite the bullet – go bust… then rise Phoenix-like from the ashes!

Len Hawkins
63 Posted 13/06/2024 at 13:30:40
I am sick tired and fed up to the back teeth with this Iranian puppet and the string-puller bringing EFC to to the brink of falling apart.

I hate and despise the cretin who searched high and low to find a couple of mugs who would let him still be the figurehead as the club lurched from one crisis to another.

How long are the people who have given their lives and money supporting this once great club going to be stood in the cesspit as the latest contents of the boardroom toilet is flushed their way once more?

John Wilson
64 Posted 13/06/2024 at 14:02:17
Apparently, The Telegraph is reporting that A-CAP is being taken seriously by Farhad Moshiri.

The character in The Dark Knight said "Some people just want to see the world born, where The Joker character lit his millions on fire."

How do you deal with people like this Moshiri? He wants his millions one way or another and we know the takeover will be dragged out all this year.

It's like he wants Everton to go into administration. Someone should sue him for being a dangerous character.

Stephen Williams
65 Posted 13/06/2024 at 14:19:12
Barry (62),

Sadly your Utopian view of simply ditching the debt is just not how insolvency law works.

An Administrator would first try to sell the company the way it is. If that's not possible (and we all seem to agree that the debt is just too big for that), then ultimately they will sell assets off in a breakup situation.

Selling the existing company is the only way to preserve its standing in the league system. A sale of assets leaving all debts behind other than those secured on those assets and ‘football' creditors, would necessitate the registration of a new club. That would mean starting at the bottom of the football pyramid – as Glasgow Rangers did.

Is that really what you're advocating – just for the sake of the £200M unsecured debt?

It's a massive No from me.

Tony Abrahams
66 Posted 13/06/2024 at 14:24:22
Surely even the people connected to Moshiri must realize that they are coming towards the end of a very long and winding road?

Who will want to buy Everton with another points deduction hanging over the club unless the PSR is sorted out pronto – and that's before we will have to make our first payments on the two foreign strikers we bought last season on the never-never.

Lending or buying on the never-never eventually catches up with everyone except the great William Kenwright, although our saviour was a complete one-off who must be turning in his grave or maybe he is smiling into his margaritas somewhere?

Stephen Williams
67 Posted 13/06/2024 at 14:36:01
Tony (66),

Who will forget the classic "You don't need £5M to buy a £5M player"?

Joseph Yobo was the first to be bought on the never-never.

James Flynn
68 Posted 13/06/2024 at 14:36:47
David (47) - "still open to accusations of subliminal bias,"

Subliminal bias, regarding what? Paul Quinn been open about wanting Moshiri out of the Club; a clear and obvious bias.

John Wilson
69 Posted 13/06/2024 at 14:43:21
A-CAP were worth $6B in 2022.

One thing about A-CAP, no one is ripping them off. A billionaire outfit. They were funding 777 Partners.

They only want their money back and so would A-CAP running us and structuring our debt be that outrageous?

They have money to bring players in clearly.

Barry Rathbone
70 Posted 13/06/2024 at 14:44:14
Stephen @65,

Interesting example choosing Rangers; 14 years after going bust, they're now in rude health and winning. Our prospects via the proposed buyers seem a continuation of Kenwright but there again some see that as fine and dandy.

In your parlance, that's a massive No from me.

Eric Myles
71 Posted 13/06/2024 at 15:03:54
Barry #70, you can't compare the resurrection of Rangers through the Scottish leagues to the English leagues.

There's only 2 teams likely to win anything in Scotland, barring a Leicester-like anomaly. In the English leagues, it's much harder to climb your way back – just ask Leeds, Man City, Coventry, Portsmouth, Preston QPR, MK Dons, Wimbledon, etc.

Roger Helm
72 Posted 13/06/2024 at 15:07:25
Barry, at the age of some of us, 14 years is a long time!

Anyway, it is a lot easier to rise in a small pool like Scotland. A new Everton would be permanently stuck in the lower leagues, definitely not what we want.

Ed Prytherch
73 Posted 13/06/2024 at 15:09:43
There is not a chance that A-CAP will be allowed to buy Everton. They are under scrutiny from US regulators and their credit rating will likely take a hit.

Moshiri and Usmanov want EFC to remain in purgatory for as long as possible. They are punishing the fans.

David West
74 Posted 13/06/2024 at 15:15:16
Moshiri may have done his best deal getting £200M out of A-CAP via 777 Partners. I'm not sure what they get now for their £200M?

I get it will need to be paid back or negotiated to a settlement, but is it at an extortionate interest rate? A-CAP obviously want something for their £200M and Moshiri seems obliged to listen.

Has this £200M actually given us that bit of a chance that someone finds us a good deal now?

Stephen Williams
75 Posted 13/06/2024 at 15:31:42

I have no doubt that the discussions with potential buyers are the equivalent to those that an Administrator would undertake. They will be seeking to reduce debt to a level that will match the best offer.

Should that be unsuccessful, then an Administrator would formally undertake the same process. Should it be unable to do a deal with not just a buyer but also all creditors, then Everton cease to exist (a result of going bust).

A sale of assets would go to the club's creditors and a new new club would be created that would start life most likely in the Conference.


- All players, coaching staff and club staff would be lost,
- Goodison would be sold off for building land,
- and the new ground wouldn't be taken on (who would pay multi hundreds of millions for a big shiny ground hosting Conference football?).

Unlike Glasgow Rangers, the new Everton would be floundering around in a much bigger football pond (aka cesspit) that could take forever to get back to the Premier League – if at all.

By the way, Rangers are not in 'rude health' having sustained losses of £93M in taking just 3 years getting back to the SPL!

Whilst I respect that everyone is entitled to an opinion, yours is one that would create a doomsday scenario that offers a far worse outcome than the position we currently find ourselves in – and that's quite something when we consider where we are.

Not sure there are too many who would vote for your direction.

Eric Myles
76 Posted 13/06/2024 at 15:31:47
I'd think that it's in A-CAP's interest to get Moshiri to convert their £200M debt into equity.

It leaves Moshiri as the majority shareholder who can sell his shares, and reduces the debt, making the club a more attractive buying proposition with only the immediate MSP £200M loan to worry about.

It's good for A-CAP that they then have more security on their debt and can hopefully make a profit on it in the future.

Karl Meighan
77 Posted 13/06/2024 at 15:42:22
Why is Moshiri still to talking to 777 Partners about a sale
considering they were a shit company to sell to and ca'nt raise the finances. Surely others were a better option for him?

Something dodgy about this 777 deal… it has had the stench of Usmanov's money involved one way or another.

Stephen Davies
78 Posted 13/06/2024 at 15:49:28
Mr Bell in London today with Financiers…

[Taps nose…]

Mike Gaynes
79 Posted 13/06/2024 at 16:01:32
Stephen #78, keep 'em coming.
Jerome Shields
80 Posted 13/06/2024 at 16:14:52
Eric @76,

The problem is that we are in the dark regarding the Share Purchase Agreement with 777 Partners and A-CAP's charge on the funding of that loan. We also don't know at what stage A-CAP became involved. Are they in fact 777 Partners from the start or have they come on board, by means unknown, now?

Moshiri has repeatly stated that he expected no problems with the 777 Partners takeover. He has not said that 777 Partners failed to meet the current deadline for Premier League conditions.

As a matter of fact, I expect that Moshiri will maintain a controlling interest and bring in another investor. The MSP loan will be paid at some stage. Administration is a long way off.

Up to now, nothing has been straight-forward. I expect no change.

Eric Myles
81 Posted 13/06/2024 at 16:18:19
Looking at some numbers, A-CAP's loan-to-equity conversion would get them about 35% of the Club, maybe less if Moshiri is a good negotiator.

Then Moshiri has roughly 60% left to sell as a controlling share meaning a buyer has to stump up less, and if they can do a first option deal with A-CAP?

Eric Myles
82 Posted 13/06/2024 at 16:20:58
Stephen #78, what's Mr Bell's job again?

I bet he meets financiers every day of the week.

Derek Knox
83 Posted 13/06/2024 at 16:24:36
Stephen @ 78,

I'm glad you are keeping a watchful vigil on the Bell End!

Sure it wasn't Moshiri? :-)

Stephen Davies
84 Posted 13/06/2024 at 16:29:41

Just passing on information... maybe some more info very soon.

Dale Self
85 Posted 13/06/2024 at 16:30:57
I'm thinking an alternative headline could be "Man who loses control tries to regain control by flailing his arms".

Okay, maybe he is just losing reputation rather than control, but still, this is getting comical.

Ryan Holroyd
86 Posted 13/06/2024 at 16:54:14
Stephen Davies

Is this where you got your info from?


Barry Rathbone
87 Posted 13/06/2024 at 17:11:09
Stephen @75,

As you say, a doomsday scenario.

Alternatively, imagine an oil mogul reinventing the club, recalling the spirit of our forebears who told Houlding to shove his rent in dire circumstances and built the finest stadium of its time, Goodison Park.

No matter what the division or circumstances, real Evertonians would flock to the flag – it just depends on what faith you have in Evertonians.

Habib Erkan Jr
88 Posted 13/06/2024 at 17:38:04
“MSP Sports Capital, another New York private equity outfit that is owed £158M by Everton, are also in talks despite having passed up the chance to take a 51% majority stake in the club in April.”

This must be a fabrication. If it were true, it would be the door for a legitimate contender to get Moshiri out of the equation.

Brian Wilkinson
89 Posted 13/06/2024 at 18:28:59
Brian @51,

We know that Usmanov had a 2-hour meeting with Ancelotti before he agreed to be manager, and we know that's a fact because Ancelotti has said that's what happened.

He also interviewed Benitez on his yacht while just outside Sardinia, and the rest of the board had no idea he had signed until Moshiri presented him at a board meeting.

I don't understand the murky world of high finance, but I can well imagine that billionaires don't like losing money. So Everton will be sold to the people who will give Usmanov and Moshiri the best return.

You are bang on the mark above about Usmanov, my belief at the time was, had Usmanov taken control of Everton, he would not have then sponsored Everton Football Club, through USM, including the training ground, the women's football team, advertising at Goodison, and the naming rights on the new stadium.

By remaining outside of conflicting interest, or the owner, he could have continued funding Everton without it impacting PSR.

Since the sanctions in Russia came into place, that scuppered Usmanov's plans, and coincides with no money from Moshiri, since the sanctions came into place.

I am as close as 100% sure that Usmanov is still calling the shots, and had his fingers in the 777 pie.

Mike Gaynes
90 Posted 13/06/2024 at 19:02:13
Habib #88, no, it's not a fabrication. MSP had the legal right to claim the majority ownership stake in the club, per their loan agreement for the stadium.

They did not do so because, per every report, they have no interest in majority ownership. They originally bid £150M for a 25% piece of the club.

I have always believed that MSP's ultimate ambition is to put together a consortium to buy the club, in which they would have a controlling interest and a couple of Board seats but not, repeat not, a majority ownership stake.

Everton is a high-debt, high-risk investment, and under my imagined MSP model, that risk would be shared across multiple investors in the consortium.

I've been out on the MSP limb for many months now, and I'm still perfectly comfortable here. I still believe this is MSP's objective, and I will be ecstatic if they pull it off. And if they still have that 51% right, they hold the high card in the deck for this game.

Mike Gaynes
92 Posted 13/06/2024 at 19:26:14
Brians #89 and #51, nobody likes losing money, so assuredly Moshiri will sell Everton to whoever offers him the most money. That's pretty basic.

Usmanov may or may not be calling the shots for Moshiri, but I strongly doubt he's directly involved with 777 Partners or A-CAP.

Reason: it wouldn't be worth the massive risk. Josh Wander may be shifty, but he ain't stupid. The legal penalty for trafficking with a sanctioned oligarch could be prison (maximum 20 years in the US and 7 years in the UK) and millions in fines.

I don't know about the appropriate UK agency, but the US Treasury Department's Office of Foreign Assets Control does not mess around. They just nailed a plastics company for $20 million for trading with Iran.

Who would risk that to buy a troubled football team? Nobody. I'm quite sure that whoever buys Everton will double- and triple-check to make sure Usmanov is nowhere near the transaction.

James Flynn
93 Posted 13/06/2024 at 19:30:16
Mike (92) - Thank you.
Mark Ryan
94 Posted 13/06/2024 at 19:40:38
Mike @ 92, I like that.

We just need to hope that Moshiri has a modicum of decency when it comes to our future. Surely he doesn't want to be seen simply as the man that fucked up Everton. He has to have some pride surely?

Danny O’Neill
96 Posted 13/06/2024 at 19:42:45
The voice of reason and sensibility with your last few comments, Mike Gaynes.
Paul Ferry
98 Posted 13/06/2024 at 19:48:19
Barry Rathbone (55): "The sooner we go bust the better".

The stupidity and shallow callousness of this keyboard codswallop is as jaw-dropping as the complete ignorance of the consequences of going “bust” (never mind the caring gentle attitude towards the club’s employees and their families).

There are babies in wombs who have better understandings of administration than Mr. Rathbone. No problems everyone, we’ll just get those “decks … cleared financially”. No worries, we will “rise Phoenix-like from the ashes!” Jesus wept he even pukes up the example of Rangers in two-club Scotland, who are, apparently, in “rude health”. “Rude health”! They are around 100 million in debt, aren’t they?

Comparing Rangers’ years-long “Phoenix-like [rise] from the ashes!” through the utter shite of lower-level Scottish footy to Everton starting all over again is like comparing the speed of sound with a disabled tortoise.

Primary school bankruptcy/financial management Mr. Rathbone: the administrator has to find a buyer for our debt while keeping all creditors happy at the same time. The likelihood is that the fish won’t bite so asset stripping will begin and anyone with a tadpole’s brain has a good idea how that might well end up.

Anyone who casually types "Alternatively imagine" should be ignored at all costs.

Or, alternatively, Mr. Rathbone, you could go back to your drawing board and explain to us in finite detail how you think administration/bankruptcy actually works (details not generalisations).

This all takes me back. One of my first jobs was in The Official Receiver in Bankruptcy Office on North John Street with luncheon vouchers for Sayers around the corner.

Mike Gaynes
99 Posted 13/06/2024 at 20:06:07
Danny #96, my moments of rational thought are few and far between these days, but thanks.

Mark #94, I don't think Moshiri could care less how he is viewed by the world. I believe his sole priority at this point is to get out from under his ill-fated Everton adventure with as much of his fortune intact as he can. I don't see that as indecency. Just practicality from a very practical guy who got way in over his head.

Shaun Laycock
106 Posted 15/06/2024 at 12:58:10
777 Partners bought a 45% stake in the British Basketball League and owned the London Lions. The BBL have revoked their licence due to their financial situation. The 777 'Empire' looks like it's in its death throes on multiple fronts.

Bullet dodged... or is it well played Moshiri for getting circa £200M out of them to keep us afloat this season???

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