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Moshiri calls time on 777 Partners deal

| 10/05/2024 19comments  |  Jump to last

Farhad Moshiri has officially terminated the deal he struck with 777 Partners last September and will now look elsewhere for a buyer of his 94.1% stake in Everton FC according to source The Bobble.

The Miami-based firm's attempts to buy the Anglo-Iranian out already looked doomed following a succession of financial setbacks and legal challenges but it now appears as though Moshiri has run out of patience almost eight months after he signed an agreement to sell his stake to them.

In the interim, 777 have loaned the Club a reported £200m, largely to cover construction costs of the new stadium at Bramley-Moore Dock, which they intended to convert to equity once they had received approval of the takeover from the Premier League.

The League had placed certain conditions on that approval being granted, none of which 777 have been able to meet and, with the Florida company reportedly bringing in experts to restructure their own organisation, it looks increasingly unlikely they ever could have done. 

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According to earlier reports, MSP Sports Capital, who had an agreement in place to take a 50% + 1 share stake in Blue Heaven Holdings (the company through which Farhad Moshiri officially owns his 94.1% of Everton shares) should 777 Partners be unable to repay the £158m loan the New York investment firm provided last year, are seeking to re-engage with Moshiri about a takeover, possibly in partnership with other investors.

Reader Comments (19)

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Paul Kernot
1 Posted 11/05/2024 at 00:15:44

Now can we get on with dealing with real business people and then hopefully get rid of the nasty smell around our club.

James Flynn
2 Posted 11/05/2024 at 02:57:40
Nice if true. Finally.

Kieran Kinsella
3 Posted 11/05/2024 at 03:05:16
I'll give Kenwright credit for one thing. It didn't take him half as long to realize Chris Samuelson was a con man.

All things considered, I'd be surprised if 777 Partners aren't in jail soon. US prosecutors frequently abuse the wire fraud law designed for the mafia to bang anyone up who transfers money with a hint of mischief but these scum bags who made their money exploiting insurance payout victims surely deserve that fate.

Paul Hewitt
4 Posted 11/05/2024 at 07:51:29
Good news, I suppose…

But who's paying the bills now?

Paul Birmingham
5 Posted 11/05/2024 at 09:03:51
Thank God, if this is true.

Now for Everton to find a trustworthy and reliable business partner to take over the club and the new stadium with integrity.

There's more questions than answers; one day, the Everton supporters may get the facts on the 777 farce – how and why did Moshir pick and persevere with them for so long.

Hopegully Everton have learnt from this farce. What the interim survival plans are, remains to be seen. UTFTs!!

Michael Kenrick
6 Posted 11/05/2024 at 09:20:33
Oh yeah?

777 Partners have delivered another £8M to Everton as per their agreement with Farhad Moshiri, according to Alan Myers.

The Sky Sports journalist reported via Twitter on 11 May that the money had been deposited the previous day to take the American firm's funding up to around £210million during the 8 months since their agreement with the club's majority shareholder was announced in September.

I'm so confused…

Paul Hewitt
7 Posted 11/05/2024 at 10:04:42
Josh Wander has been removed from 777 board. And debt experts have been called in to save the company.

Looks like the deal's over to me.

Brian Harrison
9 Posted 11/05/2024 at 10:32:02
Alan Myers, our former Director of Communications, has said that 777 Partners have deposited a further £8M into the clubs account, taking their expenditure in Everton to £210M. That doesn't seem like the actions of somebody who has had their deal terminated by Moshiri.

Kevin Maguire, the well respected financial expert, says a big Thank You to Phillipe Auclair who, along with Josimar, were reporting about 777's unsuitability many months ago, Maguire also praises the work our own Paul the Esk has done in calling out 777 Partners.

The press are reporting that Wander and Pasko have been removed from the board at 777 but seems that hasn't had any effect on 777 still wanting to buy Everton despite them failing to convince the Premier League. I don't expect to hear from the Iranian accountant, absolutely disgraceful the way he has taken this club to the brink and still refuses to engage with fellow shareholders and, more importantly, the lifeblood of the club – our magnificent fans.

Lyndon, I would be very interested to see where you have read that Moshiri has killed the deal with 777?

Neil Tyrrell
10 Posted 11/05/2024 at 13:30:56
Brian, "according to source the Bobble" at the start of the article.
Simon Harrison
11 Posted 11/05/2024 at 15:09:17
Hi Lyndon [OP] and thanks for your post at [6] Michael;

Just as an aside, I know you said that 'The Bobble' has reported this as fact, and yet...

Nowhere else in the Public Domain has this been reported as done yet, ie, that 777 have been rejected? Not even that bastion of 'unbiased' news reporting, the BBC are carrying this?

From what was reported last week regards the penultimate tranche of £16M of payments made by 777, assisted by an unknown (as of yet) third party; and now a further £8M paid by 777 Partners LLP, whether directly by them or not, they have 'someone' obviously funding, or backing, their takeover?

Therefore, until there is an 'official' announcement, I'll keep the coffee in the pot for now.

Moving away from the Uncle Ali conspiracy theories that have been flying around, as an aside, I think he has washed his hands of getting his money back, and will be looking directly at Little Farsi for his £400M+ repayment. Therefore could I posit another 'suggestion'? AKA conspiracy theory...

Maybe, with all the fears of Uncle Ali desperately wanting to keep his 'laundromat football machine' working, that without previously knowing how entangled 777 Partners LLP were with Kenneth King and his companies, maybe, just maybe, it was King all along using 777 as a vehicle (or front) to gain access to EFC and the millions available via the Premier League, and thus to the great sinkhole available to lose 'toxic credit' with a football club that is given millions and earns millions and yet ends up losing money, even without the stadium repayment costs?

It was reported last November, if I remember correctly, that King's Haydock company was putting in over 70% of their turnover into 777 Partners, so why? Cui Bono as the saying goes?

Well, again after (with hindsight) reading the latest revelations of the relationship between 777, Wander, Pasko and the King- owned companies and organisations, well, if I were on a jury, I'd point the finger at Kenneth King, and suggest that Wander and Pasko were just the faces to the backroom-deal.

Maybe that is why Wander (and 777) was so desperate to drop Standard Liege and the other Tifosy Football group clubs in the mire; with Vasco da Gama this week saying they are seeking recourse to the courts re 777 ownership; Standard being in the state of a reversion of ownership back to the original shareholders; and Genoa, the poster club of the group, not having received monies this month for operating costs!?

That 777 house of cards is definitely starting to collapse!

With respect to the deal being over: If 777 Partners are still putting money into Everton FC, then how can they not still be in the running to takeover the club?

Pertinently, the Premier League Owners and Directors Test is strictly that — an Owners (777 Partners) and Directors (Wander and Pasko) Test!

So, what is to stop a King-backed 777 Partners from meeting the Premier League's four outstanding criteria, with two (or any number?) new Directors listed on the takeover application with Wander and Pasko removed?

With all that is going on. and all that in mind, as I say, rather than rely on El Bobble, I'll choose to wait on an official announcement.

Ever since Michael once 'gently reprimanded' myself (thank you Uncle Michael! 🙂👍), as he is oft to say: "Let's wait and see the lay of the land, once the dust has settled."

Sorry to put additional words in your mouth, Michael, hehe 😜😂

Thanks again for posting the story Lyndon.

Good wishes all.

Kevin Molloy
12 Posted 11/05/2024 at 17:30:56
"Thanks for your interest, 777 Partners, but you've messed us around long enough, we shall be looking elsewhere in future."

"What about our £200 million?"

"Sergei! Please explain the situation to Mr Wander."

James Flynn
13 Posted 12/05/2024 at 00:43:07
"Just as an aside, I know you said that 'The Bobble' has reported this as fact, and yet...

Nowhere else in the Public Domain has this been reported as done yet, ie, that 777 have been rejected? Not even that bastion of 'unbiased' news reporting, the BBC are carrying this?"

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Kieran Kinsella
14 Posted 12/05/2024 at 2024/05/12 : 08:09:46

Further to the so-called El Bobble claiming Moshiri has moved on from 777 partners, Alan Myers, who competes with Bobble and Paul Quinn for status as insider Number 1, claims in fact just yesterday that 777 Partners injected another £8M into the club. When asked about Bobble’s tweet, Myers said, "It’s up to you to choose who you believe."

Regardless of the ongoing contest to leak real or imagined news first, we know 777 Partners just called in bankruptcy experts. We know baseball cap-wearing coke-head, and alleged kidnapper Josh Wander is no longer overseeing football operations.

We know the £8M Myers claims was just injected to Everton probably is connected to the fact 777 have just reneged on paying wages ar both Standard Liege and Red Star, as well as transfer fees owed by Genoa which caused them to lose their license to play in Europe. 

But what hasn’t got any attention so far is US bankruptcy law. Since I work in finance, it’s something that immediately crossed my mind. In America, there’s a thing called “preferred creditors.”

These are individuals or entities that someone or some company keeps funding while they fail to pay other obligations. If said party filed bankruptcy, either total or restructuring, then under US law, the courts have the right to claw back funds given to preferred creditors over the prior 6 months. 

So if as seems likely after Bonza, Flair, the $600M fraud lawsuit, and calling in bankruptcy specialists, Josh and Co file some form of bankruptcy, then any money given to Everton in the six months prior could be clawed back. 

It makes sense. Why should Belgian players, Aussie pilots and US lenders go unpaid while Wander shuffles cash to Everton? 

So, for anyone thinking "We’ll screw all of them, I’m alright, Jack!" — we may not be for long. 

Tony Abrahams
15 Posted 12/05/2024 at 08:41:42
I was told it was very, very murky, murky, murky, Kieran. What were both Wander and Usmanov thinking when they joined forces?

Wander must have known he was coming on top, so he either doesn't give a flying fuck, or he must have come clean to the oligarch, who has just batted on, not giving a flying fuck for Everton.

That's fair enough, he's spent a lot of money and got fucked by the world's greatest Evertonian, but he should have come and tried to get to know us before assuming everyone was like the fella who had the kecks off him!

Dave Lynch
16 Posted 12/05/2024 at 10:27:23
It's being reported on Sky that 777 Partners have ploughed another £8 million into the club.

Somehow… don't think they are going away.

Michael Kenrick
17 Posted 12/05/2024 at 13:09:14
Ah but yes but no but — Paul "the Esk" Quinn has the answer to this conundrum, just as you might expect:

“In order to have any prospect of recovery of their loans 777 find themselves in the ludicrous position of finding [more] funding for Everton.

“The game is over for 777, this is a desperate measure to try and keep the patient (Everton) alive in the hope of recovering their funding in the future.”

And there you have it, The perfect explanation to conflate these two disparate 'facts' in the continuing saga…

Dennis Stevens
18 Posted 12/05/2024 at 13:19:04
And to think we were all worried about the risk of imminent administration, Michael!
Dave Lynch
19 Posted 12/05/2024 at 13:43:12
The only 'fact' that I can pick out of The Esk's "facts" is that in 'fact' he's as in the dark as the rest of us.
Eric Myles
20 Posted 12/05/2024 at 14:08:16
Kiran #14, but according to reports I've read on TW, 777 are a low tier unsecured creditor of the Club bot a preferred creditor.

And the Club is in UK, not USA, so what chance have the US administrators of 777 got of clawing back money from us immediately?

Indeed, if it could in some way be enforced it is more likely to put the Club into administration immediately and then the US creditors would lose out.

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