The blues

[Tosh]

If I’m reading that right, 777 could pay off the debt to MSP

BUT haven’t. 
yet if Everton go into admin (or/and relegated), they can pay that debt off at pennies in the £. But their own stake is worth a lot less. Unless of course their loans to Everton are in some way completely protected in the event of any default event. 

[stressederic]

What could go wrong?

[smicer07]

Hoping these pricks go into administration. 

[Bogman]

10 minutes ago, smicer07 said:

Hoping these pricks go into administration. 

That’s all there is.

All on us.

[Bogman]

"Bonza’s fleet of Boeing 737 Max 8 aircraft had been repossessed.

Bonza’s private equity owners, the US firm 777 Partners, own the airline’s fleet of Boeing 737 Max 8 planes. The parent company also part owns the Canadian low-cost carrier Flair and leases its aircraft assets between the airlines"

[Tosh]

Maybe looking at plan B. Well, another plan B

https://www.theguardian.com/football/2024/apr/30/everton-call-in-insolvency-restructuring-advisers-777-takeover-doubt

[Gethin]

55 minutes ago, Tosh said:

Maybe looking at plan B. Well, another plan B

https://www.theguardian.com/football/2024/apr/30/everton-call-in-insolvency-restructuring-advisers-777-takeover-doubt

Reckon they're circling the drain here. The missus used to work in the Insolvency practice at one of the big firms &  reckons that there's a very high %age of firms that call in insolvency advisors and then subsequently need to do it. Most leave it too late to do anything before admitting there's a big problem.

[Tosh]

Oh dear, how sad.

Though if it’s an automatic 9 point deduction for going into administration, they’d still not be in the bottom 3. 

Edited April 30 by Tosh

[Sir Tokyo Sexwale]

2 hours ago, Tosh said:

Oh dear, how sad.

Though if it’s an automatic 9 point deduction for going into administration, they’d still not be in the bottom 3. 

FFS

[Greenoak]

The 160m debt secured on the x 000 m on the build cost of the stadium will be called in..

 

[Case]

We could get Coleman on the cheap.

#Fume

[muleskinner]

51 minutes ago, Greenoak said:

The 160m debt secured on the x 000 m on the build cost of the stadium will be called in..

 

Think there has been some sort of further bail out today. f*** knows how big the debts are now.

[Gethin]

2 hours ago, muleskinner said:

Think there has been some sort of further bail out today. f*** knows how big the debts are now.

Pretty sure it's £200m that 777 have put in and they owe £160m to other investors. There may be more than that too

[Ripley]

Kenwright chose the right moment to cash in his chips then. 

[Ed the Wool]

13 hours ago, Gethin said:

Reckon they're circling the drain here. The missus used to work in the Insolvency practice at one of the big firms &  reckons that there's a very high %age of firms that call in insolvency advisors and then subsequently need to do it. Most leave it too late to do anything before admitting there's a big problem.

Circling the drain is spot on. They’re f***ed. 
 

Debts of at least £360m, I doubt they’re worth that even with a completed new stadium. 
 

Going to be interesting to see how the PL spin this because Moshiri was never fit and proper. 

[Greenoak]

There's now way that stadium has cost £160m .. which is the debt with the stadium as security.

Way higher than that.

That debtor is looking secure. He gets the stadium and can do what he likes with it

777 ain't getting their 200m back.

 

Someone is going to come out of nowhere hoping to buy the club for peanuts. Then buy / lease the stadium .. maybe the guys that own the stadium will buy the club instead 

[DecidedByPoll]

3 hours ago, Greenoak said:

 

Someone is going to come out of nowhere hoping to buy the club for peanuts. Then buy / lease the stadium .. maybe the guys that own the stadium will buy the club instead 

That’s very much what it looks like.  Someone is waiting for 777 to really start going under and then will bid.  

[Jarg Armani]

I'm sure Joe Anderson and Andy Burnham will be along any minute to make some statements.

[Gethin]

I'm *almost* starting to feel sor....

Nah.

https://www.bbc.co.uk/sport/football/articles/c4n14dzgkxpo

Quote

777 has been in talks with GDA Luma Capital to see whether debt financing can be offered, as first reported by Bloomberg., external

New York-based GDA Luma describes itself as providing "capital solutions" to companies facing "complex financial and operational challenges".

 

[Barnesy_10]

https://www.bbc.co.uk/sport/articles/cprgxj4zlneo

 

[stressederic]

 

[Bogman]

Oh Noe’s.

[Tosh]

But doesn’t the club owe 777 a fortune?

Pass the popcorn

[Gethin]

1 minute ago, Tosh said:

But doesn’t the club owe 777 a fortune?

Pass the popcorn

£200m-ish

And it's not even their most pressing debt to pay off

[Chewie]

1 hour ago, stressederic said:

 

Spoiler

 

Owner Farhad Moshiri appears unconvinced that crisis-hit US investment firm has funds to complete deal after two days of talks

Everton badge on Goodison Park
Everton’s proposed takeover by 777 Partners was at severe risk of collapse on Wednesday night after owner Farhad Moshiri held crisis talks with the Miami group.

The British-Iranian businessman has held two days of face-to-face meetings but appears yet to be convinced that 777 has funds to complete the deal.

Multiple sources close to talks say Moshiri is now considering his options as lawsuits and claims of unpaid bills pile up against crisis-engulfed 777.

One major complication, however, is that 777 has paid almost £200 million into Everton since September. The group transferred £16 million to the club last week to fulfil operational costs while a takeover remained pending after eight months.

However, amid mounting doubt about the group’s current financial status, reports in Belgium suggest Standard de Liege, one of 777’s existing clubs, have now been told there is no money to pay them until the end of the season.

Moshiri announced an agreement to sell his 94.1 per cent stake to 777 last September but completion had been held up by the firm fulfilling outstanding commitments requested by the Premier League. The company had been paying operational costs since but had yet to clear a £160 million debt to MSP Capital, which was outlined in the top tier’s demands.

Those close to talks told Telegraph Sport that discussions between Moshiri over the last two days surrounded “both short and long-term” issues in their proposed deal. 

As recently as last week, Moshiri still appeared committed to the deal but pressure has intensified, with the Everton Fan Advisory Board joining minority shareholders in demanding an end to the saga on Wednesday.

Fans’ group says saga ‘sullying reputation of one of most storied clubs in English football’

The fan board, which was launched to give greater supporter say after the 2021 European Super League furore, requested urgent meetings with the club, saying: “This ongoing confusion and lack of transparency cannot continue. Each party must recognise the role it is playing in sullying the reputation of one of the most storied clubs in English football history and appreciate that all the rumour and speculation is causing extremely high levels of anxiety and concern to the club’s greatest assets: their fans.”

 

Previous direct correspondence with Moshiri, 777 and other interested parties had failed to answer concerns, the group added. In the fan board’s new demands, Moshiri was told he must “recognise that now is the time for other bidders to be offered the opportunity to acquire Everton Football Club” and 777 should “recognise that your inability to bring the funding necessary to consummate the original deal and the growing reputational damage you are incurring with lawsuit after lawsuit makes you unsuitable owners of EFC”.

The Premier League, meanwhile, should “recognise that it is time for you to live up to your responsibilities (as defined by the owners and directors test in your own rule book) by rejecting 777 Partners in order to allow discussions with more suitable owners of our great club.”

Everton Shareholders’ Association had added on Tuesday that the “powers-that-be are being disrespectful” and must pull the plug on the proposed deal.

Fewer than five per cent of the club is owned independently of Moshiri’s Blue Heaven Holdings and the estate of the late Bill Kenwright. However, the association, founded in 1938, still carries some club influence as a “watchdog”, with fan supervision of transactions and sales of shares. 

“We are the oldest Shareholders’ Association in the world and are dismayed by the lack of respect being shown to our football club by the largest shareholder Farhad Moshiri, and the Premier League during what seems a never-ending change of ownership process,” the group said. 

“In the absence of the Premier League making a timely decision we insist that the Everton Board, and Farhad Moshiri in particular, stop this damaging process now and recognise that 777 Partners are not at this time fit-and-proper prospective owners of Everton Football Club.”

Frustration is mounting internally, however, that the situation still remains unresolved after a fraught fortnight of legal complaints faced by 777. 

On Monday former owners at Standard de Liège demanded the seizure of millions of pounds of assets in the country. 

Two new claims were tabled just days after one of the investment firm’s airlines collapsed and another major lawsuit was launched in New York. 

Text in the spoiler.. Surely there's no way this goes through and if it doesn't, what the heck happens then....