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Post by birdorbyrd on Jan 22, 2024 11:43:19 GMT
Boy those 'days away from...' are really long, aren't they? .....42 days now and counting You do understand that things change? The story was correct and has been followed up since because a new funding package was agreed to prevent this from happening (even though some voted against accepting it)? |
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Post by LTfan on Jan 22, 2024 12:02:36 GMT
.....42 days now and counting You do understand that things change? The story was correct and has been followed up since because a new funding package was agreed to prevent this from happening (even though some voted against accepting it)? I think that's a good point. To my knowledge the league has been at risk of administration twice in the last couple of years, and both times 777 have done what was required to avoid it (but not without issue on both occasions). There's good and bad to that. To be fair, on both occasions 777 have come good to avoid the league having to enter administration. But also, on both occasions there have been issues - from the need of very senior escalation for anything to happen, to not all stakeholders being happy with the proposed solution. And it's obviously not good that the league is in a position where it's at risk of administration. But having said that, that's been a concern before 777 were involved. |
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Post by reallyoldfeenixfan2 on Jan 22, 2024 19:08:57 GMT
1 Riders 2 Gladiators 3 Eagles 4 Flyers 5 Lions 6 Sharks 7 Phoenix 8 Giants 9 Scorchers 10 Patriots Trophy Winners Lions Playoff Winners Riders Sorry it's late. Not bothered about the points..just the glory! Just reminding everyone of my predictions  Ah well, you can't win tham all. |
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Post by cosbyrider on Feb 16, 2024 23:33:23 GMT
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Post by milehigh on Feb 17, 2024 9:54:56 GMT
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Post by dexter on Feb 17, 2024 21:26:23 GMT
So basically they've stolen the money from the policy holders. |
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Post by spacejammer on Feb 18, 2024 0:38:02 GMT
So basically they've stolen the money from the policy holders. This is really starting to sound similar to Alan Stanford with the cricket scandal. How long before the National Crime Agency starts investigating. If you hold a policy with them and discover this I'm sure they will be wanting to know why it's being used to pay for a basketball team/league? |
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Post by irf on Feb 18, 2024 8:38:29 GMT
16th Feb news
The chief financial officer of 777 Partners, the cash-strapped investment firm trying to salvage its high-profile deal for the Everton soccer club, has resigned, people familiar with the matter said.
Damien Alfalla joined 777 two years after it launched in 2015 and helped keep its cash-burning, dealmaking operation afloat. In recent months, 777 had been unable to produce audited financial reports, missing payroll, and borrowing heavily from its deal partners, Semafor has reported.
An internal memo, sent yesterday by 777’s managing partners, said Alfalla would be replaced by Brett Kaufman, who had been running his own CFO outsourcing and consulting firm, according to his LinkedIn profile.
It comes as 777, which amassed a global portfolio of sports teams, insurance operations, airlines, and other businesses, is trying to pull off its splashiest deal yet. In September, it agreed to buy Everton, the venerable Premier League club that has been losing money at a clip. It’s been waiting for league approval and, in the meantime, floating the team with tens of millions of dollars of loans.
777 has been trying to sell assets to keep Everton afloat and make good on existing commitments to portfolio companies, Semafor has reported.
Alfalla couldn’t be immediately reached for comment.
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Post by irf on Feb 18, 2024 8:41:27 GMT
Semafor.com
LIZ’S VIEW
The four months I’ve spent digging into 777 show an organization operating right at, and occasionally, beyond the limits of normal corporate finance. Requests for funds are ignored until portfolio companies are on the brink of insolvency. Creditors have seized assets, citing unpaid bills.
Fresh scrutiny from Bermudan authorities has reportedly cut off access to hundreds of millions of dollars sitting inside 777’s insurance operations on the island. In one instance, the firm failed to fund employees’ pension contributions — a serious error that suggests bad internal processes, a desperate need for cash, or both.
All of which is to say that Alfalla, working the till, has had a tough job. His replacement by an outsider could complicate 777’s ability to keep its money machine spinning.
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Post by dexter on Feb 18, 2024 8:44:31 GMT
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Post by irf on Feb 18, 2024 8:54:34 GMT
CFO just one of many to leave apparently
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Post by dexter on Feb 18, 2024 9:04:32 GMT
Well I would say there is now no chance of 777 Partners buying Everton. This is going to get very messy for Everton. How are they going to pay to finish their stadium?
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Post by irf on Feb 18, 2024 9:32:32 GMT
Well I would say there is now no chance of 777 Partners buying Everton. This is going to get very messy for Everton. How are they going to pay to finish their stadium? Everton will owe 777 partners 190m (which they don't have) |
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Post by notoriousbigz on Feb 18, 2024 9:57:24 GMT
Well I would say there is now no chance of 777 Partners buying Everton. This is going to get very messy for Everton. How are they going to pay to finish their stadium? Stadium funding is all in place already with absolutely nothing to do with 777. As for their ongoing funding, they’re way down on the list of creditors the way the funds have been given, which shows their naivety. |
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Post by spacejammer on Feb 18, 2024 10:06:35 GMT
CFO just one of many to leave apparently Seems like the net is closing in on them now. Wouldn't suprise me if right now they're packing their bags and secretly moving to Taiwan or some unknown location where the authorities cannot catch them. I know this ain't exactly a movie (yet) but in my head I can imagine the police or the baliffs rocking up and shutting down the All Star game at Halftime or mid 2nd Quarter because their here to collect the debt 777 owe. |
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Post by cosbyrider on Feb 18, 2024 10:54:26 GMT
Well I would say there is now no chance of 777 Partners buying Everton. This is going to get very messy for Everton. How are they going to pay to finish their stadium? Stadium funding is all in place already with absolutely nothing to do with 777. As for their ongoing funding, they’re way down on the list of creditors the way the funds have been given, which shows their naivety. I read that they recently had to take further loans from 777 in order to complete the stadium. x.com/theesk/status/1750521913045393598?s=46&t=G4BjMKLJ3WGBAEQ0Obvi7w |
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Post by baldeagle on Feb 18, 2024 11:07:46 GMT
Meanwhile, those London Lions accounts are still overdue for filing at Companies House…….and have been since 31 December.
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Post by milehigh on Feb 18, 2024 11:55:10 GMT
The situation is a massive contrast to the recent purchase of Manchester United by the Ineos group or the purchase of Birmingham City by the Knighthead group.
In both cases approved within weeks, and in both cases the new purchasers have made massive investments to improve the businesses, while also staying fully complient with all financial regulations and paying their creditors on time.
THere is no record of senior directors having criminal convictions, for drug dealing or any other crime.
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Post by massiveridersfan on Feb 18, 2024 11:59:12 GMT
All of the above comments in this thread fill me with confidence that everything in the garden is rosy and fine. There's absolutely no reason to be concerned about the way that 777 conducts its business. Genuinely reassured now. What a relief to know that the BBL is completely safe in their hands. For a second there I was worried that there may be some issues which raise serious doubts about the viability of 777's long term ability to fund the league and Lions and Patriots and Giants.
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Post by dexter on Feb 18, 2024 12:18:28 GMT
If it was my insurance premium being spaffed away I would want 777 Partners to be put into administration today. That would mean the administrators calling in all loans including the one to Everton.
What would this mean for London Lions, Manchester Giants, Plymouth Patriots and the BBL? I would imagine for the 3 clubs everyone would stop being paid immediately and they would basically cease to exist. I do hope that the remaining 7 teams will be able to finish the season. They could play their remaining games against one another to finish the Championship. I'm not sure if the playoffs would go ahead.
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