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Post by milehigh on Feb 18, 2024 13:15:28 GMT
I would think that the 7 "independent" clubs (not 777 owned) have, at least, started to make contingency plans to complete the season and move forwards.
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Post by stepback3 on Feb 18, 2024 20:38:44 GMT
This is all very real. However the 2 league owned teams are completely seperate to lions. If what is said on social media that giants havr an owner waiting in the wings then thats good. The pressing concern is pats.
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Post by milehigh on Feb 18, 2024 20:45:12 GMT
When the end comes, probably quite soon, it will be the entire 777 group and subsidary companies that will collapse, including the football clubs the own in various countries, the BBL, London Lions and both Manchester and Plymouth, as well as the many financial services companies they own.
Nobody in their right mind would invest in the BBL, or a 777 owned business now. the 777 group is totally toxic. Much betetr to wait until it is in admisnistration/liquidation and buy any worthwhile assetts for a few cents on the dollar.
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Post by cosbyrider on Feb 19, 2024 6:32:56 GMT
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benji
Sixth Man
Posts: 118 
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Post by benji on Feb 19, 2024 8:43:30 GMT
Cost cutting measures at a company looking to expand, it doesn't exactly look great does it. |
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Post by LTfan on Feb 19, 2024 9:45:30 GMT
So basically they've stolen the money from the policy holders. Stolen? No. Invested. Yes. I'm not suggesting everything is good. It's not. But this sort of behaviour is perfectly normal with insurance companies, pensions companies too. Did everyone on here really think that when you invest in a insurance or pension policy that money just sits in a bank account somewhere? No, they take your money and invest it to make themselves more money, whilst (in theory) making sure there's enough cash to still pay out on what statistically they'll likely need to. Again, I'm not saying everything is good because it clearly isn't. But some people on here really don't understand how the insurance/pensions business works. There's nothing unusual happening here, apart from perhaps some insurance/pensions companies making some bad investment choices (via 777 Partners). Which perhaps isn't even that unusual in the insurance/pensions world. |
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Post by irf on Feb 19, 2024 10:39:45 GMT
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=G4BjMKLJ3WGBAEQ0Obvi7wThe delays are proving expensive for 777 as they have been effectively funding Everton since September, and have committed around £190m in loans to meet the club’s operating costs and the construction of their new stadium at Bramley Moore Dock. |
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Post by dexter on Feb 19, 2024 10:45:09 GMT
So basically they've stolen the money from the policy holders. Stolen? No. Invested. Yes. I'm not suggesting everything is good. It's not. But this sort of behaviour is perfectly normal with insurance companies, pensions companies too. Did everyone on here really think that when you invest in a insurance or pension policy that money just sits in a bank account somewhere? No, they take your money and invest it to make themselves more money, whilst (in theory) making sure there's enough cash to still pay out on what statistically they'll likely need to. Again, I'm not saying everything is good because it clearly isn't. But some people on here really don't understand how the insurance/pensions business works. There's nothing unusual happening here, apart from perhaps some insurance/pensions companies making some bad investment choices (via 777 Partners). Which perhaps isn't even that unusual in the insurance/pensions world. Right, well I'm happy my pension is with a normal pension company and not with 777 Partners, because my provider is likely to still be around when I'm ready to collect my pension. Yes, investors take risks but they spread their risk. They don't buy the most risky investments in the world and nothing else. |
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Post by cosbyrider on Feb 19, 2024 11:26:01 GMT
So basically they've stolen the money from the policy holders. Stolen? No. Invested. Yes. I'm not suggesting everything is good. It's not. But this sort of behaviour is perfectly normal with insurance companies, pensions companies too. Did everyone on here really think that when you invest in a insurance or pension policy that money just sits in a bank account somewhere? No, they take your money and invest it to make themselves more money, whilst (in theory) making sure there's enough cash to still pay out on what statistically they'll likely need to. Again, I'm not saying everything is good because it clearly isn't. But some people on here really don't understand how the insurance/pensions business works. There's nothing unusual happening here, apart from perhaps some insurance/pensions companies making some bad investment choices (via 777 Partners). Which perhaps isn't even that unusual in the insurance/pensions world. It isn’t unusual at all. Personally I have work with pension funds but it’s a high risk investment. Most pension / insurance based funds aim for property or something with a tangible asset at the end of it. |
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Post by LTfan on Feb 19, 2024 13:26:43 GMT
Stolen? No. Invested. Yes. I'm not suggesting everything is good. It's not. But this sort of behaviour is perfectly normal with insurance companies, pensions companies too. Did everyone on here really think that when you invest in a insurance or pension policy that money just sits in a bank account somewhere? No, they take your money and invest it to make themselves more money, whilst (in theory) making sure there's enough cash to still pay out on what statistically they'll likely need to. Again, I'm not saying everything is good because it clearly isn't. But some people on here really don't understand how the insurance/pensions business works. There's nothing unusual happening here, apart from perhaps some insurance/pensions companies making some bad investment choices (via 777 Partners). Which perhaps isn't even that unusual in the insurance/pensions world. Right, well I'm happy my pension is with a normal pension company and not with 777 Partners, because my provider is likely to still be around when I'm ready to collect my pension. Yes, investors take risks but they spread their risk. They don't buy the most risky investments in the world and nothing else. Your insurance or pension policy wouldn’t be with 777 Partners, it would be with an insurance/pension company that has chosen 777 Partners to invest their money (your money!) to make maximum profit. In reality you probably wouldn’t even know who with or what on your money is being invested. I’m not criticising anyone, or saying any insurance/pension company should be involved with 777 Partners right now, just saying that what’s being done here is standard practice. |
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Post by dexter on Feb 19, 2024 13:50:43 GMT
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Post by dexter on Feb 19, 2024 13:55:41 GMT
Right, well I'm happy my pension is with a normal pension company and not with 777 Partners, because my provider is likely to still be around when I'm ready to collect my pension. Yes, investors take risks but they spread their risk. They don't buy the most risky investments in the world and nothing else. Your insurance or pension policy wouldn’t be with 777 Partners, it would be with an insurance/pension company that has chosen 777 Partners to invest their money (your money!) to make maximum profit. In reality you probably wouldn’t even know who with or what on your money is being invested. I’m not criticising anyone, or saying any insurance/pension company should be involved with 777 Partners right now, just saying that what’s being done here is standard practice. Well I do hope I'm not funding this circus. |
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Post by blueskies99 on Feb 19, 2024 13:56:13 GMT
777’s funding for Everton is facing fresh scrutiny after an insurance company they have borrowed from – Haymarket – have been investigated for potential breaches of US governance regulations.
Yeah....everything is rosy......
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Post by cosbyrider on Feb 19, 2024 14:13:15 GMT
Your insurance or pension policy wouldn’t be with 777 Partners, it would be with an insurance/pension company that has chosen 777 Partners to invest their money (your money!) to make maximum profit. In reality you probably wouldn’t even know who with or what on your money is being invested. I’m not criticising anyone, or saying any insurance/pension company should be involved with 777 Partners right now, just saying that what’s being done here is standard practice. Well I do hope I'm not funding this circus. Unless you are a customer of a wealth management firm or similar, unlikely. However, whoever that manager of that pension fund is - it looks like they will have some questions to answer at some points. But their customers are likely to have been asked the amount of risk they wish to take on their investments. |
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Post by milehigh on Feb 29, 2024 14:02:01 GMT
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Post by donthatetheplayer on Feb 29, 2024 15:15:58 GMT
Looks like we're nearing the end game for 777, probably the BBL, Lions, Giants and Patriots - the lot will be gone. as the taps are turning off, the contagion appears to be spreading quickly and rumours abound that another £3-4 million are due in Apr to stop another BBL fall into Administration (as per December) and people need to realise we're all looking at the biggest shock event ever to hit UK basketball. The two scenarios, and neither are good for the BBL - If they get Everton, they will have to restructure their entire global operatons of loss making businesses and stem the losses to improve their rating and stop the blood loss or - they don't get Everton and the entire lot goes - fast. Either way I'd be highly surprised if the other 7 BBL clubs don't have some kind of strategy to protect their assets right now. In any event of the collapse of the BBL, the only people who can intervene are the BBF to help ressurect a new league. You'd think a merger of sorts with D1 to create something new and sustainable.
Either way, thanks BBL for the memories.
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Post by almachizzit on Feb 29, 2024 17:57:08 GMT
I hear that John Amechi and the BBA will be making a comeback soon
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Post by notoriousbigz on Feb 29, 2024 18:07:55 GMT
Top level basketball will survive in some guise no doubt. As will the non-777 backed clubs. It'll just be massively stripped back. I now can't help but feel the end is nigh-er than I thought though.
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Post by LTfan on Feb 29, 2024 18:15:31 GMT
I hear that John Amechi and the BBA will be making a comeback soon How about the Premier Basketball League finally launching?  Maybe they’ve just been playing the (very) long game all this time? |
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Post by LTfan on Feb 29, 2024 18:27:26 GMT
Top level basketball will survive in some guise no doubt. As will the non-777 backed clubs. It'll just be massively stripped back. I now can't help but feel the end is nigh-er than I thought though. Maybe I’m delusional, but in an administration scenario I could see both the BBL and London Lions surviving, maybe. Assigned administrators would first attempt to find buyers for the league, and maybe someone out there might see potential in acquiring the league at a knocked down price. Same for London Lions, they could even be packaged together. Something with potential has certainly been built in London so a ready made basketball team in London with a decent following and reputation might be appealing to the right buyer. But even in this best case scenario I fully accept neither the league or the London Lions would continue to operate at the level we’ve seen this season. |
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