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Post by LTfan on Mar 4, 2024 14:33:26 GMT
I'd imagine whoever ultimately acquires Everton, if not 777 Partners, will be on the hook to repay that £190M loan. In that scenario though I don't think London Lions and the BBL's survival is exclusively dependant on 777 Partners getting their £190M back. |
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Post by dexter on Mar 4, 2024 15:37:57 GMT
I'd imagine whoever ultimately acquires Everton, if not 777 Partners, will be on the hook to repay that £190M loan. In that scenario though I don't think London Lions and the BBL's survival is exclusively dependant on 777 Partners getting their £190M back. Well one of the risks is that 777 Partners will run out of cash, so getting that £190m back will certainly help. Also not buying Everton will help because it has massive debts and doesn't make much money. |
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Post by milehigh on Mar 4, 2024 18:12:05 GMT
As Everton are effectively insolvent if the 777 deal collapases, there would be no point of purchasing the business at this stage. It would be better, and sound financial sense, to purchase the remains from the administrators.
Logicaly the takeover bid by 777 should be rejected by the FA/EPL, 777 are financially unstable, and the main shareholder is a convicted violent drug dealer.
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Post by LTfan on Mar 4, 2024 18:20:26 GMT
As Everton are effectively insolvent if the 777 deal collapases, there would be no point of purchasing the business at this stage. It would be better, and sound financial sense, to purchase the remains from the administrators. Logicaly the takeover bid by 777 should be rejected by the FA/EPL, 777 are financially unstable, and the main shareholder is a convicted violent drug dealer. Because the world of football club ownership is squeaky clean… In some respects 777 Partners would feel right at home. As for ‘no point in purchasing the business at this stage’, maybe you’re right, but there are certainly strong rumours of a couple of other buyers waiting to possibly steal the deal from under 777 Partners noses. |
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Post by docker on Mar 4, 2024 20:43:46 GMT
As Everton are effectively insolvent if the 777 deal collapases, there would be no point of purchasing the business at this stage. It would be better, and sound financial sense, to purchase the remains from the administrators. Logicaly the takeover bid by 777 should be rejected by the FA/EPL, 777 are financially unstable, and the main shareholder is a convicted violent drug dealer. Wow... no doubt that he has a conviction for trafficking cocaine - not defending that but what exactly makes him "violent"? what else has he done? |
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Post by silverbirch on Mar 5, 2024 9:35:22 GMT
Going back to the original title of the post, i think the greatest concern is the BBL going into administration just because it has run out of money. If they burnt through the original £7m in the first 18 - 24 months, then i'm guessing this new £4m will be spent pretty quickly especially as it doesn't seem like there has neither been any reduction in spend / cost cutting or any substantial injection of commercial revenues.
So my guess would be the BBL will again run out of cash very quickly and unless 777 invest further then there could be troubled times ahead!
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benji
Sixth Man
Posts: 118 
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Post by benji on Mar 5, 2024 9:59:34 GMT
Presumably enough money around to finish the season, the crunch point may be at the start of next season? But the Everton situation must have been resolved by then and things will probably implode at some point anyway.
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Post by LTfan on Mar 5, 2024 12:06:26 GMT
Going back to the original title of the post, i think the greatest concern is the BBL going into administration just because it has run out of money. If they burnt through the original £7m in the first 18 - 24 months, then i'm guessing this new £4m will be spent pretty quickly especially as it doesn't seem like there has neither been any reduction in spend / cost cutting or any substantial injection of commercial revenues. So my guess would be the BBL will again run out of cash very quickly and unless 777 invest further then there could be troubled times ahead! Just a reminder of events so far... the BBL has been 'days away from administration' twice this season, and on both occasions 777 Partners have provided the millions needed to avoid it (but not without a lot of intervention by others involved in the league). Supposedly they'll be 'days away from administration' once again - so a third time this season, in the coming weeks. Let's hope that 777 Partners again do what is needed to avoid that scenario. I take your point about the BBL continuing to burn through cash despite narrowly avoiding administration twice, and probably a third time. But a lot of these costs are regular payments on annual commitments - the biggest probably being production costs associated with the new coverage, and then probably the increased staff costs. Next season, and lets hope we get that far, there's probably an opportunity to reset somewhat and maybe adjust some things. So it'll be interesting if we see things scaled back accordingly, or whether the BBL continues to burn through cash at the same rate regardless. |
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Post by cosbyrider on Mar 5, 2024 16:10:31 GMT
Looks like they forgot to pay creditors and the taxman - well Lions have anyway. Recipe for disaster having HMRC chasing you
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Post by dexter on Mar 5, 2024 17:18:02 GMT
Looks like they forgot to pay creditors and the taxman - well Lions have anyway. Recipe for disaster having HMRC chasing you Yes it's usually HMRC that causes football clubs to be wound up. HMRC is powerful and doesn't mess around. |
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Post by cosbyrider on Mar 6, 2024 22:32:08 GMT
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Post by blueskies99 on Mar 6, 2024 23:11:15 GMT
……and what does this mean…..what are the implications? |
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Post by sonjel on Mar 6, 2024 23:29:44 GMT
Look here for an explanation. Looks like it's just a case of Companies House forcing the issue of the delay in submitting their accounts |
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Post by irf on Mar 7, 2024 7:45:40 GMT
The way 777 operate they will keep getting bad publicity like this
Late payers, late filing accounts etc
It's indisputable that they operate in a very poor and shoddy way
And will badly impact any organisation they are involved with as a result. Their suppliers and companies that have to work with them
They clearly are an absolute nightmare organisation
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Post by isthaturinal on Mar 7, 2024 18:24:44 GMT
Horrible thing to say but the sooner they disappear from having anything to do with the league the better,
If that means we completely lose the London Lions then so be it,
I’d rather have a stable and all round even league than the one we have now,
Be a tad more lenient in allowing clubs from the lower league to step up
The BBL can recover from this if 777 do pull their funding
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Post by dandayr on Mar 7, 2024 21:52:47 GMT
sorry to disappoint all the haters that are on here - but in some areas the general public do seem to have a different view on London and they are a good and attractive deal
Lions 2nd visit to East Kilbride is a sell out, including the big ticket floor seats despite it being the less traditional Friday night tip time- just like their first visit
Meanwhile the more traditional sunday tip time against a side with a more traditional budget and the first meeting in EK got a wee bit fiery so perhaps add an extra edge to it - the visit of Eagles still has plenty of seats for sale, both the standard price and the high cost ones
London do sell seats at other venues so do help the finance of other teams, the general public turn out to watch their team play them.
I hope this all sorts itself out we have a league that builds on its current level and not one that drops back and hits the reset button (again as has happened a few times in the life of pro basketball in britain.
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Post by stepback3 on Mar 8, 2024 13:29:41 GMT
Glads on a friday and a sunday tend to be near sell outs. Putting this as a lions vs eagles is neglecting the fact sunday is mothers day
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Post by cosbyrider on Mar 8, 2024 17:24:58 GMT
Being tagged a hater because you want good businesses paid on time is a one hell of a stretch
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Post by notoriousbigz on Mar 9, 2024 19:36:09 GMT
sorry to disappoint all the haters that are on here - but in some areas the general public do seem to have a different view on London and they are a good and attractive deal Lions 2nd visit to East Kilbride is a sell out, including the big ticket floor seats despite it being the less traditional Friday night tip time- just like their first visit Meanwhile the more traditional sunday tip time against a side with a more traditional budget and the first meeting in EK got a wee bit fiery so perhaps add an extra edge to it - the visit of Eagles still has plenty of seats for sale, both the standard price and the high cost ones London do sell seats at other venues so do help the finance of other teams, the general public turn out to watch their team play them. I hope this all sorts itself out we have a league that builds on its current level and not one that drops back and hits the reset button (again as has happened a few times in the life of pro basketball in britain. Why would you not want to see the team play? I’ve not seen anyone on here criticise the team and the way they play? Nobody buys a ticket for their games on the basis they have a sound and prudent business model - it’s because they’ve got the best players we’re likely to see here for some time. The issue people have is that it’s so obviously built on sand eventually the games going to massively suffer when they crash. |
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Post by eagles18000 on Mar 9, 2024 20:52:44 GMT
sorry.
there aren’t enough ‘uncommitted’ knowledgable basketball fans within driving distance of e kilbride/ newcastle/sheffield etc for the identity of the opposition to make a blind bit of difference.
Correlation/causation etc.
it’s all about marketing and selling 2 home games in 3 days is tough, and then throw in that it’s 5pm on mother’s day.
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