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Post by dexter on Mar 11, 2024 16:56:01 GMT
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Post by dexter on Mar 11, 2024 17:18:18 GMT
If this continues London Lions and the BBL could end up belonging to someone 777 Partners owe money to.
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Post by milehigh on Mar 11, 2024 18:08:03 GMT
some Key quotes from the article
"777 is currently embroiled in a remarkable number of lawsuits, as Obra points out in its court filing. In the last 12 months, nine different companies or individuals have started legal proceedings against 777 for unpaid fees, loans or rent. The sums claimed total more than $100million."
"Referring to the stakes in seven other football clubs that 777 has bought since 2018, Obra said its “flashy shopping spree” has “raised questions about the source of its funding and the health of its business operations… (questions) it has not been able to answer”."
"“With this enhanced scrutiny, 777’s house of cards began crumbling down,” "
No doubt the 777 spokeperson will soon be here to say this is all perfectly normal and not unusual.
Meanwhile the accounts for London Lions are still overdue.
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skeg
Bench Warmer
Posts: 13 
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Post by skeg on Mar 19, 2024 12:44:10 GMT
Anyone else hear the American commentator at the all star game hint there there are “big things planned for next year”. He said he didn’t want to say anymore at this point.
777 being in trouble just a bit of scaremongering and things are going to move forward further next year or is this more 777 cash being spent on non sustainable cloud cuckoo dreams?
Thoughts?
To be clear if you didn’t hear the comment the context with which it was said had me thinking there are definite set plans in motion for some big changes/improvements next season. It wasn’t a flippant comment that the league is just “going to improve” and “things are happening next year”
Definitely sounded like he knew exactly what was in the pipeline.
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Post by erj14 on Mar 19, 2024 13:30:19 GMT
Anyone else hear the American commentator at the all star game hint there there are “big things planned for next year”. He said he didn’t want to say anymore at this point. 777 being in trouble just a bit of scaremongering and things are going to move forward further next year or is this more 777 cash being spent on non sustainable cloud cuckoo dreams? Thoughts? To be clear if you didn’t hear the comment the context with which it was said had me thinking there are definite set plans in motion for some big changes/improvements next season. It wasn’t a flippant comment that the league is just “going to improve” and “things are happening next year” Definitely sounded like he knew exactly what was in the pipeline. Any comments from that joker have to be taken with a pinch of salt, he's essentially a 777 pick for that job so he's gonna trot out any bullshit they want him to. I'll believe it when I see it. |
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Post by milehigh on Mar 19, 2024 14:14:24 GMT
As ERJ14 said, comments from someone working on behalf of 777, are not to be classed as independent or objective.
there is plenty of evidence, from multiple reputable sources, to show that 777 are in great financial difficulties, are facing numerous legal actions and are not to be consideed a reputable company. Plus there are the multiple criminal convictions of the main shareholder.
Honesly, the sooner they collapse, the better it will be for the BBL and the other sports teams they own.
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Post by eillo23 on Mar 19, 2024 15:13:07 GMT
Anyone else hear the American commentator at the all star game hint there there are “big things planned for next year”. He said he didn’t want to say anymore at this point. 777 being in trouble just a bit of scaremongering and things are going to move forward further next year or is this more 777 cash being spent on non sustainable cloud cuckoo dreams? Thoughts? To be clear if you didn’t hear the comment the context with which it was said had me thinking there are definite set plans in motion for some big changes/improvements next season. It wasn’t a flippant comment that the league is just “going to improve” and “things are happening next year” Definitely sounded like he knew exactly what was in the pipeline. Have also heard this from another source. Interesting. For those who care, Londons strike off got discontinued today. Just the accounts now, and then you can all discuss the amount of losses they have made. As if you are surprised an elite sporting team in its early stage of growth would make losses. |
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Post by milehigh on Mar 19, 2024 17:46:30 GMT
I'm sure the "approved" over positive text has been circulated around the 777 office and to all of their "Shills".
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Post by cosbyrider on Mar 19, 2024 20:37:08 GMT
Argue to the cows come on home on them but at the very least they have a cash flow issue.
I just hope there’s been no casualties to that. A strike off means someone has been pushed enough to action it
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Post by docker on Mar 19, 2024 22:04:33 GMT
Argue to the cows come on home on them but at the very least they have a cash flow issue. I just hope there’s been no casualties to that. A strike off means someone has been pushed enough to action it I think the strike off notice would have been triggered by the accounts being late, i.e. initiated by companies house rather than a creditor. |
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Post by eillo23 on Mar 19, 2024 22:32:00 GMT
Argue to the cows come on home on them but at the very least they have a cash flow issue. I just hope there’s been no casualties to that. A strike off means someone has been pushed enough to action it I think the strike off notice would have been triggered by the accounts being late, i.e. initiated by companies house rather than a creditor. Correct. |
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Post by baldeagle on Mar 19, 2024 22:32:13 GMT
Argue to the cows come on home on them but at the very least they have a cash flow issue. I just hope there’s been no casualties to that. A strike off means someone has been pushed enough to action it I think the strike off notice would have been triggered by the accounts being late, i.e. initiated by companies house rather than a creditor. Almost certainly correct. But the issue is that the accounts (presumably now filed - we will see) were over 2 months late being filed. That’s not just unprofessional. It creates an impression (whether true or not) that Lions we’re having difficulty getting their accounts signed off - which usually happens when auditors refuse to give the usual “going concern” audit opinion. |
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Post by cosbyrider on Mar 22, 2024 21:01:13 GMT
I think the strike off notice would have been triggered by the accounts being late, i.e. initiated by companies house rather than a creditor. Almost certainly correct. But the issue is that the accounts (presumably now filed - we will see) were over 2 months late being filed. That’s not just unprofessional. It creates an impression (whether true or not) that Lions we’re having difficulty getting their accounts signed off - which usually happens when auditors refuse to give the usual “going concern” audit opinion. And their accounts indeed do have the auditor saying that. £10 million loss in 2022 after a £7 million loss in 2021 |
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Post by cosbyrider on Mar 22, 2024 21:08:54 GMT
Lions owning £2.5m as well geez
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Post by spacejammer on Mar 26, 2024 22:22:23 GMT
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Post by dexter on Mar 27, 2024 21:16:54 GMT
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Post by almachizzit on Mar 27, 2024 21:20:42 GMT
777 giving a loan to a team they dont own so the team can get its wages paid. That sounds like rich people screwing other rich people out of money by spending other rich peoples money. Either that or rich people moving other peoples money around in such a way that nobody is spending anything other than the venture capitalists that dont really care if they lose money or not ona deal because the big one is just around the corner, |
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Post by spacejammer on Mar 27, 2024 21:38:23 GMT
777 giving a loan to a team they dont own so the team can get its wages paid. That sounds like rich people screwing other rich people out of money by spending other rich peoples money. Either that or rich people moving other peoples money around in such a way that nobody is spending anything other than the venture capitalists that dont really care if they lose money or not ona deal because the big one is just around the corner, If I was a London Lions Ladies fan seeing this I would be annoyed seeing them spend money like this when they just told your team they aren't venturing into Europe next season despite the success of making a final. |
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Post by D44 on Mar 28, 2024 14:46:25 GMT
Good job there are no Lions ladies fans then. Seen bigger attendances at Sunday league football.
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Post by donthatetheplayer on Mar 28, 2024 15:07:07 GMT
Given the state of the latest set of BBL accounts, anyone still claiming 777 have been good for basketball or even the BBL in this country need to be sectioned. Unchallenged and unfettered, they've effectively bankrupted the league which is now operating solely on handouts and zero hope of ever returning to a sustainable position - rumours of another £4m are due in the coming weeks to avoid another collapse. What do we all have after 3 seasons? zero income, zero trickle down economics, zero sponsorship relationships, worse than poor viewing and social engagement figures. 777's 3 teams in all kinds of financial trouble with the other two Giants and Patriots propping up the league, and both complete financial busts. With the arrival of Steve Timoney on the BBL Board, let's hope this is with the plan to execute change from within. These cowboys need to jump back on their horses and get out of UK basketball.
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