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Post by dexter on Mar 28, 2024 16:53:45 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. Let's wait to see if Lions can get an historic win over rivals Paris tomorrow evening. If they lose, might as well watch the whole thing collapse like the Francis Scott Key bridge. |
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Post by proballshooter on Mar 28, 2024 23:04:30 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. It’s the blind leading the blind when it comes to 777 and their “owned” clubs. Looking at their accounts there are clubs that should categorically not be operating. Pats are eating cash whilst providing no positive output for it to even be worth it. 777 saying they will throw more investment in… look at the reports online - do they even have the ability to do that? British basketball will never be “British basketball” anymore. The American culture is being forced on fans and not aligning to the UK culture. It says it all when the Copperbox can’t even get filled. |
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Post by spacejammer on Mar 29, 2024 9:13:19 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. It’s the blind leading the blind when it comes to 777 and their “owned” clubs. Looking at their accounts there are clubs that should categorically not be operating. Pats are eating cash whilst providing no positive output for it to even be worth it. 777 saying they will throw more investment in… look at the reports online - do they even have the ability to do that? British basketball will never be “British basketball” anymore. The American culture is being forced on fans and not aligning to the UK culture. It says it all when the Copperbox can’t even get filled. I listened to the weekly D & J podcast which this week talked around the topic of Mc's and fan culture and I think you are right. Even from what I seen at recent Eagles games they have started to add in new entertainment ideas like half court £1000 shot, T-Shirt Tossing and having cut outs behind the basket. I also noticed on last week's sky game I felt Todd and Azania were having a competition to see how many times they can describe a player or make reference to the word "All Star". To be honest I do quite like the entertainment although I wa suprised the pod made no mention to the Eagles fanbase and seemed very South Central. |
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Post by dexter on Apr 2, 2024 12:12:44 GMT
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Post by ScottishBasketballFan on Apr 2, 2024 13:34:22 GMT
Do you not have a link to something that isn't behind a paywall?
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Post by dexter on Apr 2, 2024 14:03:12 GMT
Do you not have a link to something that isn't behind a paywall? Sorry that's annoying i could read the whole thing. Now it's blocked me. Some US states are taking action against 777 Partners. Some insurance companies will reduce their exposure to them. The chickens are coming home to roost. |
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Post by reallyoldfeenixfan2 on Apr 2, 2024 17:01:43 GMT
Do you not have a link to something that isn't behind a paywall? Sorry that's annoying i could read the whole thing. Now it's blocked me. Some US states are taking action against 777 Partners. Some insurance companies will reduce their exposure to them. The chickens are coming home to roost. So what we need is someone on the board who has a subscription to the Financial Times and can read the article and copy it . Anyone??? |
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Post by dexter on Apr 2, 2024 17:23:51 GMT
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Post by dexter on Apr 2, 2024 17:30:37 GMT
The Financial Times reported on 1 April that regulators in both Utah and South Carolina made the call to protect retirees, widows and orphans from the insurers, marking the latest fallout around 777.
It was explained that the five insurers affected by the order belong to the A-Cap group which directly funded some of the group’s previous sports investments.
A representative of 777, speaking to the Financial Times, said the group remained “confident in its ability to fund both the [Everton] transaction and the Club’s three-year business plan.”
Co-owner Josh Wander, meanwhile, declined to comment.
While both 777, Farhad Moshiri and representatives of Everton continue to insist the takeover will go through, the ever-increasing number of concerns surrounding the group will surely raise multiple red flags for the Premier League.
This new order in the US appears to have a direct impact on the source of 777’s funding in the latest knock to their income after one of their significant investors pulled out all of their assets from the group in a £1.57billion blow.
All of this has emerged shortly after it became apparent that the final hurdle for 777 to overcome in completing the takeover is to pay back the creditors with loans currently in the club – something they are seemingly becoming more unlikely to afford.
However, the insistence from the group is that the takeover and subsequent funding have not been impacted, so to take them at their word would suggest the deal was edging closer. Concerns, however, will continue to grow.
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Post by mac on Apr 8, 2024 18:42:57 GMT
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Post by mac on Apr 8, 2024 18:48:55 GMT
So 777 have until the 15th to pay back a £158 million Everton loan to another lender or they take a 51% stake. Repaying that loan was one of the Premier League's conditions for the takeover.
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Post by milehigh on Apr 9, 2024 13:17:43 GMT
More excellent reporting for "Josomar", it seems probable that 777 are nearing their last days.
However, the sooner 777 collapse, the more time there wi; be to rebuild a "new BBL" before next season.
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Post by tallerman on Apr 10, 2024 17:09:57 GMT
The league have no laid off office staff, clubs now need to organise all their own table officials. This is bad
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Post by blueskies99 on Apr 10, 2024 18:49:27 GMT
The league have no laid off office staff, clubs now need to organise all their own table officials. This is bad no = now ? |
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Post by tallerman on Apr 10, 2024 18:53:10 GMT
Yeah, my bad
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Post by dexter on Apr 10, 2024 19:17:38 GMT
From The Telegraph today
Fresh Everton takeover concern as 777 Partners scrambles to fund purchase
Hopes of an imminent takeover at Goodison Park are receding amid worries over 777’s ability to raise cash
Ben Rumsby
10 April 2024 • 5:48pm
Everton face waiting until the season ends before any takeover of the club by 777 Partners, which is scrambling to raise hundreds of millions of pounds to fund the purchase.
Telegraph Sport has been told that the United States private investment firm, which had aimed to complete its £500 million buyout of Farhad Moshiri by the end of this week, is also seeking an extension to a deadline of Monday for the repayment of a loan of almost £160 million to the Merseysiders that could prove crucial to whether a deal is concluded at all.
The latest lengthy delay over a takeover agreement stuck with Moshiri almost seven months ago follows the issuing of an ultimatum by the Premier League, which has imposed strict conditions on the proposed purchase by a firm that has faced accusations related to its ability to raise cash and its business practices, which it has repeatedly denied.
Those conditions include that 777 deposits £60 million into an escrow account for use by Everton, that it converts about £160 million of loans it has already made to the club into equity, and that it proves it has access to sufficient funding to complete the construction of a new stadium.
The investment fund co-founded by Josh Wander and Steve Pasko is said to have approached a significant number of lenders to help bankroll the purchase, including Blue Owl Capital, a US-based private credit provider.
Another condition imposed by the Premier League was that 777 repays a loan to the club of nearly £160 million to MSP Capital and businessmen Andy Bell – founder of the investment platform AJ Bell – and George Downing.
The firm was said to have requested an extension to that deadline to potentially agree on a more manageable repayment plan.
It is unclear whether the Premier League would be willing to relax its position over the loan.
The deal struck between Moshiri and 777 saw the British-Iranian businessman stop funding Everton and they have been propped up via loans worth £160 million from their prospective new owners.
There had been fears that tap would be turned off if the Premier League refused to agree a takeover before Easter but Wander and Pasko now appear resigned to funding the monthly wage bill to the tune of circa £200 million.
The final value of the deal struck with Moshiri was conditional on what division Everton found themselves in next season, a variable the latest delay could remove from the equation.
However, even that is not certain amid a campaign in which they have now been docked a total of eight points for breaching Premier League financial rules and have lodged an appeal against their latest two-point deduction.
The latter may not be resolved before the final ball is kicked on May 19.
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Post by dexter on Apr 16, 2024 11:58:03 GMT
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Post by milehigh on Apr 16, 2024 12:37:29 GMT
It does seem the end is getting closer, for an organisation that claims it is "Business as usual" to be struggling to make promised payments on time, and to fail to comply with financial regulations does suggest they are not a suitable organisation to run an EFL club.
No doubt their "shill" will be here soon to suggest everything is fine.
The sooner the 777 bid for Everton is rejected and 777 collapses the better.
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Post by dandayr on Apr 16, 2024 12:40:00 GMT
Moshiri and Wander were shown briefly on the sky coverage last night from Stamford Bridge - hate to think what they looked like later in the evening as they did not look like were enjoying the game at that point when I am sure it was still scoreless or maybe just 1 goal at most! Maybe 777 have a discount clause if they are getting a championship club  |
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Post by eillo23 on Apr 16, 2024 12:47:59 GMT
It was always going to get extended. Making a condition to repay the £160m loan is fine, but expecting it to be done in 3 weeks was not. Interesting how the end of May is now being discussed as the new date for decision to be made. This is likely to be after the end of the season and Everton know if they are staying in the PL or relegated. I would assume Everton in the Championship are a far less attractive purchase. |
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