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Post by milehigh on Apr 16, 2024 13:06:04 GMT
As Everton are bordering on being insolvent, it is likely that they will not be playing anywhere next season.
Another victim of 777!
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Post by eillo23 on Apr 16, 2024 13:24:16 GMT
As Everton are bordering on being insolvent, it is likely that they will not be playing anywhere next season. Another victim of 777! Wow  Something they have had no involvement with as a business. But of course its their fault. Correct me if I am wrong but haven't they done what they can, to stop them from going insolvent?? Over £200m in funding so people can keep their jobs. Painful. |
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Post by cosbyrider on Apr 16, 2024 14:17:14 GMT
Interestingly Hertha’s financial results are good. Maybe reflective of the tighter control and supervision Bundesliga operates or a bit of a success story?
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Post by cosbyrider on Apr 16, 2024 14:19:50 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  Wasn’t Wander - was no 3 in the 777 hierarchy |
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Post by eillo23 on Apr 16, 2024 16:58:06 GMT
Interestingly Hertha’s financial results are good. Maybe reflective of the tighter control and supervision Bundesliga operates or a bit of a success story? I know I get called a “shill” for not looking at 777 in a completely negative manor… but I prefer to just look at the facts. The teams they have taken control of have all been in poor financial positions before they took control. It’s not hard to look into this to find out. Taking on a failing business with debt is not going to lead to positive financial figures in the short term. They have always stated their plans are long term. A lot of the negative press and debts are linked to runnings of business before they were in control. I am not saying I agree with everything they do and how they operate, but for those with a completely negative outlook I find hard to understand. I posted in the London thread regarding the podcast Jay Marriot and Drew do, and I would urge people to listen to the Paul Blake episode. It was great to have another view on the league from none other than the owner of one of the leagues most established clubs. |
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Post by docker on Apr 16, 2024 18:54:32 GMT
Have to agree that the Paul Blake episode was well worth a listen. Especially the bit on competing with investor-led clubs.
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Post by foxtrot27 on Apr 16, 2024 19:32:11 GMT
Interestingly Hertha’s financial results are good. Maybe reflective of the tighter control and supervision Bundesliga operates or a bit of a success story? I know I get called a “shill” for not looking at 777 in a completely negative manor… but I prefer to just look at the facts. The teams they have taken control of have all been in poor financial positions before they took control. It’s not hard to look into this to find out. Taking on a failing business with debt is not going to lead to positive financial figures in the short term. They have always stated their plans are long term. A lot of the negative press and debts are linked to runnings of business before they were in control. I am not saying I agree with everything they do and how they operate, but for those with a completely negative outlook I find hard to understand. I posted in the London thread regarding the podcast Jay Marriot and Drew do, and I would urge people to listen to the Paul Blake episode. It was great to have another view on the league from none other than the owner of one of the leagues most established clubs. I get your point of view, but you are missing the big picture……..no brand sponsor of any merit will partner with the league as long as 777 is the main investor. Also, no investors or new club owners will join as they are toxic. So no matter has great they have been, they are still deemed crooks and everyone who supports their ownership are complicit. |
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Post by irf on Apr 16, 2024 20:17:25 GMT
I know I get called a “shill” for not looking at 777 in a completely negative manor… but I prefer to just look at the facts. The teams they have taken control of have all been in poor financial positions before they took control. It’s not hard to look into this to find out. Taking on a failing business with debt is not going to lead to positive financial figures in the short term. They have always stated their plans are long term. A lot of the negative press and debts are linked to runnings of business before they were in control. I am not saying I agree with everything they do and how they operate, but for those with a completely negative outlook I find hard to understand. I posted in the London thread regarding the podcast Jay Marriot and Drew do, and I would urge people to listen to the Paul Blake episode. It was great to have another view on the league from none other than the owner of one of the leagues most established clubs. I get your point of view, but you are missing the big picture……..no brand sponsor of any merit will partner with the league as long as 777 is the main investor. Also, no investors or new club owners will join as they are toxic. So no matter has great they have been, they are still deemed crooks and everyone who supports their ownership are complicit. Hard to argue with that Every story about 777 is a bad news story from every angle I can't get excited about anything theyve done for British Basketball or London because everything is done will debts being run up and bills being paid last minute or after the last minute The stress they are bringing to every business they touch (very much including Everton and their fans) is horrible to watch from a distance let alone if you were close to that business I guess they are allowed to get involved to start with because a club is struggling. BBL was struggling for sure. But nothing is there to stop them operating well in BBL and with good business ethics. To me it all looks like some kind of pyramid scheme or house of cards type business they operate It's like they need to keep finding bigger investments and then money that comes in for the bigger investments eventually filters down to the ones before it last minutes to pay the bills they have accrued What's the next investment to create some cash to filter down to Everton? Or is this the last one Sometimes investors get in so deep they can't get out Something like that seems to have happened with 777 |
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Post by cosbyrider on Apr 17, 2024 5:58:07 GMT
Equally the board of Vasco have asked for guarantees and a payment plan of how 777 wish to continue funding the football club.
More interestingly there has been an article outside the sphere of sports journalism from the Washington Post which is incredibly damning of 777 and their use of pension money etc
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Post by cosbyrider on Apr 17, 2024 6:05:55 GMT
Interestingly Hertha’s financial results are good. Maybe reflective of the tighter control and supervision Bundesliga operates or a bit of a success story? I know I get called a “shill” for not looking at 777 in a completely negative manor… but I prefer to just look at the facts. The teams they have taken control of have all been in poor financial positions before they took control. It’s not hard to look into this to find out. Taking on a failing business with debt is not going to lead to positive financial figures in the short term. They have always stated their plans are long term. A lot of the negative press and debts are linked to runnings of business before they were in control. I am not saying I agree with everything they do and how they operate, but for those with a completely negative outlook I find hard to understand. I posted in the London thread regarding the podcast Jay Marriot and Drew do, and I would urge people to listen to the Paul Blake episode. It was great to have another view on the league from none other than the owner of one of the leagues most established clubs. This opinion would be fine if it wasn’t for 777 always being late on payments and finance. This isn’t an example of a company recklessly spending their money or building up debts. Clearly they’ve made investment which take time to turn around but it’s not the financial results of their performance which is a problem. The Lions late accounts is a red herring in that regard. It’s 777’s continued difficulty to make payments on time and always be needing third party finance. That simply suggests they don’t have liquid cash and the organisation is built on sand. That’s been a repeat issue on several of their investments - BBL, Standard, Vasco and waiting for 7 months now on funding for Everton to be confirmed. It’s worst for BBL as football clubs can sustain it for longer. British basketball can’t sustain non payment and the link to creditors is far more fraught. |
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Post by milehigh on Apr 17, 2024 8:51:22 GMT
cosbyrider, do you have a link to the Washington Post article? It would be good if all our members had the opportunity to read it. Thanks
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Post by LTfan on Apr 17, 2024 8:53:07 GMT
As Everton are bordering on being insolvent, it is likely that they will not be playing anywhere next season. Another victim of 777! I think I've been fairly neutral in regards to my opinions on 777 Partners... they've invested a lot into the London Lions and the British Basketball League at a time when they both needed it. Maybe saying they 'saved' them is going too far, but they've certainly provided provided a lot of money when it was needed. However, all things considered, I'm not sure I can say either London Lions or the British Basketball League are in a better position than they were 5 years ago - despite the millions invested. So is the plan working? Right now, I'd say 'no'. BUT, Everton certainly aren't 'another victim of 777'. Quite the opposite - 777 have been keeping Everton on life support for quite some time now. And the latest drama - trying to repay a £160M loan Everton already owed is just another example of that. Whether 777 can save Everton in the long term is yet to be seen, but right now they're the ones keeping Everton alive. |
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Post by cosbyrider on Apr 17, 2024 11:52:34 GMT
cosbyrider, do you have a link to the Washington Post article? It would be good if all our members had the opportunity to read it. Thanks |
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Post by eillo23 on Apr 17, 2024 14:19:02 GMT
cosbyrider, do you have a link to the Washington Post article? It would be good if all our members had the opportunity to read it. Thanks The last two paragraphs sum everything up perfectly. No body knows. A lot of speculation. |
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Post by donthatetheplayer on Apr 18, 2024 13:46:31 GMT
I get your point of view, but you are missing the big picture……..no brand sponsor of any merit will partner with the league as long as 777 is the main investor. Also, no investors or new club owners will join as they are toxic. So no matter has great they have been, they are still deemed crooks and everyone who supports their ownership are complicit. Hard to argue with that Every story about 777 is a bad news story from every angle I can't get excited about anything theyve done for British Basketball or London because everything is done will debts being run up and bills being paid last minute or after the last minute The stress they are bringing to every business they touch (very much including Everton and their fans) is horrible to watch from a distance let alone if you were close to that business I guess they are allowed to get involved to start with because a club is struggling. BBL was struggling for sure. But nothing is there to stop them operating well in BBL and with good business ethics. To me it all looks like some kind of pyramid scheme or house of cards type business they operate It's like they need to keep finding bigger investments and then money that comes in for the bigger investments eventually filters down to the ones before it last minutes to pay the bills they have accrued What's the next investment to create some cash to filter down to Everton? Or is this the last one Sometimes investors get in so deep they can't get out Something like that seems to have happened with 777 It has all the hallmarks that 777 have bet the farm on this last roll of the financial dice. The Premier League and all its riches is the at the apex of global sports most prized possession. The ability to borrow against the new Bramley Moore stadium, the club, maybe refinance the clubs kitchen appliances and fire sell off the best players may just about do it - for a few months. I'd be absolutely sh*tting bricks if I was an Evertonian with these jokers hovering around. The latest twist saw a 25 year old Josh Wander impersonator in full baseball cap ensemble next to Moshiri on match day last weekend. At this point they are surely having a laugh. Even Wander now has a body double. Dodgy deals and broken promises, maybe he's facing more security threats than a second rate Italian Mafioso. Either way, are they screwed if they get Everton or screwed if they don't? Maybe everyone thinks the BBL and the Everton deal aren't connected. I guess we'll soon find out. Anyone knows what happens if Everton get relegated? I can't imagine the EFL Cjampionship parachute payments are anything like as rosy as being in the main event. That'll be another £100m + to chuck in to get back into the PL! Fingers down the back of the sofa time gents. |
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Post by dexter on Apr 18, 2024 14:30:52 GMT
Hard to argue with that Every story about 777 is a bad news story from every angle I can't get excited about anything theyve done for British Basketball or London because everything is done will debts being run up and bills being paid last minute or after the last minute The stress they are bringing to every business they touch (very much including Everton and their fans) is horrible to watch from a distance let alone if you were close to that business I guess they are allowed to get involved to start with because a club is struggling. BBL was struggling for sure. But nothing is there to stop them operating well in BBL and with good business ethics. To me it all looks like some kind of pyramid scheme or house of cards type business they operate It's like they need to keep finding bigger investments and then money that comes in for the bigger investments eventually filters down to the ones before it last minutes to pay the bills they have accrued What's the next investment to create some cash to filter down to Everton? Or is this the last one Sometimes investors get in so deep they can't get out Something like that seems to have happened with 777 It has all the hallmarks that 777 have bet the farm on this last roll of the financial dice. The Premier League and all its riches is the at the apex of global sports most prized possession. The ability to borrow against the new Bramley Moore stadium, the club, maybe refinance the clubs kitchen appliances and fire sell off the best players may just about do it - for a few months. I'd be absolutely sh*tting bricks if I was an Evertonian with these jokers hovering around. The latest twist saw a 25 year old Josh Wander impersonator in full baseball cap ensemble next to Moshiri on match day last weekend. At this point they are surely having a laugh. Even Wander now has a body double. Dodgy deals and broken promises, maybe he's facing more security threats than a second rate Italian Mafioso. Either way, are they screwed if they get Everton or screwed if they don't? Maybe everyone thinks the BBL and the Everton deal aren't connected. I guess we'll soon find out. Anyone knows what happens if Everton get relegated? I can't imagine the EFL Cjampionship parachute payments are anything like as rosy as being in the main event. That'll be another £100m + to chuck in to get back into the PL! Fingers down the back of the sofa time gents. I don't think we'll find out all that soon. The loan has been extended by a month so there might not be any news for a month. |
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Post by reallyoldfeenixfan2 on Apr 18, 2024 16:00:02 GMT
Not sure I would read too much into the Josimar speculation on BBL administration unless the BBL itself makes a public comment to confirm/deny, but it was interesting to read that 777 could take over the lease of the Copper Box from GLL. That could be a very positive move for the club. That'd be ideal, with 777 having the Copper Box they could easily fit all their creditors into one single giant meeting to promise them all that everything's OK and it'll be all sorted very soon. |
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Post by cosbyrider on Apr 19, 2024 11:32:56 GMT
777 trying to sell Standard Liege and Red Star Paris to give them the necessary capital to buy Everton and service existing debts
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Post by milehigh on Apr 19, 2024 11:40:16 GMT
No sensible investor is going to buy assets from a company that is in such financial distress, it will be cheaper, and more effective to buy the asset, debt free, from the liquidators eventually.
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Post by LTfan on Apr 19, 2024 12:48:03 GMT
This is the first time I've heard of 777 Partners attempting to sell off major assets to fund their Everton acquisition.
This could be good news for the BBL and London Lions, right? Isn't this all what we want, new investors to take over?
I understand the 'waiting for the liquidators' point, but if you're the BBL or London Lions and it comes to that point there simply might not be any takers and then it's all over. At least this might see seriously interested new investors take over from 777 rather than role the dice of administration/liquidation.
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