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Post by foxtrot27 on May 7, 2024 13:03:23 GMT
I guess it’s all over now for 777. They can now add fraud and Ponzi scheme to their accolades.
So what now? I’d imagine Lions are done as I can’t see why someone will be willing to take those losses. Same with Plymouth and Manchester. A new BBL with 7 clubs…..or a fold into NBL?
Maybe Timoney Will come to the rescue with his millions! We can certainly use it about now!!
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Post by dexter on May 7, 2024 14:17:23 GMT
I think someone could step in to support a Manchester team in the NBPC. I believe the Manchester fans would support it. London Lions and Plymouth Patriots would be much harder to save due to costs and venue respectively.
An 8 team BBL wouldn't be so bad, especially as it would be losing a team that's too good and a team that's quite bad.
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Post by donthatetheplayer on May 7, 2024 15:39:18 GMT
Fear not, of all the things the BBL and 777 need right now is someone to clear out the garbage. Step forward (drumroll) - Biffa. A 3 yr deal feels a little ambitious tho, maybe they misspelt "3 month". Promoting sustainability across the league. 777 clearly didn't get the memo. Too many jokes, so little time. Someone tell Radin they need hard cash, not a few freebie plastic waste bins and some free coaching on how to weed out the rubbish, oh hang on.
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Post by SamH on May 7, 2024 19:03:57 GMT
I think if you had an 8 league team you'd have to get the NBL D1 teams involved in some way, if only to vary the opposition sometimes and keep it fresh. I don't know how - bring back the cup for a start and include them in that as well as the trophy. The league probably would just have to be the 8 teams I guess so whats that - 28 games, 4x against each opponent? Not ideal but 21 games wouldn't be enough. Maybe they could introduce another kind of competition as well, one involving the NBL teams too, but what could they do to differentiate it from the cup/trophy?
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Post by milehigh on May 7, 2024 19:11:44 GMT
We should be proud that members of our forum were onto the 777 story so early, and have done all we can to publicise the true nature of Wander and company.
Sadly a lot of innocent people will lose money, businesses will collapse and honest people will be left without a job.
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Post by foxtrot27 on May 7, 2024 19:27:03 GMT
We should be proud that members of our forum were onto the 777 story so early, and have done all we can to publicise the true nature of Wander and company. Sadly a lot of innocent people will lose money, businesses will collapse and honest people will be left without a job. I believe it was dunkster who was ahead of the curve on this. All the criticism he got from everyone on this forum. Last laugh for him I guess. The failure of 777/666 has set basketball in this country back a decade. What a waste. |
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Post by SamH on May 7, 2024 19:38:26 GMT
I do recall several people calling this an inevitable disaster in waiting pretty much from the start.
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Post by notoriousbigz on May 7, 2024 21:07:43 GMT
I do recall several people calling this an inevitable disaster in waiting pretty much from the start. Acquire asset, leverage debt against said asset, watch it burn, acquire another asset, rinse and repeat. Quite who they think they are trying to buy a Premier league football club god only knows. |
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Post by spacejammer on May 7, 2024 21:32:03 GMT
I do recall several people calling this an inevitable disaster in waiting pretty much from the start. I wonder if any of them will be volunteering to feature in the eventual documentary series this will turn into where it eventually explains all the going on's and what happened behind closed doors. I just hope with all this broadcasting and extra publicity the good will out weigh the bad and some one or a group of people will come to save the BBL or take over. It wouldn't suprise me if during half time in the finals the broadcasters start some sort crisis appeal. If you want to see the BBL continue to exist please text 777 and donate £5 to help save our league. And for an extra £2 you might even be able to bid and buy a franchise as well. |
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Post by milehigh on May 7, 2024 23:24:42 GMT
Josh Wander as a TV Evangalist!
Reminds me of this song
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Post by massiveridersfan on May 8, 2024 6:46:19 GMT
It looks as if nothing has been learned from past squandering of money by certain clubs, e.g. Manchester/London Royals. The more worrying aspect is how deep is this financial mess for the whole BBL, not just Lions, Patriots and Giants?
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Post by spacejammer on May 8, 2024 8:11:48 GMT
To be honest I don't think they should get jail but should actually get community service instead in order to pay back all the moment they stole.
As punishment would their be then having them walk to every BBL and WBBL venue from Scotland down to England performing community car washes in order to pay back the money and keep the BBL going.
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Post by dexter on May 8, 2024 8:21:49 GMT
To be honest I don't think they should get jail but should actually get community service instead in order to pay back all the moment they stole. As punishment would their be then having them walk to every BBL and WBBL venue from Scotland down to England performing community car washes in order to pay back the money and keep the BBL going. I wish judges could hand out appropriate sentences like this. |
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Post by hayesboy on May 8, 2024 8:44:18 GMT
So if 777 go bust/run for the hills/etc what are the real world options for the BBL as an organisation and their teams?
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Post by LTfan on May 8, 2024 8:49:19 GMT
To his credit, Dunkster was correct in predicting this so early on. To his discredit, he also spoke a load of rubbish about other things that we’ve since learnt were totally incorrect.
It’s probably important not to get too ahead of ourselves… I’ve heard rumours a contingency plan for the league is already in place and ready to be initiated if/when 777 exit. I don’t know the exact details or what it means for Manchester and Plymouth. And London is an entirely separate scenario, although I do know the league want to retain a London-based team and not throw away everything the 777 money has done for basketball in the capital. Now I’m speculating, but the contingency plan could include acquiring the London Lions and bringing them under league control (potentially at the cost of losing Plymouth and/or Manchester) but with an entirely different business model – no more Europe, no more NBA-players, for starters. Equally the league might launch a new London-based team, which looks suspiciously like the London Lions but for legal reasons are an entirely different company (think Plymouth Raiders/Plymouth City Patriots).
Just to reiterate, the above is based on both what I know to be true and some speculation on my behalf.
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Post by mac on May 8, 2024 9:52:44 GMT
I do recall several people calling this an inevitable disaster in waiting pretty much from the start. I was one of them. The memory of London City Royals demise was still fresh and I didn't think 777's plans were feasible. I was suspicious about a company founded in 2015 rapidly gaining control of $100s of millions. We've had Americans before with grandiose plans for a new league (still waiting chaps). I really wanted to be wrong but less than two and a half years later it looks like it's going to fall apart. |
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Post by mac on May 8, 2024 9:56:28 GMT
I do recall several people calling this an inevitable disaster in waiting pretty much from the start. Acquire asset, leverage debt against said asset, watch it burn, acquire another asset, rinse and repeat. Quite who they think they are trying to buy a Premier league football club god only knows. I think they were looking at the shiny new stadium that they would have leveraged. |
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Post by robh92 on May 8, 2024 10:26:48 GMT
I think someone could step in to support a Manchester team in the NBPC. I believe the Manchester fans would support it. London Lions and Plymouth Patriots would be much harder to save due to costs and venue respectively. An 8 team BBL wouldn't be so bad, especially as it would be losing a team that's too good and a team that's quite bad. I think an 8 team league would be really rough, although a competitive balance would make the product as a whole worthwhile. Perhaps time to merge with the NBL and expand to maybe 12 teams. One thing that's a must is a salary cap/sustainability rules to stop this from happening again. London' run in Europe was fun, but not at this cost. It was always totally unsustainable and the money spent could have done wonders for the sport in this country. |
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Post by irf on May 8, 2024 10:31:46 GMT
Ponzi Scheme Definition:
"A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[1] Named after Italian businessman Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own."
There's never been any semblance of a remotely viable business plan for Lions. When you are running a Ponzi Scheme you don't need one. You aren't actually running a business you are just buying things to attract more investment each time and it continues with monies being moved around internally until eventually fresh investment runs out. It's truly amazing how long they've kept this going though and the investors have continued to be dragged in.
As I've said a few times before though. In other big ponzi schemes the investors get sucked in for more and more as they either darent or can't afford to believe they are victims of a scam to start with
Looks like the organisation now trying to sue 777 have finally accepted (or at least believe) they have been victims of a scam all along
Clearly that investment potential has ended.
They were in 600M US dollars deep before the accepted reality !
Where do they find new investors to replace them with that story headline news around the world?
BBL Basketball actually a very small part of all of this.
If you were a Lions employee you would be keeping a very close eye on how much wages etc you were owed by the club currently with all this going on in the background
But then again the employees have benefited all the way until now at least from what's been going on in this murky (to say the least) organisation
Similarly BBL will have benefited despite (I'm sure) the nightmare of all the things going on behind the scenes we only hear snippets off from time to time
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Post by eillo23 on May 8, 2024 10:36:56 GMT
Lets wait and see what happens. From what I have read and from the documents of the new court case... it seems A-Cap are involved ALOT more then anyone realises.
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