Virgil Hilts
Well-Known Member
Cheers.
Had heard that it was rumoured that Mashiri was being bankrolled by tbe £££ that Usmanov git from Koepke gor his Arsenal shares.
Everton call in insolvency advisers amid fresh doubt over 777 takeover
- Thread starter David Edgar
- Start date
Cheers.
Had heard that it was rumoured that Mashiri was being bankrolled by tbe £££ that Usmanov git from Koepke gor his Arsenal shares.
casualobserver
Formerly Kirky Expat
The names are in the story posted in the OP.
Wrong side of the riverTranmere Rovers will be eying up a brand new stadium picked up on the cheap from the receivers
TheDerryend
Well-Known Member
I think your last sentence very much covers where football is these days. In fact your whole post is bang on.
MainStandLoyal
Well-Known Member
Was he not the guy behind Moshiri’s money?
Virgil Hilts
Well-Known Member
Rumoured to be.
Laudrups Barnet 55
Well-Known Member
I’m the same mate. My love of football would have died as well.
It’s fucking absurd a club like Everton are in the state they’re in with so much money thrown around.
I heard the same story.
yosser hughes
Well-Known Member
sponsored Everton's training ground up front
AchtungBaby
Well-Known Member
They've spent 300+ million more than they've brought in. In what world is that not bad? 300 million!
AchtungBaby
Well-Known Member
That's revisionist mate, crooks and dodgy businessmen have always been around football clubs. The only difference these days is the numbers are bigger. Third Lanark?Once upon a long time ago, football was a simple game between 22 men kicking a leather ball around the pitch, 3 O'clock every Saturday up and down the land, a welcome diversion for fans from the daily pressures of life.
And now we've come to this:
Kind of blue - josimarfootball.com
Another missed payment deadline by 777 Partners, this time to Everton, puts the firm’s takeover of the club into fresh doubt, while one of its airlines has just entered voluntary administration.josimarfootball.com
GeeSpot
Well-Known Member
Grim situation all round.
At Everton’s annual general meeting in January 2019, the owner, Farhad Moshiri, made a dramatic promise.
Speaking about the club’s ambition to build a 52,888-seat stadium at Bramley-Moore Dock, the club’s majority shareholder pledged: “I’ll throw as much money as needed. Private markets will provide £350m, naming rights will give us some more and we will maybe have an equity gap of £100m.”
https://www.theguardian.com/footbal...ncy-restructuring-advisers-777-takeover-doubt
He added: “[This club] is sufficiently robust to see the project through. It is no luxury; we have to get it done. If we want to have a big club we need a modern stadium and we will get it”.
About 15 months ago, in January 2023, Moshiri was still reading from much the same script. He told Everton’s Fan Advisory Board: “The club is not for sale, but I have been talking to top investors of real quality to bridge a gap on the stadium. I can do it myself; the reason I want to do it is to bring top sport investors into Everton, for some of the reasons the fans want improvement: more talent. We are close to having a deal done.”
However, those studying the club’s operations at that point would have spotted the clues that have slowly led to Everton now calling in a leading firm of restructuring and insolvency advisers to help with their huge debts.
One of the earliest red flags came as a result of an announcement the club made a year after Moshiri’s pledge to “throw as much money as needed” at the stadium project. In January 2020 Everton made a show over what looked like a significant appointment, hiring the US investment bank JP Morgan and Japan’s largest bank, MUFG, to help raise the then £500m required to build the ground.
The pair are such stellar names in the world of finance that the partnership seemed like one of the most important signings of the season. But the relationship became an albatross to the club, as the combined efforts of those two huge financial institutions could not secure backing for the project in almost four years of trying.
Experts have told the Guardian that the usual method of financing new stadiums is to secure all the funds required before a shovel is thrust into the ground – even though clubs then typically refinance projects at a later date.
Without the comfort of that investment – and with previous well-known lenders including Santander and Industrial and Commercial Bank of China no longer providing loans to the club – Everton were left having to borrow from different sources to fund working capital requirements.
In September 2019 Everton opened an £80m “credit facility” with a company called Rights and Media Funding (RMF), a Cheshire-based firm with zero employees that borrows its funds from opaque offshore companies in order to lend to football clubs. The debt to RMF soon grew.
RMF is now the largest lender to Everton – owed about £225m on an interest rate understood to have reached 10.25%. That means that hundreds of thousands of pounds are flowing out of the club each week.
RMF has secured its loan by having rights to property around Goodison Park. It also has clauses in its agreement that are understood to have allowed it to veto a proposed takeover by the US sports investment group MSP Capital last year. Neither RMF nor MSP has previously commented to the Guardian on that point.
MSP itself – along with its partners, the Evertonian businessmen Andy Bell and George Downing – is another large creditor. That consortium has loaned the club about £160m, which is secured over the new stadium development, as well as a charge over more than half of Moshiri’s 94% stake in the club, according to corporate documents filed in the Isle of Man.
Finances are so tight at Goodison Park that MSP could have taken control of Moshiri’s shares – and therefore the club – last month, because the prospective buyer 777 Partners had failed to repay MSP on time as part of its takeover.
In the seven months it has been trying to complete its Everton takeover, 777 has itself loaned about £200m, just to keep Everton going.
That constant need for working capital injections – along with the size of the debt burden compared with Everton’s assets – is what is thought to be concerning club directors now.
When companies fall into financial difficulties, directors are required to take professional advice and closely monitor a business’s finances to ensure that they are not trading while insolvent.
www.theguardian.com
At Everton’s annual general meeting in January 2019, the owner, Farhad Moshiri, made a dramatic promise.
Speaking about the club’s ambition to build a 52,888-seat stadium at Bramley-Moore Dock, the club’s majority shareholder pledged: “I’ll throw as much money as needed. Private markets will provide £350m, naming rights will give us some more and we will maybe have an equity gap of £100m.”
https://www.theguardian.com/footbal...ncy-restructuring-advisers-777-takeover-doubt
He added: “[This club] is sufficiently robust to see the project through. It is no luxury; we have to get it done. If we want to have a big club we need a modern stadium and we will get it”.
About 15 months ago, in January 2023, Moshiri was still reading from much the same script. He told Everton’s Fan Advisory Board: “The club is not for sale, but I have been talking to top investors of real quality to bridge a gap on the stadium. I can do it myself; the reason I want to do it is to bring top sport investors into Everton, for some of the reasons the fans want improvement: more talent. We are close to having a deal done.”
However, those studying the club’s operations at that point would have spotted the clues that have slowly led to Everton now calling in a leading firm of restructuring and insolvency advisers to help with their huge debts.
One of the earliest red flags came as a result of an announcement the club made a year after Moshiri’s pledge to “throw as much money as needed” at the stadium project. In January 2020 Everton made a show over what looked like a significant appointment, hiring the US investment bank JP Morgan and Japan’s largest bank, MUFG, to help raise the then £500m required to build the ground.
The pair are such stellar names in the world of finance that the partnership seemed like one of the most important signings of the season. But the relationship became an albatross to the club, as the combined efforts of those two huge financial institutions could not secure backing for the project in almost four years of trying.
Experts have told the Guardian that the usual method of financing new stadiums is to secure all the funds required before a shovel is thrust into the ground – even though clubs then typically refinance projects at a later date.
Without the comfort of that investment – and with previous well-known lenders including Santander and Industrial and Commercial Bank of China no longer providing loans to the club – Everton were left having to borrow from different sources to fund working capital requirements.
In September 2019 Everton opened an £80m “credit facility” with a company called Rights and Media Funding (RMF), a Cheshire-based firm with zero employees that borrows its funds from opaque offshore companies in order to lend to football clubs. The debt to RMF soon grew.
RMF is now the largest lender to Everton – owed about £225m on an interest rate understood to have reached 10.25%. That means that hundreds of thousands of pounds are flowing out of the club each week.
RMF has secured its loan by having rights to property around Goodison Park. It also has clauses in its agreement that are understood to have allowed it to veto a proposed takeover by the US sports investment group MSP Capital last year. Neither RMF nor MSP has previously commented to the Guardian on that point.
MSP itself – along with its partners, the Evertonian businessmen Andy Bell and George Downing – is another large creditor. That consortium has loaned the club about £160m, which is secured over the new stadium development, as well as a charge over more than half of Moshiri’s 94% stake in the club, according to corporate documents filed in the Isle of Man.
Finances are so tight at Goodison Park that MSP could have taken control of Moshiri’s shares – and therefore the club – last month, because the prospective buyer 777 Partners had failed to repay MSP on time as part of its takeover.
In the seven months it has been trying to complete its Everton takeover, 777 has itself loaned about £200m, just to keep Everton going.
That constant need for working capital injections – along with the size of the debt burden compared with Everton’s assets – is what is thought to be concerning club directors now.
When companies fall into financial difficulties, directors are required to take professional advice and closely monitor a business’s finances to ensure that they are not trading while insolvent.
The Everton crisis explained: how did it get to this point?
Owner Farhad Moshiri once said the club were ‘robust’ enough to fund stadium but now they need working capital injections
www.theguardian.com
Rangerista
Well-Known Member
I accept your point and the demise of Third Lanark in 1967 is a stain on Scottish football, a club and community obliterated by the actions of one corrupt individual.
I was thinking more of the intricate, convoluted, byzantine and devious financial machinations that seem to encapsulate most transactions in modern football.
The complex maze of monetary transfers between owners and investors, leaves most fans completely at a loss and fearful what they ultimately mean to their clubs.
The days of the local butcher, baker and second hand car dealer, owning their local club, are long consigned as things of the past.
In this thread, I wish the only people who matter, the Everton fans, well and hopefully a positive outcome.
Texas ranger
Well-Known Member
It happens in real life all the time. Some of the folks I know who are the least wealthy make and spend the most money. It’s very simple. All you have to do is spend more than you bring in.
BanbridgeLoyal1990
Member
‘to hell with Liverpool and Rangers too, throw them all in the Mersey’
Bristol_bnose3
Well-Known Member
Never been so offended. Kids are in tears here.
Glasgow Rangers (Sco)
Well-Known Member
They are if you’re Everton
Hopefully there is a fire sale this summer, not in the sense that I don’t wish them well (I do), but a fire sale would be good for business. We could make a lowball offer for Patterson and Lewis Dobbin imo. £8M for the pair, happy days.
Substitute Rangers for Celtic and the toffees really sing: "And we'll fight fight fight with all our might for the boys in the royal blue jerseys"
I'm from the 70s and the song was always: "To hell with Liverpool and celtic too . . ."
LaudrupsHeader
Well-Known Member
They benefited from our financial misfortunes and happily took Naismith for free and used our financial situation to get Jelavic cut price. I suppose what goes around comes around.
I don't think they have many players that would be much use to us tbh. Shite and not worth the wages they'd command.
Mr. Coal Fire Man
Active Member
I always remember my dad (who was born in the 1920’s) saying he couldn’t understand the Rangers - Liverpool love in (it was a thing in the 70’s Rangers/Liverpool Celtic/Man Utd.) as far as he was concerned if there was a link with any Liverpool club it was Everton. I know things have moved on and that both clubs are infected with those with a leaning towards that lot.
FinchleyLoyal
Member
.,,,‘Chelsea, arsenal blackburn just to name a famous few’ yeah your right, I wouldn’t read too much into songs like that
….Unless there’s a massive rivalry we have with Blackburn I’m unaware of
yosser hughes
Well-Known Member
ive been a regular visitor to the city for over 40 years now,and heard this song sung at football , in boozers and in the street, never once have I heard the enablers mentioned, it has always been Liverpool and Rangers, as a song though its never really been a concern for me hearing it, its certainly something I could do without hearing, but I wouldn't be getting myself worked up about it
Rangerista
Well-Known Member
And the saga continues . . . .
Everton takeover: 777 Partners hold talks over financing
Everton's prospective buyers hold discussions with a private equity firm specialising in 'distressed debt' as they aim to complete a protracted takeover of the club.
www.bbc.co.uk
Forza_Napoli
Well-Known Member
They're lucky this season as the bottom 3 have been awful but they might not be so lucky next season also with people mentioning them having a fire sale looking at there squad they don't have that much sellable assets
linthousebear1981
Well-Known Member
So, they have done amazingly well to survive relegation with two point deductions they have been given but now administration might end up getting them put into the championship.
Such a mess of a club.
Stadium looks like it could be great but building so close to the water, just wouldn't be me.
It will be the best stadium in the championship.
Such a mess of a club.
Stadium looks like it could be great but building so close to the water, just wouldn't be me.
It will be the best stadium in the championship.
wee bud's pit boots
Well-Known Member
What I don't get is why Rangers?
I get Liverpool. but as scousers you'd think it would have been the Manc clubs who were going for a swim as opposed to us?
They do have some assets
DCL
Braithwaite
Pickford
Onana
Garner
Mcneil
Danjuma
Would all bring in decent transfer fee’s however clubs would know they are struggling and offer way below market value especially for Braithwaite who would be worth the most being an English centre back
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Forza_Napoli
Well-Known Member
Pickford, Braithwaite and Onana I'll give you but the others are average and I don't see them getting big money for them DLC is always injured and not good enough for say the top 8.
yosser hughes
Well-Known Member
some dodgy mob are going to end up owning a brand new stadium on the cheap, and then be making good money on leasing it out to the club,its hard to see any kind of sustainable future for that club sadly
SouthWalesGer
Well-Known Member
I think the Saudis should have bought them and not Newcastle. Would have been a messy transaction but I think in the long run a Saudi led Everton in a new stadium would be a better prospect than Newcastle United.
Depends what you class as big money - they will get between 10-30m each for the others - which in the grand scheme of things isn’t mega money especially in England - but still a fair chunk of change
From the list above they will get 150-200m ish
DLC - 20m
Braithwaite - 50m
Pickford - 30m
Onana - 25m
Garner - 20m
Mcneil - 15m
Danjuma -15m
Harrison would also go for decent money.
Issue being they would have no players left.
deBoersHeader
Well-Known Member
Great news for Leeds not so much Everton.
wee bud's pit boots
Well-Known Member
I remember when they signed Naismith from us, Moyes said, basically we have got a £5m player for nothing.
There's a certain Karma in there.
Forza_Napoli
Well-Known Member
I can't see what club would spend that money on DLC who like I said as nearly always injured and all of the top 8 have better opinions. Braithwaite and Pickford I can see moving on in the summer were arsenal not linked with onana at our point? I'm not sure there will be a massive que for Mcneil, Garner and Danjuma If so I'd expect clubs to low ball them given there current financial situation.
You just know another PL team will splash £30+ on DLC
SimonLeBon
Well-Known Member
Yep I have 2 Scouse cousins, both Gers man and Liverpool fans, they say its Liverpool and Rangers that Everton sing about.
The U.S. Male
Well-Known Member
just wait 6 weeks and another £100m sky payment should cover them ----- we really do get screwed dont we
Won’t touch the sides mate. They’re in a half-billion hole.
It’s absolutely incredible how they got here.
HMS.Temple.Garden
Well-Known Member
there are few other clubs around the globe with twitchy arses rights now.
prenzlauerbear
Well-Known Member
Dodgy owners and sponsored by Castore next season. Grim times for Everton.
yosser hughes
Well-Known Member
20 million a month just to keep the lights on, so the 100 million will certainly be welcome , but wont be changing anything going forward
