Premier League Thread

[Cjay]

This is a massive story.

Everton call in insolvency advisers amid fresh doubt over 777 takeover
Club believed to be waiting for further £15m of loans from 777
Advisory firm Teneo deals with restructuring and insolvency

Everton are calling in a leading firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover of the Premier League club by 777 Partners.

The move comes as the club are believed to still be waiting for a further £15m of loans that 777 had pledged to provide Everton with during April, according to one 777 source.

Bonza
Blow to would-be Everton owners 777 Partners as airline enters administration

The latest loan would have taken the amount the club had borrowed from the American firm to more than £200m during the seven months since it was announced it would acquire Everton.

Everton call in insolvency advisers amid fresh doubt over 777 takeover
Club believed to be waiting for further £15m of loans from 777
Advisory firm Teneo deals with restructuring and insolvency
Simon Goodley
Tue 30 Apr 2024 11.39 BST
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Everton are calling in a leading firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover of the Premier League club by 777 Partners.

The move comes as the club are believed to still be waiting for a further £15m of loans that 777 had pledged to provide Everton with during April, according to one 777 source.

Bonza
Blow to would-be Everton owners 777 Partners as airline enters administration
Read more
The latest loan would have taken the amount the club had borrowed from the American firm to more than £200m during the seven months since it was announced it would acquire Everton.

However, 777 appears to be experiencing further financial difficulties, with its low-cost airline Bonza entering voluntary administration in Australia on Tuesday. Meanwhile, 777 Partners is understood to have parted company with its UK PR advisers after falling behind on paying its fees.


The developments raise further questions regarding whether 777 will be able to complete its takeover of Everton – and how the club will be funded until the end of the season.

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 Guardian understands that Teneo – a global financial advisory firm with a large insolvency division – has been approached to advise Everton and its directors.

When asked on Monday about the firm advising Everton, Daniel Butters, Teneo’s chief executive of financial advisory, said: “We don’t comment on any client situations.” The phone line then went dead.

Everton declined to comment.

The developments also raise questions about how long the Everton owner, Farhad Moshiri, can retain control of the club, only a month after assuring fans that 777’s takeover was entering the “home straight”.

Another set of Everton creditors – MSP and its partners, the Evertonian businessmen Andy Bell and George Downing – has loaned the club about £160m, which is secured over the new stadium development at Bramley-Moore Dock, 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. That consortium could use its security to take control of the club.

777 did not respond to efforts to contact the company. 777 appears to be experiencing further financial difficulties, with its low-cost airline Bonza entering voluntary administration in Australia on Tuesday. Meanwhile, 777 Partners is understood to have parted company with its UK PR advisers after falling behind on paying its fees.


The developments raise further questions regarding whether 777 will be able to complete its takeover of Everton – and how the club will be funded until the end of the season.

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 Guardian understands that Teneo – a global financial advisory firm with a large insolvency division – has been approached to advise Everton and its directors.

When asked on Monday about the firm advising Everton, Daniel Butters, Teneo’s chief executive of financial advisory, said: “We don’t comment on any client situations.” The phone line then went dead.

Everton declined to comment.

The developments also raise questions about how long the Everton owner, Farhad Moshiri, can retain control of the club, only a month after assuring fans that 777’s takeover was entering the “home straight”.

Another set of Everton creditors – MSP and its partners, the Evertonian businessmen Andy Bell and George Downing – has loaned the club about £160m, which is secured over the new stadium development at Bramley-Moore Dock, 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. That consortium could use its security to take control of the club.

777 did not respond to efforts to contact the company.

So if the takeover falls through then 777 just become another one of the people Everton owe money?

[SG90]

We've done it 21 times incidentally

7 times since 1945 for Villa is the same amount of times we've done it in the bloody Premier League.

Now look where we are and they are.

Depressing

Sugar daddy owners pumping money in, that's why. Though they will fail ffp and have to start selling, so won't last long.

[GreennWhite]

By all accounts 777 are owners of Standard Liege, and there are big finacial problems there. They also are owners or part owners of quite a few other clubs world wide and most if not all of those clubs are not in good shape financially. Seems like they owe quite a bit of money to other people, which is never a good thing.

[SG90]

By all accounts 777 are owners of Standard Liege, and there are big finacial problems there. They also are owners or part owners of quite a few other clubs world wide and most if not all of those clubs are not in good shape financially. Seems like they owe quite a bit of money to other people, which is never a good thing.

But they will still stay up...somehow

[SG90]

We would've stayed up comfortably with last season's points total incidentally. Typical Leeds

[Irish Ian]

So if the takeover falls through then 777 just become another one of the people Everton owe money?

From the Beeb.

777 now being accused of fraud.

Everton's prospective owners 777 Partners and the firm's co-owner Josh Wander have been accused of a "fraudulent scheme" by a lender in a civil court filing in New York.

London-based Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim Wander and 777 'pledged' over $350m (£279m) in assets as collateral for a credit facility agreement, but knew they "did not exist" or were "not actually owned by Wander’s entities".

Leadenhall's 82-page filing, which was submitted on Friday as part of its civil claim, says it is seeking to recover "millions of dollars in damages from a house of cards on the brink of collapse".

777 Partners declined to comment when contacted by BBC Sport.

The latest development casts further doubt over whether 777 can complete a protracted takeover of the Toffees after agreeing to buy Farhad Moshiri's 94% stake in the club last September.

The Miami-based investment firm has held discussions with a private equity firm specialising in 'distressed debt' as it aims to seal a deal that it is yet to be ratified by the Premier League.

The firm already owns stakes in European teams including Genoa, Sevilla, Hertha Berlin and Standard Liege, as well as Brazilian club Vasco da Gama.

777 has endured financial strife this week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs, and having an airline it owns enter voluntary administration.

Meanwhile, 777's UK public relations advisers have stopped representing the company after saying the firm did not meet payments on fees and it remains to be seen whether they will re-engage.

Leadenhall's US court filing stated: "Everton is the latest shiny object of Wander’s fraudulent scheme, solvency aside.

"Upon information and belief, Wander and [co-owner Steven] Pasko are operating a giant shell game at best, and an outright Ponzi scheme at worst, that takes money in from investors and lenders and shuffles it around to various money-losing alter egos in the enterprise to disguise their true financial condition."

[The Subhuman]

From the Beeb.

777 now being accused of fraud.

Everton's prospective owners 777 Partners and the firm's co-owner Josh Wander have been accused of a "fraudulent scheme" by a lender in a civil court filing in New York.

London-based Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim Wander and 777 'pledged' over $350m (£279m) in assets as collateral for a credit facility agreement, but knew they "did not exist" or were "not actually owned by Wander’s entities".

Leadenhall's 82-page filing, which was submitted on Friday as part of its civil claim, says it is seeking to recover "millions of dollars in damages from a house of cards on the brink of collapse".

777 Partners declined to comment when contacted by BBC Sport.

The latest development casts further doubt over whether 777 can complete a protracted takeover of the Toffees after agreeing to buy Farhad Moshiri's 94% stake in the club last September.

The Miami-based investment firm has held discussions with a private equity firm specialising in 'distressed debt' as it aims to seal a deal that it is yet to be ratified by the Premier League.

The firm already owns stakes in European teams including Genoa, Sevilla, Hertha Berlin and Standard Liege, as well as Brazilian club Vasco da Gama.

777 has endured financial strife this week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs, and having an airline it owns enter voluntary administration.

Meanwhile, 777's UK public relations advisers have stopped representing the company after saying the firm did not meet payments on fees and it remains to be seen whether they will re-engage.

Leadenhall's US court filing stated: "Everton is the latest shiny object of Wander’s fraudulent scheme, solvency aside.

"Upon information and belief, Wander and [co-owner Steven] Pasko are operating a giant shell game at best, and an outright Ponzi scheme at worst, that takes money in from investors and lenders and shuffles it around to various money-losing alter egos in the enterprise to disguise their true financial condition."

So ..... ok for the fit and proper test?

[GreennWhite]

They also started an airline buisness in Australia i think it was. Guess what ? its had to stop trading
Its hard to belive anyone would want to touch these guys with a barge pole.

[SG90]

Julen Lopetegui to join West Ham next season

[SG90]

So ..... ok for the fit and proper test?

English football's desperation for wealthy foreign ownership always meant you'd get these kind of frauds appearing on the scene. Too late now to do anything, but it should've been like the Bundesliga with fans owning 51%. Maybe it's something the EFL could look into?

[GreennWhite]

Julen Lopetegui to join West Ham next season

Sack Farke now, get Moyes in asap

[Cjay]

From the Beeb.

777 now being accused of fraud.

Everton's prospective owners 777 Partners and the firm's co-owner Josh Wander have been accused of a "fraudulent scheme" by a lender in a civil court filing in New York.

London-based Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim Wander and 777 'pledged' over $350m (£279m) in assets as collateral for a credit facility agreement, but knew they "did not exist" or were "not actually owned by Wander’s entities".

Leadenhall's 82-page filing, which was submitted on Friday as part of its civil claim, says it is seeking to recover "millions of dollars in damages from a house of cards on the brink of collapse".

777 Partners declined to comment when contacted by BBC Sport.

The latest development casts further doubt over whether 777 can complete a protracted takeover of the Toffees after agreeing to buy Farhad Moshiri's 94% stake in the club last September.

The Miami-based investment firm has held discussions with a private equity firm specialising in 'distressed debt' as it aims to seal a deal that it is yet to be ratified by the Premier League.

The firm already owns stakes in European teams including Genoa, Sevilla, Hertha Berlin and Standard Liege, as well as Brazilian club Vasco da Gama.

777 has endured financial strife this week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs, and having an airline it owns enter voluntary administration.

Meanwhile, 777's UK public relations advisers have stopped representing the company after saying the firm did not meet payments on fees and it remains to be seen whether they will re-engage.

Leadenhall's US court filing stated: "Everton is the latest shiny object of Wander’s fraudulent scheme, solvency aside.

"Upon information and belief, Wander and [co-owner Steven] Pasko are operating a giant shell game at best, and an outright Ponzi scheme at worst, that takes money in from investors and lenders and shuffles it around to various money-losing alter egos in the enterprise to disguise their true financial condition."

From Belgium media now this.

[Irish Ian]

From Belgium media now this.

Everton have dodged a bullet then?

First they recieved money off them to help liquidity this season and second do they have to pay back thr 200M they owe 777 if 777 is indeed a ponzy scheme?

[Cjay]

Everton have dodged a bullet then?

First they recieved money off them to help liquidity this season and second do they have to pay back thr 200M they owe 777 if 777 is indeed a ponzy scheme?

I've no idea

Is it not considered illegal money?

I really don't know.

But surely they would have to repay it to someone?

Everton fans now trying to convince themselves some sovereign wealth fund is going to ride in and save them.

Tbf it never happens to us but happened to Villa so probably will

[Cjay]

Moyes gone

Lopetegui incoming

[1964white]

Moyes gone

Lopetegui incoming

I'm not surprised, Cjay.

[Clacton White]

I'm not surprised, Cjay.

Work with a lot of Hammers fans , basically they don't like the football he has the team play , he did win them a trophy though . Funny old side really , times they can beat almost anyone but next game can be awful....against absolutely anyone . Not sure Moyes could do anything with Leeds, what's Graham Potter doing now , not heard of him since Chelscum .

[PhoenixUnited]

Moyes gone

Lopetegui incoming

Appalling the way that the Leadership have dealt with this but then with the people concerned you should not be surprised. Bag of poo the lot of them

[Cjay]

Appalling the way that the Leadership have dealt with this but then with the people concerned you should not be surprised. Bag of poo the lot of them

Agreed treated Moyes shockingly.

He may not be the most exciting coach but his record is very decent.

A very decent manager.

[mentalcase]