777 Partners’ takeover of Everton clears FCA hurdle

Rob

Wonderful. Just yesterday Standard Liege were their latest club to be put under a transfer ban for not paying transfer fees. So I am assuming a little spend in January followed by a transfer ban in the summer.

I feel like we are a bunch of hostages who have just escaped our kidnappers only to find ourselves in the hands of another gang of dubious characters.

Still, 777 were the only show in town so we will just have to wait and see if the PL add their approval. My understanding from several weeks ago was that the FA had no issues with 777?

I don’t know what to make of this, except that as Niall points out it potentially staves off administration.

It’s hard to find out much about 777 Partners. They seem to be a financial company. Owning a series of ‘brands’ but where do they get their money? If it’s from investors, then they will need a return on that money, and at some point will have to sell our club to see their profits. It’s not the type of backer that I would choose in an ideal world. But beggars can’t …

James,

I’m not sure this fends off administration. If I’m not mistaken, 777 Partners will not fund the club past January.

Until the corrupt mob at the Premier Leaguebgive their consent, then the takeover cannot be complete.

Would anyone put money on the Premier League giving their okay before the end of January? They haven’t exactly endeared themselves in their dealings with us so far.

I suppose it all depends on what Masters decides and when, as per the “independent” commission’s decision.

Simon @8,

Thanks for posting that link.

You’re way ahead of me: I was going to qualify the FA bit by saying that the FA had already approved Josh Wander and Steve Pasko as being fit and proper future directors for Everton FC, and I was going to track back to our article saying this.

Correct me if I’m wrong but the great majority of trash-talk about 777 Partners has focussed 95% on their abysmal ‘financial conduct’ in many quarters. So exactly how the FCA can review all the scuttlebutt about them and just brush it aside is quite remarkable.

And surely this will only increase the likelihood that the Premier League will finally approve the takeover? But nothing can be taken for granted.

Others much more knowledgable and expericened as studious analysts of Everton’s finances have expressed their concern and displeasure at this proposed takeover, so who are we mere mortals to dare celebrate such things as a possible step forward from the incompetence of Moshiri, Kenwright and Barrett-Baxendale?

Getting cleared by the FCA is a step forward. I don’t expect the Premier League or the FA to stand in the way of the takeover. I think the only thing that is delaying the takeover is the possible compensation claim. It is the only concrete reason I can see that stands in the way of the takeover not been signed off on.

Delayed payments could be looked at as a business making sure it is commercially right, rather than being run by another commercial operation or authority. All the businesses they are involved in seem to have their own autonomy, with their own finances in place.

They appear a lot better financially than Everton. They are able to provide Everton with working capital, something Moshiri is not able to do.

Michael, [11]

Many thanks for clarifying the FA’s stance on Steve Pasko and Josh Wander. I was sure I’d read that the FA hadn’t shown any immediate reservations about them as owners, and by extension, the 777 takeover.

It is somewhat ironic that I posted this elsewhere on here within the last four hours;

“Okay, I really, Really, REALLY hope our new owners are NOT 777 Partners LLC… As I fear that could end up being the ‘death-knell’ for Everton FC.”

This is out of context, but demonstrated how I felt then.

The strange thing is, that it is because the FCA have given their approval, it makes me think that 777 Partners will at least stabilise the club, for at least the next 2 years. Which if I recall correctly, is the minimum period of time that they have to satisfy a certain stakeholder – the Premier League.

However, after reading a couple of recent articles, my new found optimism is certainly of a cautious nature, and I still have reservations about the ultimate purpose of the acquisition by 777 Partners.

Yet, all that being said, this is only one hurdle cleared, and as the saying goes, “There’s many a slip twixt cup and lip!” Again, let’s keep our counsel and just see what actually develops.

Oh, and Michael re your second para;

“Correct me if I’m wrong but the great majority of trash-talk about 777 Partners has focussed 95% on their abysmal ‘financial conduct’ in many quarters. So exactly how the FCA can review all the scuttlebutt about them and just brush it aside is quite remarkable.“

I find it odd that there are at least two active investigations into 777’s business practises and operations in the US; and also they have two transfer embargoes being active still for lack of transfer payments, and yet… The FCA say all is okay?

Now as I say, either 777 Partners have managed to pull the wool over the eyes of the FCA (which I would find highly unlikely), or the information in the Public Domain has been ‘over sensationalised’ (which is more probable, I would guess).

According to the report by The Athletic; the FCA operates independently from the government and any company looking to carry out regulated financial activities in the UK “must secure its approval”.

That is meant to reassure; however, could I remind everyone, other than Saints and Angels, everyone has their ‘price’.

Again, rather than gnash teeth. kick, wail and moan; let us try a new approach, and wait and see what actually happens…?

“And surely this will only increase the likelihood that the Premier League will finally approve the takeover? But nothing can be taken for granted.“

I would say that your third paragraph is a ‘gimme’ now Michael. Though as I inferred earlier, it’s all just a waiting game.

Remember at the start of the Moshiri years (they haven’t completely been under-signed yet either!), the vast majority thought we’d be back at the big table. Yet look how that turned out?

My own personal opinion is that it gives hope that, if the takeover is fully ratified, then it must surely remove the Club from the threat of possible administration, at least for the foreseeable. Beyond that, anything else that is positive for the club is all gravy to me.

Stephen

Same amateur hour excuse as they had with Vasco Da Gama. it took longer than expected for a wire to go through because of different business days. You’d think a financial company with global assets would be sophisticated enough to structure the timing of payments appropriately to avoid transfer fans or being publicly outed for not making payments on time to the British Basketball league.

There’s that small period of time – the ‘Oh Shit’ time, that quantum moment, where you don’t know which way it’s going to go – in between slamming the front door and checking your pockets for keys.

That’s us that is, as Newman & Baddiel might have said.

Or,

Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance won’t come again

And don’t speak too soon
For the wheel’s still in spin
And there’s no tellin’ who
That it’s namin’

For the loser now
Will be later to win
For the times they are a-changin.

Nobody knows.

I think they’re (allegedly, without prejudice, etc) a gang of plate spinners, spoon balancers, jugglers and bluff merchants and we’re just another bigger spoon placed on the other side of their teetering financial edifice as a counter balance.

As far as I can see, there’s no one else galloping down the Goodison Road like a Prince Charming (or even a Sheikh) to fund this club with Megabucks.

I don’t see any point in whingeing about what is not in our power to influence. We can influence the morale of our team and our club employees, and maybe even investors who might back 777 Partners, because we’re a great club and now showing it.

The way I see it, if 777 Partners do take us over, then it’s in their own interests to make a success of this club, which Kenwright, and latterly Moshiri, utterly failed to do. I’ll give Moshiri credit for getting us the stadium and seeing it mainly built, but we have to go on; and keep doing what we have been doing; supporting our club in the magnificent way we have been.

I think the Premier League and that “independent” bunch wouldn’t like to admit they pissed all over our club. It may well be that the deduction remains as it is. It will be great if it is reduced, but we’re doing okay as it is.

Those clubs who want compensation? Well, if we have no money to spare, they can whistle for it! Because they can’t get what we ain’t got. We keep on going; and doing what we’re doing, as a club and as supporters.

Regards this compensation claim from a few clubs, but I thought they had 28 days from the date of the independent commission decision to get their claim in?

The decision was announced on 17 November, meaning those clubs had until 15 December to get their claims in. So unless I’ve missed something, having spent 2 weeks in the Caribbean for the England cricket tour, then these clubs have missed the deadline for their compensation claim.

I did read somewhere that they were prepared to drop their claims in favour of an out-of-court settlement, but again, I’ve not seen anything regards this. So, if they have not got their claims in, then tell them to go and stick their out-of-court settlement right up their arse!

Everyday I hope to read that this takeover is about to be concluded. Everyday I hope to read that a mega rich oil baron or suchlike is going to blow 777 our of the water. Today, when I read the strap line I was excited that the takeover was moving closer and by the time I’ve read all the posts I’m once again hoping for 777 to be blown out of the water.

It might just be me but I’m sensing that we are jumping out of Moshiris frying pan and into 777’s fire.

It simply feels all wrong to me.

Deep down I want it to fail and that seems to make no sense.

At least it gets a bit closer to ridding the club of the footballing Jonah that is Farhad Moshiri.

The 777 group might be shifty gangsters but they’re not in jail suggesting street smarts way beyond that of the out of his depth, nodding dog from Iran.

If they can conjure up a one off £100m transfer kitty and deflect the stadium “sword of damacles” cost we might be in good shape for 2 years.

After that we’re back to square one but hopefully they’ll flog us to a sheikh then

Barry @ 29 “After that we’re back to square one but hopefully they’ll flog us to a sheikh then”

You’ve just summed up this whole thread, past, present and future.

Also…allegedly…they might get ‘somebody’ to value the whole ‘Historic Premier League Club with Brand New Iconic Water Front Stadium’ – in the recent manner of Trump – at some astronomical price and blag loans and / or credit off that collateral – then sell us on.

To be fair; he paid all his loans back on time!

Ricky @ 21; He always was, but you have to wonder.

We got Moshiri, The Israelis got sand – and the Arabs got the Oil.

Rob#26

Good point.But I doubt it would be announced. First of all it would be verified as a viable claim and then it would be announced when the Commission would sit to hear it.