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Post by evertonfan1968 on Sept 10, 2023 9:28:22 GMT
777 don't sound like the people we want involved at our club. +1
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Post by rugbytoffee on Sept 10, 2023 17:50:11 GMT
EVERTON are in dire need of fresh investment and they may turn to US-based 777 Partners to achieve their objectives. You might say this is the equivalent of heading for the last chance saloon, that they are willing to become part of a multi-club model that has its critics. The 777 portfolio is not quite like Manchester City’s CFG or even the Red Bull franchise; it is a collection of clubs that have been acquired for their potential in the new age of football capitalism. The 777 team believes that football is on the brink of an exciting era of “hyper commercialisation” and they may be right. It might not be an period that is particularly good for the overall health of the industry as it may exacerbate the imbalances that already exist, but if you’re got your assets lined up and ready to go, the investors could reap the rewards of the next “big bang” in the game. The 777 clubs are not faring very well on the pitch. Melbourne Victory, who were bought in October 2022, finished 11th in the 12-team A-League in 2022. Hertha Berlin, who suffered the ignominy of relegation in 2022-23, are currently next to bottom in Bundesliga 2, Europa League holders Sevilla are staring up from the foot of La Liga, Standard Liege are without a win in their six games, Vasco da Gama are struggling against relegation in Brazil and Genoa are below mid-table in Italy. Only Red Star Paris, who play in the third tier of French football, are faring well so far this season. It is early days, but there are some unhappy fans out there who are struggling to believe in the process. Whatever your view on multi-club models (and get used to them because there’s more coming), a club of Everton’s heritage should not be part of a basket of assets like impaired mortgages. If anything, Everton should be leading the charge, regardless of any moral concerns anyone might have about these structures. But it could be their only choice. They need the backing, but they are not being helped by their performances on the pitch. One of the key figures at 777, Josh Wander, has been voted onto the board of the European Club Association, which does imply that they are in it for the long haul. But there have been rumblings from Standard Liege fans who have warned Everton not to become involved with 777, but one can only assume the advice would have been somewhat different if Standard were at the other end of the Belgian Pro League. Football is that simple – just look at how the narrative has switched at Arsenal. Although ownership by a financial group with influence from Wall Street rather than Gwladys Street (on which Goodison Park sits), might feel like a loss of control, the fact is whoever owns a club has the real control, whether the fans see them as remote or not. Everton’s need at present is to improve their financial position but longer-term, the arrival of their new stadium may provide many of the solutions to their problems. Everton made pre-tax losses totalling just under £ 500 million in the period 2017-18 to 2021-22 and their revenues in 2022 were actually lower than in 2018. At the same time, their wage bill has consumed a significantly greater percentage of income, 90% in 2022 versus 77% in 2018. Net debt has also more than doubled to over £ 500 million. And yet this is a club with a marvellous history and tremendous support. It is arguable that a city like Liverpool might not be able to sustain two gigantic clubs in the modern game, but if Manchester can do it, so too can Merseyside. Everton need to get out of Liverpool’s shadow and they need regular European football to help them look their old rivals in the eye. They also need patience in the boardroom and they must avoid the type of knee-jerk decisions that might bring short-term relief but ultimately need fixing a few months later. They have to avoid relegation in 2023-24, if only to prevent a financial catastrophe at the wrong time in their history. As for 777, they have been scrutinised by sceptics ever since their first investment in Sevilla in 2018. Their portfolio is varied, across four of Europe’s “big five” football countries, as well as Belgium, one of Europe’s talent grounds, Brazil – the great exporter – and the emerging Australian market. English football is conspicuous by its absence, but Everton could change that. What if it doesn’t happen? What if Everton are still searching for the investment they need come the end of 2023-24? Understandably, people are nervous about Farhad Moshiri selling to 777 or any other financial institution, but are there any options out there? gameofthepeople.com/
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Post by rugbytoffee on Sept 12, 2023 8:20:50 GMT
What 777 Partners have said about Everton
Everton majority shareholder Farhad Moshiri is reportedly close to completing a sale of the club.
According to Bloomberg, 777 Partners are edging towards a deal to purchase the Toffees. Moshiri has been seeking additional investment for several months, with the club recording combined losses of £400 million in the past four years. Moshiri had been in talks with MSP Sports Capital to invest up to £150 million in convertible debt that would have become a 25% stake but talks broke down Miami-based 777 Partners have been linked for some time and re-entered talks - and are now said to be close to completing a takeover for a 'fraction' of what Moshiri has invested. It is reported that a takeover could be announced as soon as today. Founded in 2015 by Josh Wander and Steven Pasko, 777 have a multi-club model that already hold stakes in Genoa, Standard Liege, Hertha Berlin, Melbourne Victory, Vasco da Gama and Red Star as well as 15% in Sevilla. There have been concerns that many of the clubs they are involved are financially underperforming, however, with Liege fans recently protested against 777 with banners being unfurled that read ‘Your galaxy should not harm our future’ and 'No money, no ambition'.
Wander gave an interview to the Financial Times last month where he declined to comment on any interest in Everton. On 777's critics, he did give a response, though. Wander said: “We have a strong view that there’s a new wave of commercialisation coming to football. (Football clubs) have done a horrible job of commercialising the product. “It’s so absurd to me that people say we’re not serious when we bought (stakes in) seven clubs in the last 18 months. Is there anyone in the world that’s been more serious about buying football clubs in history than Josh Wander?”
“The vision for this football group is that one day we’re not selling hot dogs and beers to our customers; [it’s] that we’re selling insurance or financial services or whatever.”
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Post by rugbytoffee on Sept 12, 2023 12:28:36 GMT
American investment firm 777 Partners have returned to the negotiating table at Everton but are now reportedly considering a majority purchase. The group had been in talks earlier this summer over a partial investment only for rivals MSP Sports Capital to enter into an exclusivity agreement with Toffees owner Farhad Moshiri. With the agreement now over after that potential investment fell through over repayments to existing lenders – although a £100 million loan to help finalise the completion of a new stadium at Bramley-Moore Dock was agreed – it appears 777 have re-entered talks. However, reports suggest it is with a view to a full takeover of the club. Everton have been seeking outside investment for some time in order to free up finances to complete the new stadium. In January Moshiri, who has spent more than £500 million on players since becoming the majority shareholder in 2016, said the club was not up for sale but admitted he was exploring funding options to cover the final stages of the £550m-plus build at Bramley-Moore which will is set to see the ground opened next season. The 777 group, which did not comment when contacted by media, currently own, or part own, Genoa, Standard Liege, Hertha Berlin, Vasco de Gama and Melbourne Victory and the London Lions basketball team and British Basketball League. www.planetsport.com/
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Post by Avinalaff on Sept 12, 2023 17:50:12 GMT
We've had a £100m loan from MSP apparently.
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