Marty
Audere est farce
- Mar 10, 2005
- 43,468
- 74,493
Every account suggests that 777 aren't in any way, shape or form suited to or capable of running a football club.
That takeover has always reeked of frying pan/fire.
Can we take a moment to laugh heartily at Everton?
- Thread starter King of Otters
- Start date
That takeover has always reeked of frying pan/fire.
The best thing for Everton at this point is administration as it opens up the possibilities of more suiters with the club having a somewhat cleaner bill of health. But I have a hard time believing the PL would accept that outcome. I anticipate they'll approve 777 & live to regret that in a few years when the situation at Everton is far more dire than it is currently.
UncleBuck
Well-Known Member
- Aug 20, 2003
- 10,522
- 13,843
The Americans have so far loaned £186m to Everton for day-to-day operational costs, with around a further £15m to come by the end of this month.
However, repaying money owed to MSP Sports Capital, whose deal collapsed in August, remains a stumbling block.
So Everton have borrowed against 777 already just to keep them going?
seriously what has Moshiri been putting in if 777 have stumped up that amount and they don’t even own the club?
That’s even worse than what I thought they were!
However, repaying money owed to MSP Sports Capital, whose deal collapsed in August, remains a stumbling block.
So Everton have borrowed against 777 already just to keep them going?
seriously what has Moshiri been putting in if 777 have stumped up that amount and they don’t even own the club?
That’s even worse than what I thought they were!
If 777 doesn't go through then administration must be the only option left.
UncleBuck
Well-Known Member
- Aug 20, 2003
- 10,522
- 13,843
Totally agree but how long can their situation drag on for?
Surely the PL need to put some timescales in now for the start of next season as they can’t go into next season like this.
chas vs dave
Well-Known Member
- Jul 17, 2008
- 6,697
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dovahkiin
Damn you're ugly !
- May 18, 2012
- 3,816
- 96,412
Everton call in insolvency advisers amid fresh doubt over 777 takeover
Everton have called in a firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover by 777 Partners
www.theguardian.com
This is what happens when you have spent money you don't have and then can't repay it. The PL/FA need an example made of someone like Everton to encourage the others.Everton call in insolvency advisers amid fresh doubt over 777 takeover
Everton have called in a firm of restructuring and insolvency advisers, the Guardian understands, raising further questions about the proposed takeover by 777 Partners
Monkey boy
Well-Known Member
- Jun 18, 2011
- 7,119
- 19,236
9 points so potentially they could get a 10 point gap between now and the last game and do it then to avoid doing it next season
Trix
Well-Known Member
- Jul 29, 2004
- 23,319
- 380,722
From what I understand 9 points for going into administration plus more points for over spending if it doesn't happen during this seasons accounting period.
Spriggan
7 inches from the midday sun!
- Jun 15, 2012
- 1,169
- 2,303
Yep, 9 to 12 point deduction.
This has a good explanation of how administration works, and what the consequences are:
Administration
neilp
Well-Known Member
- Jul 9, 2007
- 3,584
- 15,901
At least that confirms that they can’t simply take the 9 point deduction this season, it would have to be applied to next season.
Perhaps I am being rather slow but why are the FA/PL allowing this supposed 777 takeover to drag on ? They clearly don't have the money to complete the deal and what about funding Everton for next season. Surely they can't past 'fit and proper" (is that the phrase ?) test to be allowed to takeover a PL team.
SirHarryHotspur
Well-Known Member
- Aug 9, 2017
- 6,291
- 9,726
Smaller scale club but it happened to Portsmouth.
Everton spent too much in the transfer market on players and have an insane wage to revenue ratio trying to keep up with their neighbours also increased new stadium costs haven't helped either.
Portsmouth go into administration
Portsmouth have entered administration and can expect to be deducted nine points next week
www.theguardian.com
PS Any club can get in financial difficulty
By the early 1990s, however, Scholar's Tottenham faced financial troubles due to investment in new players, the construction of a new stand at the club's White Hart Lane ground, and losses in the companies he had created with Tottenham. Scholar looked to Robert Maxwell to help bail the club out.
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Ideal potential owners of a PL club