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numklpkgulftumch
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+xSo, 1. 777 charge Victory a 'hefty' interest rate, 2. Cashless Victory pay it with shares so 3. 777 end up with 70% of the club without much more cash layout ? is that how it works ? Actually, zooming out a bit Plan 1. APL uses Silverlake funds to buy 1 Marquee for the Season and give it to the biggest franchise 2. Victory will bring back bigger crowds/metrics 3. Paramount happy 4. APL put the License fee up to $25m 5. Victory make enough to pay off 777 6. In return Del Pietro just approves the Sydney Grand Finals for 3 years 7. Happy Days Reality 7. A-League fans find a spine 8. Del Pietro U-turns 9.  10. Del Pietro exits stage left 11. APL now propping up 2 franchises and looking for 4 more buyers
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numklpkgulftumch
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+x+x+xAlso signed the biggest sponsorship deal in their history. A four year deal with Bonza, Yes. This is good news so this thread will only get four replies The private equity investor was given the option to own up to 70 per cent of the club within five years through an investment of up to $30 million, the documents show.
After four or five years, 777 Partners also had the right to walk away from Victory and be repaid the $30 million at a compounding interest rate of 10 per cent a year.
The deal would also give it a preferential position over existing shareholders if Victory was liquidated.
When the deal was announced, Victory chairman Anthony Di Pietro described it as a “strategic investment” that would “supercharge its growth strategy”.  Nothing to see here. 
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numklpkgulftumch
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+x+x+x+xAlso signed the biggest sponsorship deal in their history. A four year deal with Bonza, Yes. This is good news so this thread will only get four replies The private equity investor was given the option to own up to 70 per cent of the club within five years through an investment of up to $30 million, the documents show.
After four or five years, 777 Partners also had the right to walk away from Victory and be repaid the $30 million at a compounding interest rate of 10 per cent a year.
The deal would also give it a preferential position over existing shareholders if Victory was liquidated.
When the deal was announced, Victory chairman Anthony Di Pietro described it as a “strategic investment” that would “supercharge its growth strategy”. Nothing to see here. Additional aircraft intended for the airline have been redirected elsewhere, in one instance to Poland due to the airline not being ready to pilot an extra plane. But delivery of another 737-Max 8 was redirected to the Canadian low-cost carrier Flair – another subsidiary of 777 Partners, the US private equity firm that funded Bonza’s establishment and is its largest single shareholder. That followed four of Flair’s aircraft being repossessed this year due to missed payments and debts. Last week 777 Partners said it looked forward to “vigorously defending” a lawsuit filed in Delaware in the US by its former principal Timothy O’Neil-Dunne. While the legal action relates to his time with the group, it also includes claims that 777 Partners – which also invests in fintech, litigation and sports teams including Melbourne Victory – financially exploited its subsidiary airlines by overcharging for the planes it leases to them. Canadian media reported Flair was repaying a loan to 777 Partners at 18% interest. Regarding the allegations of lease overcharging, Povey told Guardian Australia: “Let me put it this way, it has been a significant journey to get where we are today. It was 15 months of investment and support to get Bonza off the ground.” “We simply wouldn’t be here today if it weren’t for 777 Partners. We’ve been incredibly supported and it’s hard to break through in the Australian market given the duopoly, and they believe in what we do.” 777 Partners said “the allegations in the lawsuit are frivolous, and 777 Partners look forward to vigorously defending our case”. “All leasing relationships have been struck at an arm’s length, fully commercial basis with respect to all terms and conditions. We vehemently deny any accusations stating we are seeking to disadvantage the airlines as it would simply be illogical and counter to our own interests. We remain steadfast in our support of the airlines we work with.” https://www.theguardian.com/australia-news/2023/jul/13/bonza-airlines-axes-regional-routes-sunshine-coast-coffs-harbour-port-macquarie-tamworth
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numklpkgulftumch
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Wonder if the EPL will OK this 777 bought a 45% stake in the British Basketball League in 2021, in a deal which was determined to present no conflict of interest despite the same firm also owning the London Lions, who won the title last season. In a statement, 777 said it "categorically confirms that there is no investigation into its ownership of the London Lions, and that these rumours are completely unfounded". . . . "They have very much got a portfolio full of distressed assets and struggling football clubs, and while there has been considerable work undertaken in growing their portfolio, there’s been very little in terms of on-pitch success to suggest that this will be any different for Everton. https://www.bbc.com/sport/football/teams/everton
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riquelmes_laces
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+xWonder if the EPL will OK this 777 bought a 45% stake in the British Basketball League in 2021, in a deal which was determined to present no conflict of interest despite the same firm also owning the London Lions, who won the title last season. In a statement, 777 said it "categorically confirms that there is no investigation into its ownership of the London Lions, and that these rumours are completely unfounded". . . . "They have very much got a portfolio full of distressed assets and struggling football clubs, and while there has been considerable work undertaken in growing their portfolio, there’s been very little in terms of on-pitch success to suggest that this will be any different for Everton. https://www.bbc.com/sport/football/teams/everton Many in the UK are stating 777 won't pass the smell test with their muted takeover of Everton.
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SUTHERLANDBEAR
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777 buying a major share in Everton.
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riquelmes_laces
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+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership.
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Monoethnic Social Club
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+x+xWonder if the EPL will OK this 777 bought a 45% stake in the British Basketball League in 2021, in a deal which was determined to present no conflict of interest despite the same firm also owning the London Lions, who won the title last season. In a statement, 777 said it "categorically confirms that there is no investigation into its ownership of the London Lions, and that these rumours are completely unfounded". . . . "They have very much got a portfolio full of distressed assets and struggling football clubs, and while there has been considerable work undertaken in growing their portfolio, there’s been very little in terms of on-pitch success to suggest that this will be any different for Everton. https://www.bbc.com/sport/football/teams/everton Many in the UK are stating 777 won't pass the smell test with their muted takeover of Everton. Poor Toffees are probably itching to see the back of Moshiri but this is just sad now .....
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LFC.
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+x+x+xWonder if the EPL will OK this 777 bought a 45% stake in the British Basketball League in 2021, in a deal which was determined to present no conflict of interest despite the same firm also owning the London Lions, who won the title last season. In a statement, 777 said it "categorically confirms that there is no investigation into its ownership of the London Lions, and that these rumours are completely unfounded". . . . "They have very much got a portfolio full of distressed assets and struggling football clubs, and while there has been considerable work undertaken in growing their portfolio, there’s been very little in terms of on-pitch success to suggest that this will be any different for Everton. https://www.bbc.com/sport/football/teams/everton Many in the UK are stating 777 won't pass the smell test with their muted takeover of Everton. Poor Toffees are probably itching to see the back of Moshiri but this is just sad now ..... too true and even I feel a bit of sorry for them hahaha
Love Football
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numklpkgulftumch
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numklpkgulftumch
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+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
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Monoethnic Social Club
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+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Josh Wander, the 777 founder, said: "We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values."Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters." Oh boy, They might want to check with 777's other football "assets" Herta are now in the second division, Sevilla are in the relegation zone and Standard Leige's fans are in active revolt against their owners. As for Melbourne Victory????? lets see if they are still around next year :)
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PGR
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+x+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Josh Wander, the 777 founder, said: "We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values."Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters." Oh boy, They might want to check with 777's other football "assets" Herta are now in the second division, Sevilla are in the relegation zone and Standard Leige's fans are in active revolt against their owners. As for Melbourne Victory????? lets see if they are still around next year :) I'm sure the prospect would excite you, Con.
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Monoethnic Social Club
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+x+x+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Josh Wander, the 777 founder, said: "We are truly humbled by the opportunity to become part of the Everton family as custodians of the club, and consider it a privilege to be able to build on its proud heritage and values."Our primary objective is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters." Oh boy, They might want to check with 777's other football "assets" Herta are now in the second division, Sevilla are in the relegation zone and Standard Leige's fans are in active revolt against their owners. As for Melbourne Victory????? lets see if they are still around next year :) I'm sure the prospect would excite you, Con. My name isn't Con but the rest of that pathetic attempt at a racist slur rings true Pasquale.
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riquelmes_laces
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+x+x+x+xWonder if the EPL will OK this 777 bought a 45% stake in the British Basketball League in 2021, in a deal which was determined to present no conflict of interest despite the same firm also owning the London Lions, who won the title last season. In a statement, 777 said it "categorically confirms that there is no investigation into its ownership of the London Lions, and that these rumours are completely unfounded". . . . "They have very much got a portfolio full of distressed assets and struggling football clubs, and while there has been considerable work undertaken in growing their portfolio, there’s been very little in terms of on-pitch success to suggest that this will be any different for Everton. https://www.bbc.com/sport/football/teams/everton Many in the UK are stating 777 won't pass the smell test with their muted takeover of Everton. Poor Toffees are probably itching to see the back of Moshiri but this is just sad now ..... too true and even I feel a bit of sorry for them hahaha Surely as a scouser you'd be upset if Everton went down. Whatever the position they are on the table, no Merseyside derby is just something I couldn't fathom.
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LFC.
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hence to a degree saying I felt sorry for them and no derby would be sad and shock to all our systems. Really hope they hang in there as weird as it sounds saying it...... TBH I always have some kind of hurt for certain clubs when relegated when I have had a liking to X player/s or that they we're one of the old Clubs who we're in Div1 pre EPL due to their long time history. Last Toffees were relegated was '50/51 !
Love Football
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numklpkgulftumch
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Price of Football has been talking about this in 2 previous episodes also https://open.spotify.com/episode/2LZqLcE3NhbXpfjKFXkqKOhttps://open.spotify.com/episode/2kNwFuA3hUhZCtbxM2vI2mMost interesting for me is that it's claimed Melbourne Victory were on the point of going fully tit's up, So, APL pointed 777 at rescuing MV ahead of purchasing any of the other available Franchises Add to that APL then also using Silverlake money to only buy 1 Marquee, and for MV Looking more and more like a frantic rescue operation going on behind the scenes.
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Feed_The_Brox
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I listened to the FVS pod and while some of the stuff was worrying (especially the USA Insurance scam, which i believe is illegal in Australia), there is no evidence to suggest they have negative intentions for Melbourne Victory at this point. For all her faults, Caroline Carnegie is an accomplished administrator.
Don't get me wrong, I'm not totally comfortable with the situation, but its not gonna keep me awake at night. Sportswashing by middle eastern governments is a far more moralistic problem for the game.
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numklpkgulftumch
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+xI listened to the FVS pod and while some of the stuff was worrying (especially the USA Insurance scam, which i believe is illegal in Australia), there is no evidence to suggest they have negative intentions for Melbourne Victory at this point. For all her faults, Caroline Carnegie is an accomplished administrator. Don't get me wrong, I'm not totally comfortable with the situation, but its not gonna keep me awake at night. Sportswashing by middle eastern governments is a far more moralistic problem for the game. The moral argument can go for ages I think the main difference is the Saudi PIF etc definitely has the cash to put in, and won't worry if it get's nothing back
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numklpkgulftumch
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British Basketball League feared for its future unless 777 Partners made delayed payment of £825k 777 Partners, were warned by the head of the British Basketball League (BBL) this month that the competition faced being put into “immediate administration” unless a delayed payment of £825,000 was received. The Times has seen an email from the BBL’s chairman, Sir Rodney Walker, to 777’s founders Josh Wander and Steve Pasko on September 6 warning that unless a late payment of £825,000 was received the league faced insolvency. The email said the BBL was “seeking legal advice regarding solvency which will become a major issue should funds not be forthcoming, leading to immediate administration”, and that an “overwhelming majority” of the ten clubs wanted to end the 777 agreement.
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Walker said he was happy to speak to Everton, the Premier League or any regulatory authority regarding what has taken place with the BBL and how it had been resolved. The 777 group agreed a £7 million investment package in the BBL in December 2021.
But less than two years on, in his email to Wander and Pasko, Walker warned of the “potential demise” of the league and spoke of threatened legal action from creditors.
The email added: “Following several missed payments from 777 Partners totalling circa £900k which placed the league in a position where a number of its creditors were unwilling to continue the supply of services, indeed the league was in receipt of threatened legal action from two, [the experience] has resulted in the overwhelming number of clubs in membership wishing to bring the agreement with 777 Partners to an end. “Notwithstanding the fact that delayed payments have subsequently been received there remains a loss of confidence in 777 Partners by the majority of clubs.”
Walker told The Times that after meetings with 777 this week he was now in “a much happier state of mind than when I wrote the email” and that a new funding deal had been reached with the company which would lead to it paying the remaining £823,000 of the £7 million by the end of September plus a further £4 million loan over the next two years. https://www.thetimes.co.uk/article/20e96e66-5950-11ee-9ad7-7384b2f230c5?shareToken=291dcd14a12ac44213d2214cad0336f8
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Monoethnic Social Club
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+xBritish Basketball League feared for its future unless 777 Partners made delayed payment of £825k 777 Partners, were warned by the head of the British Basketball League (BBL) this month that the competition faced being put into “immediate administration” unless a delayed payment of £825,000 was received. The Times has seen an email from the BBL’s chairman, Sir Rodney Walker, to 777’s founders Josh Wander and Steve Pasko on September 6 warning that unless a late payment of £825,000 was received the league faced insolvency. The email said the BBL was “seeking legal advice regarding solvency which will become a major issue should funds not be forthcoming, leading to immediate administration”, and that an “overwhelming majority” of the ten clubs wanted to end the 777 agreement.
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Walker said he was happy to speak to Everton, the Premier League or any regulatory authority regarding what has taken place with the BBL and how it had been resolved. The 777 group agreed a £7 million investment package in the BBL in December 2021.
But less than two years on, in his email to Wander and Pasko, Walker warned of the “potential demise” of the league and spoke of threatened legal action from creditors.
The email added: “Following several missed payments from 777 Partners totalling circa £900k which placed the league in a position where a number of its creditors were unwilling to continue the supply of services, indeed the league was in receipt of threatened legal action from two, [the experience] has resulted in the overwhelming number of clubs in membership wishing to bring the agreement with 777 Partners to an end. “Notwithstanding the fact that delayed payments have subsequently been received there remains a loss of confidence in 777 Partners by the majority of clubs.”
Walker told The Times that after meetings with 777 this week he was now in “a much happier state of mind than when I wrote the email” and that a new funding deal had been reached with the company which would lead to it paying the remaining £823,000 of the £7 million by the end of September plus a further £4 million loan over the next two years. https://www.thetimes.co.uk/article/20e96e66-5950-11ee-9ad7-7384b2f230c5?shareToken=291dcd14a12ac44213d2214cad0336f8 
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numklpkgulftumch
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+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Apparently the reason for the need for Financial Conduct Authority approval would be if Everton is being purchased by a loan secured against future broadcasting revenues. i.e. won't require 777 to use it's own cash. Given they'll need to find approx 500 million pounds just to pay off 2 current loans and finish the new Stadium, I'm not sure if that's good or bad.
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numklpkgulftumch
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- Peruvian clubs survive largely on TV money (from free to air up til now)
- 777 own 1190 Sports who bought the broadcasting rights from Peruvian Federation President somehow
- Presidents business mate is Director of 1190 Sports
- 1190 Sold on to Streaming Companies
- No-one's signing up for Streaming
- 1190 is making no profit
- Clubs are on profit share so are getting no TV Income so may got bust
- President currently being investigated for "alleged commission of the crimes of extortion, coercion and criminal organization"
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numklpkgulftumch
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Fresh concerns have been raised over 777 Partners after another of their clubs failed to meet payments on three transfers costing about €5.2m (£4.5m). The Brazilian side Vasco da Gama were hit with a transfer ban by Fifa on Friday after three clubs – Lille, Nacional of Uruguay and Atlético Tucumán of Argentina – notified world football’s governing body that they had not received fees for Léo Jardim, José Luis Rodríguez and Manuel Capasso respectively. Vasco, who are 70% owned by 777, missed a deadline to complete payments on all three deals before being sanctioned by Fifa, who said: “The club Vasco de Gama is currently prevented from registering new players due to an outstanding debt. The relevant ban will be lifted immediately upon the settlement of the debt being confirmed by the creditor concerned.” https://www.theguardian.com/football/2023/oct/02/evertons-prospective-new-owners-have-fifa-sanction-over-unpaid-transfer-fees
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numklpkgulftumch
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+xFresh concerns have been raised over 777 Partners after another of their clubs failed to meet payments on three transfers costing about €5.2m (£4.5m). The Brazilian side Vasco da Gama were hit with a transfer ban by Fifa on Friday after three clubs – Lille, Nacional of Uruguay and Atlético Tucumán of Argentina – notified world football’s governing body that they had not received fees for Léo Jardim, José Luis Rodríguez and Manuel Capasso respectively. Vasco, who are 70% owned by 777, missed a deadline to complete payments on all three deals before being sanctioned by Fifa, who said: “The club Vasco de Gama is currently prevented from registering new players due to an outstanding debt. The relevant ban will be lifted immediately upon the settlement of the debt being confirmed by the creditor concerned.” https://www.theguardian.com/football/2023/oct/02/evertons-prospective-new-owners-have-fifa-sanction-over-unpaid-transfer-fees Looks like they've shortpaid the 2nd Instalment of the actual Vasco da Gama club purchase. https://ge.globo.com/futebol/times/vasco/noticia/2023/10/05/vasco-nao-recebe-da-777-ouve-nova-promessa-e-vai-aguardar-ate-sexta-para-decidir-rumos.ghtml777 Partners did not deposit the full amount of the second contribution to Vasco , this Thursday, as provided for in the SAF purchase agreement. Early this Thursday evening, however, R$38.5 million entered the club's account. The Vasco partner is technically in default and the club can now activate a clause in the contract to regain control of football and retain 81% of the shares.
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numklpkgulftumch
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DT:- "We don't have concerns about it. They've passed a fit and proper persons test like every owner does in the [A-Leagues] and at that point they're in our league and we welcome them in.
They've been great supporters of Melbourne Victory so far.
Now what they do outside of Australia is up to them but so far they've been a real committed partner for the club." New York Times article reckons they interviewed a bunch of anonymous employees https://www.nytimes.com/2023/10/10/world/europe/everton-777-premier-league.html?smid=nytcore-ios-share&referringSource=articleShareMore than a dozen current or former employees, club officials and others who have done business with 777, however, revealed new details and questions about the sources of its financing.
The people asked not to be named because of relationships with the company.In interviews, they also shared details about unmet obligations and unpaid bills, and wondered if the company has the resources to manage a global network of clubs carrying hundreds of millions of dollars in debts and obligations.
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numklpkgulftumch
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+x+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Apparently the reason for the need for Financial Conduct Authority approval would be if Everton is being purchased by a loan secured against future broadcasting revenues. i.e. won't require 777 to use it's own cash. Given they'll need to find approx 500 million pounds just to pay off 2 current loans and finish the new Stadium, I'm not sure if that's good or bad. https://www.nytimes.com/2023/10/18/world/europe/everton-sale-777-partners.htmlThe proposed sale of the Premier League soccer team Everton F.C. to a Miami-based holding company has stalled because the firm, 777 Partners, has failed to provide audited financial statements to a British government regulator that must approve the deal.
The regulator, the Financial Conduct Authority, delivered its request to 777 Partners this month, according to multiple people with direct knowledge of the approval process, who spoke on the condition of anonymity because they were not authorized to discuss it publicly.
If the company does not provide the requested financials or an acceptable explanation, its proposed takeover of Everton — a deal involving hundreds of millions of dollars in assumed debt and a coveted place in the world’s richest soccer league — could fall apart.
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The questions mirror concerns that the Belgian soccer authorities raised last year as they considered whether to grant a license to another one of the company’s teams, Standard Liège.
In those discussions, 777 Partners told the Belgian soccer federation’s licensing committee that it could not provide the firm’s most recently audited accounts — a routine requirement in any assessment of the suitability and solidity of the businesses financing teams in the country’s top league.
Eventually, the prospect of tossing one of Belgian soccer’s biggest teams out of the league was deemed unacceptable by the committee, and a compromise was found.
Now, 777 Partners finds itself in the same position, and the clock is ticking again.
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numklpkgulftumch
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+xThe sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
2. Football Association have approved them https://www.telegraph.co.uk/football/2023/11/04/everton-takeover-777-partners-fa-green-light-board/1. & 3. to go
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numklpkgulftumch
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+x+x+x+x777 buying a major share in Everton. If the FA approves whether they are fit for ownership. The sale is expected to be completed by the end of 2023, subject to - Premier League,
- Football Association and
- Financial Conduct Authority approval.
Apparently the reason for the need for Financial Conduct Authority approval would be if Everton is being purchased by a loan secured against future broadcasting revenues. i.e. won't require 777 to use it's own cash. Given they'll need to find approx 500 million pounds just to pay off 2 current loans and finish the new Stadium, I'm not sure if that's good or bad. Ooops, they forgot to tell the FCA about the 777 Groups USD $600 million loss in 2021/22 https://josimarfootball.com/2023/11/06/full-disclosure/primarily due to punishing debt repayments, with “interest expense” totalling over 427 million dollars for that period,
and to an “unrealized change in fair value of financial assets” which saw a colossal 557.5 million dollars removed from the balance sheet."
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Monoethnic Social Club
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