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numklpkgulftumch
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tsf
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it would be very good for MV if 777 collapsed quickly as well by the looks of it, the first 19.9% was a equity buy so no loan
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tsf
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+x+xbonza are going under it looks like lucky they have turkish airlines coming in to take over  turkish airlines have taken over the sponsorship? how is that not lucky for them?
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numklpkgulftumch
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https://www.abc.net.au/news/2024-04-30/bonza-flights-cancelled-business-viability-question/103783236?Mr Thomas said there were suspected problems with the company's aircraft leasing arrangements, and its financial backers
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numklpkgulftumch
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+xbonza are going under it looks like lucky they have turkish airlines coming in to take over
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tsf
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bonza are going under it looks like
lucky they have turkish airlines coming in to take over
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numklpkgulftumch
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Another unpaid Loan going to Court https://josimarfootball.com/2024/03/19/more-legal-woes-incoming/As Josh Wander and 777 Partners continue to wait on Premier League approval for their proposed takeover of Everton,
new legal papers filed in Florida reveal Russian oligarch Oleg Boyko is seeking a restraining order against them in a case referencing the club.
. . . 777 Partners is currently defending nine separate debt recovery lawsuits. At the same time, enquiries by the Bermuda Monetary Authority and the Utah Insurance Department into the activities of both 777re, it’s troubled Bermuda-based reinsurance arm, and “risk solution and service provider” A-CAP, who ceded assets to it, are continuing.
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numklpkgulftumch
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I think Pelligra coulda got MV for $1 if he'd hung on a little longer AM Best has downgraded the Financial Strength Rating to C- (Weak) from B (Fair) and the Long-Term Issuer Credit Rating to “ccc-” (Weak) from “bb” (Fair) of 777 Re. Ltd. (Hamilton, Bermuda). The ratings reflect 777 Re. Ltd.’s balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, very limited business profile and weak enterprise risk management.
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numklpkgulftumch
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The chief financial officer of 777 Partners, the cash-strapped investment firm trying to salvage its high-profile deal for the Everton soccer club, has resigned, people familiar with the matter said. Damien Alfalla joined 777 two years after it launched in 2015 and helped keep its cash-burning, dealmaking operation afloat. In recent months, 777 had been unable to produce audited financial reports, missing payroll, and borrowing heavily from its deal partners, Semafor has reported. An internal memo, sent yesterday by 777’s managing partners, said Alfalla would be replaced by Brett Kaufman, who had been running his own CFO outsourcing and consulting firm, according to his LinkedIn profile.
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numklpkgulftumch
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numklpkgulftumch
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Lessors chase 777 Partners for $28m alleging non-payment for Flair 737s
Investment firm 777 Partners is being pursued by lessors of four aircraft formerly operated by Canadian carrier Flair Airlines, over allegations of non-payment. https://www.flightglobal.com/air-transport/lessors-chase-777-partners-for-28m-alleging-non-payment-for-flair-737s/156425.articleConsequently Bonza haven't got planes to fill their promised schedule The NT government said on December 1 that Bonza had been seeking certification for a Canadian plane to join its fleet after one of its five planes was disabled following a lightning strike. https://www.abc.net.au/news/2023-12-30/bonza-cancellations-darwin-gold-coast-route-refund-frustration/103272914
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numklpkgulftumch
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Latest Goss Feds probe sports investor 777 over money flowsThe federal prosecutor who won a conviction against Sam Bankman-Fried is overseeing a Justice Department investigation into sports buyer 777 Partners, whose entanglement with U.S. investors has raised questions about its already murky finances.
Nicolas Roos is part of a DOJ team probing whether 777 violated U.S. money-laundering laws, among other infractions, in its quick rise from an unknown investor in lump-sum legal settlements to an owner of sports teams around the world, people familiar with the matter said.
The Southern District of New York, where major financial-fraud cases tend to land, is discussing a joint investigation with law enforcement in Miami, where 777 is based, some of the people said. https://www.semafor.com/article/11/30/2023/feds-probe-sports-investor-777-over-money-flows#the-scoop
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numklpkgulftumch
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Josimar again Genoa going bankrupt unless they can squeeze out of their Tax Bill again https://josimarfootball.com/2023/11/22/on-the-brink/ Information received by Josimar suggests that these debts include an 18-month loan related to Tifosy Capital & Advisory, who recently launched a 5 million euro bond aimed at financing the building of facilities for Genoa’s youth and women’s teams, Sounded a bit familiar 
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numklpkgulftumch
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Seems that JOSIMAR has tracked down the dude who's lending 777 cash using Insurance Company Funds https://josimarfootball.com/2023/11/20/trials-and-tribulations/Turns out Kenneth King is also up before the beak on fraud charges that have been running for 5 years so far.
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numklpkgulftumch
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Latest investigative journalism piece
https://www.semafor.com/article/11/14/2023/the-money-behind-the-mystery-firm-buying-up-global-soccer
Like a lot of the cash sloshing around private equity these days, much of 777’s money comes from an unlikely and pedestrian source: insurance. The firm owns a Bermuda-based reinsurer whose policy premiums and annuities payments appear to have bankrolled much of its buying spree. Last week, those cozy ties between 777 Partners and its captive insurer sparked a credit-rating downgrade that may threaten its ability to fund its growing empire. A major credit-rating agency, AM Best, downgraded the insurer, 777 Re., because of its “weak” balance sheet and lack of up-to-date financial statements.
It cited the fact that the insurer is heavily invested in deals ginned up by its parent company, 777 Partners, and said it was troubled by “governance and risk management practices that led to the significant investment in affiliated assets” that the company has now promised to sell.
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numklpkgulftumch
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Don't they learn ? https://www.theguardian.com/football/2019/mar/08/melbourne-victory-scrap-deal-with-acl-sponsor-linked-to-gamblingMaybe they should just be honest and bin the agreement with the Responsible Gambling Foundation
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Monoethnic Social Club
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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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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. 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.
.
.
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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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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+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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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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- 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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+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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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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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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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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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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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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