*Shakes head* Everton again.

[Lee909]

2 hours ago, an tha said:

They won't go down with a 9 pt deduction...much better it is given them next season.

 

This

Though Leicester will likely have a deduction when they come up. Leicester Ipswich and one of Leeds,Southampton, West Brom,Norwich or Hull should hopefully be better than the dross this year 

[No2]

2 hours ago, an tha said:

Grab a drink, put your feet up and get ready for a right good laugh....

 

https://www.theguardian.com/football/2024/apr/30/everton-crisis-explained

No mention in that about the time their auditors binned them. That was a huge red flag. Reading that it looks like we have reached the stage where the separate creditors are all manoeuvring for position to make sure they're the ones that get paid. 

[an tha]

4 minutes ago, No2 said:

No mention in that about the time their auditors binned them. That was a huge red flag. Reading that it looks like we have reached the stage where the separate creditors are all manoeuvring for position to make sure they're the ones that get paid. 

Delightful isn't it

[Chocoholic]

1 hour ago, dandyman said:

Currrently receiving insolvency advice???

 

come on now, stop laughing at the back, this is serious

 

Can they even afford insolvency advice, being so close to... insolvency?

[johnsusername]

What are they spending £20m a month on? 

[Ron B]

1 hour ago, johnsusername said:

What are they spending £20m a month on? 

Owing £225m, on an interest rate of 10.25%, to just one of their creditors, would be the first place I’d look. 
I’ve suggested before that 777 may have never had any intention of actually buying them, just piling debt onto them and making a load of cash out of their desperation. Ironically, whilst that explanation now looks more likely than ever, it also looks less like it will succeed because the entire edifice is threatening to crumble. 

[Lee909]

Is this right?

 

If that loan is over 20 years at 10.25% they will have paid 1.5 billion back

 

[Anubis]

7 hours ago, an tha said:

Grab a drink, put your feet up and get ready for a right good laugh....

 

https://www.theguardian.com/football/2024/apr/30/everton-crisis-explained

 

RMF is now the largest lender to Everton – owed about £225m on an interest rate understood to have reached 10.25%. That means that hundreds of thousands of pounds are flowing out of the club each week.

 

[Anubis]

So 777 were a tad late with this months loan money….

 

https://www.theguardian.com/football/2024/apr/30/everton-call-in-insolvency-restructuring-advisers-777-takeover-doubt

 

Look, I’m not one to gloat. I’d like to help them out with their search for finance.

 

[Anubis]

9 hours ago, Reckoner said:

This bit is quite an assumption isn’t it? What if someone buys them for a pittance and they’re shit?

 

8 hours ago, col06 said:

No one half decent is going to buy them plus don't they need another 150 million to finish the stadium i think most would turn there nose up at that

 

 

“This time next year, Rodney, we’ll be football club owners.”

[Anubis]

4 hours ago, johnsusername said:

What are they spending £20m a month on? 

Gummy bears.

[Lee909]

What I don't get is how 777 are late with payments. They don't own tne club so any payment would be a loan surely. 

[Lee909]

Just looking if 777 don't takeover they also owe them over 200m

 

 

The additional working capital that has been signed off by 777 Partners is – sources close to the group insist – a further sign of their commitment to a full buyout. The potential owners will turn that debt of more than £200m into equity in the club if a takeover is signed off. If it is not, it will become so-called junior debt for either the current ownership or any rival buyer who emerges.

 

 

So if Everton went into administration they'd have a fire sale of players and possibly sell the ground to try and get the debt owed to RMF and 777 would get whatever is left after that?

[Anubis]

Yup. 777 are unsecured creditors. Looks like they’ve rolled the dice and come up snake eyes because their main source of funding from overseas insurance markets have dried up.

 

[Lee909]

18 minutes ago, Anubis said:

Yup. 777 are unsecured creditors. Looks like they’ve rolled the dice and come up snake eyes because their main source of funding from overseas insurance markets have dried up.

 

 

Surely though Everton would have to pay them up and can't just not pay. Even going into administration they be forced to sell anyone they could do reduce the wage bill and bring money in to pay off creditors. 

 

I mean I guess a new buyer could come in and reach a agreement over the loans

[DalyanPete]

10 hours ago, AHA said:

Why would anyone do that

Sleeping giant lad

[DalyanPete]

I think what the cheats have been charged with will stop future purchases by the Saudis.  It explains why the barcodes havent spent there way to the top.

The one chance they had vanished when Putin invaded Ukraine and the sad consequences followed. The true victims again.

[Pete]

8 hours ago, dandyman said:

Currrently receiving insolvency advice???

 

come on now, stop laughing at the back, this is serious

I for one stand with our blue brothers in their time of need just as they stood with us during the end of the H&G era.  

Oh, wait.  Yeah, fuck 'em. 

[Paulie Dangerously]

If this doesn't happen before the end of the season and their cheating keeps them up a second year running it is a disgrace. 

[AngryOfTuebrook]

3 minutes ago, Paulie Dangerously said:

If this doesn't happen before the end of the season and their cheating keeps them up a second year running it is a disgrace. 

Third.

[Mudface]

3 hours ago, Lee909 said:

What I don't get is how 777 are late with payments. They don't own tne club so any payment would be a loan surely. 

 

I think Everton were late paying another creditor (MSP?) because 777 were late with their latest payday loan.

[coachpotato]

Just read on the Beeb that plane company Bonza (no, seriously) has gone into administration in Australia, leaving hundreds of passengers stranded.

Bonza are owned by, you guessed it, 777.

Fit and proper owners.

[Ron B]

Popped over to GOT to see what they’re saying. Couldn’t spot any forums titled “We are fucked beyond measure” but there a lovely thread started on Monday explaining that the four-month winless run was actually three-and-a-bit months and included a solitary win in an FA Cup third round replay. 
 

[No2]

Anyone remember the details around planning for Bramley Dock? I have memory of the Dock needing to be returned to its original condition if the stadium isn't completed. Anyone know is there a timeline on that, is it Everton football Club that need to complete it?

[Mudface]

2 minutes ago, Ron B said:

Popped over to GOT to see what they’re saying. Couldn’t spot any forums titled “We are fucked beyond measure” but there a lovely thread started on Monday explaining that the four-month winless run was actually three-and-a-bit months and included a solitary win in an FA Cup third round replay.

 

That makes all the difference, then. Dyche is a shoe-in for manager of the season.