|
Post by rugbytoffee on Apr 4, 2024 17:06:32 GMT
Potential new Everton owners 777 Partners have been handed another blow after state authorities in the US sought to press five insurance companies to reduce their exposure to the Miami-based firm. The latest, however, first reported by the Financial Times, relates to five insurance companies that state regulators in Utah and South Carolina deem to have too much exposure to 777 Partners. The regulators say the move highlights their states’ efforts to safeguard the financial interests of individuals depending on annuities and insurance products, particularly retirees, widows, and orphans.
The five insurers and reinsurers in question belong to the A-CAP group, run by Kenneth King, an associate of 777 co-founder Josh Wander, and at the end of the year held assets totaling $ 11.5 billion. Of that, $ 2.9 billion was invested in 777-related entities. According to data in the regulatory memo seen by the FT, A-CAP's investments in 777-related businesses exceeded the $ 1.8 billion mark at the end of 2023. These investments have caught regulators' attention and raised concerns due to the regulatory limits on single-issuer exposure, which A-CAP’s allocations are alleged to have exceeded.
|
|
|
Post by Avinalaff on Apr 5, 2024 13:34:13 GMT
Rumours that another US investor is interested?
|
|
|
Post by rugbytoffee on Apr 7, 2024 13:00:13 GMT
Everton fans Andy Bell and George Downing are prepared to strike an agreement with 777 Partners over a deal that would see the pair take over the Bramley-Moore Dock Stadium, according to Alan Nixon.
The journalist reported via his official Patreon [7 April] that Bell, and Swiss-based Downing, who has an interest in property, are owed millions by 777 Partners but could waive the sum in return for the stadium.
It is understood that a deal would also help the takeover bid, meeting one of the key requirements laid down by the Premier League, while Farhad Moshiri could also become one of the partners.
|
|
|
Post by rugbytoffee on Apr 10, 2024 14:34:28 GMT
Prospective Everton buyers 777 Partners has reportedly pushed back its target date for completing a deal to buy the Premier League club. It is claimed that the company, which owns a number of sports assets, is ‘scrambling’ to raise hundreds of millions of pounds in order to fund the deal.
777 had initially hoped to complete the takeover by the end of this week. However, that date has now reportedly been pushed back to the end of next month.
The Miami-based investment firm has reportedly informed the Premier League and other key stakeholders of its move to push back the targeted completion date. 777 are attempting to buy Everton from its current owner Farhad Moshiri.
According to Sky News, 777 are scrambling for hundreds of millions of pounds to help it fund the takeover. In addition, it has reportedly asked for an extension to a repayment deadline for a loan of nearly £160million. The money is said to be owed to MSP Capital, Andy Bell, a prominent Merseyside-based businessman, and George Downing. The £160m is due to be paid next Monday.
|
|
|
Post by evertonfan1968 on Apr 12, 2024 15:11:50 GMT
Does anybody care anymore?
|
|