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Post by halewoodblue on May 5, 2024 9:37:47 GMT
Getting bored of this, needs sorting either way before season ends
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Post by rugbytoffee on May 5, 2024 10:09:06 GMT
777 Partners have been accused of fraud amid their Everton takeover bid. The Miami-based group are persisting with the proposed buy-in at Goodison Park despite the Premier League refusing to ratify them for eight months now. But a filing in a New York district court earlier this week has cast fresh doubts over their ability to be successors to Farhad Moshiri as the Blues’ owners. Two London-based asset management companies claim that 777 used $350 million (£279M) of assets they either did not own or ever existed as collateral. The filing by Leadenhall Capital Partners and Leadenhall Life Insurance Linked Investments Fund made direct reference to the Everton takeover. “Everton is the latest shiny object of Wander’s fraudulent scheme” and goes on to say that [Josh] Wander and co-founder Steve Pasko are “operating a giant shell game at best, and an outright Ponzi scheme at worst”. The document added: “To induce Leadenhall to fund their operation, Wander, along with his group of alter ego entities, ‘pledged’ over $350million in assets as collateral to Leadenhall, knowing all along that the assets either did not exist, were not actually owned by Wander’s entities, or had already been pledged to another lender.” 777 representatives have declined to comment on the looming litigation case. It marks another blow to the Americans’ ownership bid, just days after their Australian budget airline brand Bonza entered voluntary administration. Travellers across the country were left stranded by the abrupt move, with the company’s fleet of planes reportedly seized by creditors within several hours. 777’s global multi-club portfolio is also facing growing pressure with fans of Paris-based Red Star demonstrating against their owners on Friday night. Fake bank notes with Wander’s picture and the words ‘In Josh We Don’t Trust’ were distributed to supporters before a 2-1 home defeat to Versailles. www.clickliverpool.com/
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Post by Everton News. on May 7, 2024 15:54:41 GMT
The Everton Shareholders' Association (EFCSA) has called for an end to the "farce" of the protracted takeover by 777 Partners amid the ongoing uncertainty in completing the deal.
Miami-based investment firm 777 agreed to buy majority shareholder Farhad Moshiri's 94% stake in the club in September, but the deal remains in limbo as it is yet to be ratified by the Premier League.
Everton's debts continue to mount and it is still not known whether 777 will pass the owners' and directors' test.
"We have observed with concern and frustration as it became increasingly clear that a fit-for-purpose process cannot possibly take this long as the Premier League continues to demonstrate their inability to regulate," the EFCSA said in a statement., external
"In the absence of the Premier League making a timely decision we insist that the Everton board and Farhad Moshiri in particular, stop this damaging process now and recognise that 777 Partners are not at this time fit and proper prospective owners of Everton Football Club."
BBC Sport has contacted Moshiri for comment.
777 had initially aimed to complete their takeover before Christmas but that was pushed back to February, and it is now hoping to get the green light by the end of this month.
But on Friday, 777 and the firm's co-owner Josh Wander were accused of a "fraudulent scheme" by a lender in a civil court filing in New York.
London-based Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim Wander and 777 'pledged' more than $350m (£279m) in assets as collateral for a credit facility agreement, but knew they "did not exist" or were "not actually owned by Wander’s entities".
777 endured financial strife last week, eventually sending a delayed payment of £16m to Everton for day-to-day operational costs - which takes the total it has lent the club to more than £200m - and having an airline it owns enter voluntary administration.
Meanwhile, the firm's UK public relations advisers have stopped representing the company after saying the firm did not meet payments on fees, and it remains to be seen whether they will re-engage.
The EFCSA added: "We are the oldest shareholders’ association in the world and are dismayed by the lack of respect being shown to our football club by the largest shareholder, Farhad Moshiri, and the Premier League during what seems a never-ending change of ownership process.
"The powers-that-be are being disrespectful to our fellow shareholders, our fantastic worldwide fanbase and football as a whole by continuing to allow this farce to continue.
"We demand a decision, and we demand it now."
On the pitch Sean Dyche's side have guaranteed themselves top-flight survival, lying in 15th place with two games to play, 11 points above the relegation zone - despite the club being deducted eight points for two breaches of Premier League financial rules.
BBC
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Post by Everton News. on May 7, 2024 15:57:17 GMT
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Post by rugbytoffee on May 8, 2024 14:22:03 GMT
Fahad Moshiri has held talks with 777 Partners amid their takeover wrangle. Everton’s majority shareholder met with the American firm in London as part of efforts to seek clarity over whether they can finalise the ownership bid.
777 are yet to meet the Premier League’s four key stipulations for approval, which centre on whether they can provide sustainable long-term funding.
Moshiri struck a deal with the Josh Wander-led group for his 94.1% share last September yet developments are still no further along nearly eight months on.
More than £200 million in working capital has been provided by 777 to sustain the Blues’ daily operations during their lengthy wait for top-flight ratification.
But doubts over whether the Miami-based vehicle can meet the conditions for approval continue to grow with news of issues across their business portfolio.
The most recent saw their Australian budget airline Bonza enter voluntary administration while 777 stand accused of fraud in a New York district court filing.
It was also alleged on Wednesday that players at Standard Liege, part of their multi-club ownership, are yet to receive their most recent wages.
Moshiri is facing growing calls to abandon his original agreement with the group, with the Everton Shareholders’ Association labelling the saga ‘a farce’.
Following the meeting, Sky Sports News claimed the British-Iranian billionaire has set Saturday’s final home game of the season as a deadline for clarity.
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