Everton have been sent their biggest warning yet regarding 777 Partners, with the finances at Standard Liege laid bare and the operation likened to a Ponzi scheme.
Journalist Sacha Tavolieri drops that accusation today as he details the state of the Belgian side’s finances after the club’s assets were temporarily seized by a Belgian court.
He reports that by the end of this financial year, Standard Liege will incur €15m in ‘additional losses’ with the financial year 2024/24 set to see the annual budget start with a deficit of €30m before player sales.
While there is good news that the club will receive TV rights money and corresponding income from September to help mitigate that, the fact is things are desperate at the club.
Because of the finances there is no recruitment plans for next season and the aim is to top up the current group of players, minus any departures who won’t be replaced, by adding young players to the mix.
Any plans to sell the club, which have been hinted at as 777 Partners face a legal challenge from the former owners and financial issues of their own following a legal case in America in which they’ve been accused of fraud, face one big problem and that is the debts Standard currently have.
According to Tavolieri, 777 Partners have ‘got into the habit’ of lending on Standard’s behalf at ‘monstrous interest rates’ of 40% to help with the running costs of the club and other day-to-day expenses.
He likens the operation to a Ponzi pyramid scheme, with 777 Partners ‘multiplying debts’ and creating numerous problems to be dealt with in the process.
This is a common theme with the group at this point and should be the biggest warning sign to Everton and Farhad Moshiri yet that they are to be avoided.
Everton are already heavily in debt thanks to lending by the Iranian businessman and welcoming in 777 Partners, who would presumably do exactly as they have done at Standard Liege, could be the final nail in the Toffees already desperate finances.
https://x.com/sachatavolieri/status/1791157222761762941
