Genoa. These are complicated weeks for 777 Partnersowners of Genoa through a series of controlled companies (777 Genoa CFC Holdings srl, share capital of 50 thousand euros, in turn controlled by the 777 Italy Sports holding spa which is controlled by the Spanish Genoa CFC 777 which has the parent company in Steven Pasko’s 600 Partners Llc , the co-founder of 777 together with Josh Wander). Today’s statement was made by the CEO of Premier League Richard Masters who sheds some light on the attempted acquisition of Everton by the group which has not yet been finalized after months.
There BBC beat the news that 777 hired financial restructuring experts last week (B Riley Advisory Services of Los Angeles), “throwing − we read in the news − further doubts about his ability to complete the deal“.
Last week, Everton’s Fan Advisory Board called on the Premier League to reject 777 Partners’ takeover bid and “allow discussions to take place with more suitable owners”.
According to the Associated Press, Masters, speaking today at a meeting of the British government’s parliamentary committee, was asked about his role in overseeing the potential deal: “Everton remains in negotiations with 777 Partners, a company based in Miami, for the takeover of the club,” he said. 777 reached a deal with Everton in September to buy out the 94.1% stake from the club’s majority shareholder, Farhad Moshiri. The deal was subject to approval from English football authorities and has still not been finalized by the Premier League eight months later because, apparently, 777 is still unable to pass the conditions that must be met to complete the purchase: 777’s loans to the club had to be converted into shares; funds in an “escrow account” were required to meet financial obligations for the remainder of the season; proof of finance was required for the completion of the new stadium and ultimately the repayment of a £158m loan to MSP Sports Capital, the New York-based investment firm which had provided capital to Everton last year before that 777 entered the scene.
Other British newspapers report further details said by Masters: “It is not up to the organization to decide to whom the current owner wants to sell his club. I understand that acquisitions that go on for a long time are not good for the fans and that’s why we have a very large team of people who don’t care about anything other than this. I would just like to say that over time, especially in the Premier League, acquisitions are becoming more and more complex. We want to make sure all decisions are correct, even if that means taking a little more time.”
Masters admitted that an independent government regulator could lead to a quicker decision on the bid, but underlined his belief that the Premier League must be part of this process.
The 777 teams
Of the teams of the galaxy 777 the Genoa is the one that is having a benefit from the point of view of the ranking and the budget (the one for 2023 is available on the website), while for example it Standard Liège navigates difficult waters, with news in recent days of one match suspended by fans in protest against ownership after reports of unpaid wages. Late in the evening, Liège CEO Pierre Locht tried to reassure fans about the club and its 777 partners: “The club’s financial situation is delicate, but it has been like this for several months, if not for several seasons. We are discussing development plans with our suppliers and ask them to be flexible. But, as I speak, the Standard is not on the verge of bankruptcy.”
L’Hertha Berlin through the official X account (Twitter) he wanted instead reassure fans, and not only, about the economic situation of the company, which has remained faithful to the economic-financial commitments made thanks to the management of its majority shareholder.
Accusations to be verified
After the shutdown of the Australian airline Bonza, which entered voluntary administration, 777 will face the most difficult game in the USA: a lawsuit for fraud of millions of dollars at a federal court in New York.
Last week one of his financiers (Leadenhall Capital Partners) filed a lawsuit with a very serious accusation: that for years he had conducted a fraud scheme worth hundreds of millions of dollars.
Leadenhall, reports the New York Timesa London-based asset management firm, said it provided more than $600 million in financing to 777 Partners, only to discover that approximately $350 million in assets that served as collateral for the loans would not be available. under the control of 777 or would have already been pledged to other lenders.
According to the prosecution, Wander’s strategy was based on “the use of debt to acquire new assets to use as collateral for other debts, which he then fails to repay promptly, in an apparently endless cycle of ‘stealing from Pietro to pay to Paul’”.
Leadenhall’s lawsuit names as defendants a number of 777 companies, as well as its two owners, Steven Pasko and Josh Wander, and their main financier, Kenneth King of the ACAP company. ACAP, through a spokesperson, called Leadenhall’s claims “unsubstantiated” but did not deny being the first to claim the 777’s assets. ACAP has been exiting its relationship with the reinsurance subsidiary for almost two months of 777, 777 Re after lowering the rating from B- to C- and also to limit exposure in the fund as required by regulators in Utah and South Carolina.
777 Partners, the NYT reports, did not respond to a request for comment on the lawsuit or the allegations, and in recent months has refused to answer questions about its ability to close the Everton deal “out of respect for the process”.
