Seven clubs football, including the Genoa, two low-cost airlinesone Canadian and one Australian, but none of these generate profits, in fact, they are in constant loss and they undertake real “adventures” that lead to take on other debts. In a nutshell, and also many, this could be the somewhat superficial and simplistic review of the American fund based in Miami 777 Partners which boasts both majority (as in the case of the rossoblù) and minority shareholdings in football clubs from three different continents.
Staying in the world of football, Josimara Norwegian independent magazine and website, estimates that the US fund has committed approximately 900 million dollarswithout counting the repayment plans approved for the various clubs that have a fairly important debt situation, such as the Vasco da Gama for example.
The fund was born in 2015 from the collaboration of Josh Wander And Stephen Pasko. The two, a University of Florida graduate with a conviction for cocaine trafficking it’s a former real estate agenthave come to manage a fund that has a turnover for 6 billion dollars. And, to quote 777 Partners himself, this availability only comes from personal funds of the two owners.
Looking at the accounts of the seven clubs, which are worth listing: Seville (Spain), Genoa (Italy), Vasco Da Gama (Brazil), Red Star (France), Hertha Berlin (Germany) and Melbourne Victory (Australia), a balanced budget for each of these companies seems like a titanic undertaking. Certainly in the medium term. In fact, Sevilla, despite winning the Europa League, has to face a budget deficit which in 21/22 was 60 million euros and that should increase. In the Spanish company, 777 Partners has come to have the 7.5% in 2020.
Same share of red touched by Genoa in the same period: 61.7 million, to be precise, with the Grifone who was still in Serie B, a series in which they achieved promotion last season and which is therefore preparing to incur other important expenses. The latest arrival, the German Hertha Berlin fares no better with a 20/21 budget (last available) from -83.3 million. The other clubs, present in minor leagues, have smaller numbers, but always with a minus ahead.
The Vasco da Gamaa major Brazilian club that fell into disgrace, costs 777 Partners, which owns the 70% paid 150 million dollars which is the same amount of debts, 22 million dollars, figure with which it closed the last balance sheet. And here’s to the Belgians Standard Liège (20.2 million euros). We fly to Australia, where there is the Melbourne Victorywho in the past also saw the former Milan Honda with his shirt, which he burned in 21/22 $4.5 million. We conclude with the Red Star. the Parisian club of the French third series closed the last public budget with a red of 2.4 million euros.
But Josimar he didn’t just address attention to the club accounts of 777 Partnersbut he really carefully analyzed all the affairs and events involving the fund of Wander and Pasko, without neglecting the judicial events.
Said of Wander’s drug trafficking conviction in 2003, when he was 21 years old, the co-founder of 777 Partners had a series of problems with the justice, some proceedings are still ongoing, involving him on various counts . From the disclosure of business secrets, unpaid accountsi (including one with theBellagio hotel in Las Vegasto which is added theAmerican Express) for hundreds of thousands of dollars. All this before founding 777 Partners, but the legal troubles came even after, with an incarceration for failure to register the vehicle in Miami.
But Wander and justice continue to meet even with 777 Partners involved. As mentioned, together with Pasko, Wander founded 777 in 2015, but even before that the two opened the Sutton Park Capital, which is later included in the portfolio of 777 Partners and is the only profit-making subsidiary. But not without running into several legal proceedings, many of which are still pending.
We start immediately in 2016 with the story of Lyndsy Goney and its assignment of annuities to Liberty Settlement Solutions LLCone of the subsidiaries of 777. Goney is in a serious economic condition, without forgetting her drug addiction, and taken by debts she gives the company her annuities of $273,556. Here the victim’s family intervenes who sue the company and accuse her of having defrauded Goney, taking advantage of her conditions, given that her income would have been worth much more. The trial is ongoing and sees Liberty Settlement Solution suing for bribery, extortion, drug dealingyou (according to the family, the company would have used the drug to convince Goney to collaborate on terms advantageous to them) and kidnapping (relating to Goney’s son taken away from his mother). These are the charges and the court has yet to rule on each charge.
The dispute with the Tierra Douglas of 2017. The then 24-year-old suffered from schizophrenia with several admissions to psychiatric hospitals. Douglas turns to the already well-known Liberty Settlement Solution LLC for the assignment of its annuities which are being evaluated $2.2 million. The company only recognizes them 500,000 and here is another prosecution. Among the various papers of the trial, also still ongoing, it emerges that the money deriving from Douglas’ incomes was used for the production of a record by rappers Cool and Dre (also among the defendants) and a swimming pool.
Judicial troubles do not stop and in 2019 it comes to the state of Virginiawhere 777 Partners becomes involved in the allegations of illegal loans provided by Rosebud Lendingeconomic development branch of the Rosebud Sioux, Native American tribe. According to the indictment, the Rosebund lent money to people in need with various mortgages, but with rates of interest up to 790% which, obviously, the already vulnerable subjects could not repay, resorting to other loans which led them into an endless spiral.
Throughout this affair, 777 is suspected of having entered into arrangements with Rosebund to collect loans under the name of Zoca Loans, a company founded only for this task, with Wander who would have an active role in developing the fraud that was rampant throughout the US. The subjects operated under tribal law which does not recognize state and federal law with Rosebud Lending also protecting non-tribal members from assuming any liability.
From football, to problems with the law due to debts or loans with high interest rates, we move on to the second core business of 777 Partners: the airline companies. The US fund enters the industry in the 2019 when acquiring the 25% of the Canadian low-cost carrier Flair Airlines. The deal immediately bears fruit, but the situation does not square with that part of the company that does not belong to Wander and Pasko. In fact, in 2023 here is theFormer Flair Chief Commercial Officer Timothy O’Neil-Dunne Sues 777 For $50 Million. 777 Partners is accused of fraud and of breach of contract. 777 would be earning up to $10 million chartering jets with its subsidiary 777 Jet Lessons which it then turns over to Flair itself, issuing invoices with an inflated cost.
Among the various papers of the investigation, which is obviously still ongoing, there is also that of Jocelyn HarrisFlair’s former vice president of finance, who admitted the airline should repay $129 million due to a loan guaranteed by the fund with a 18% interest rate. While this lawsuit follows Canadian justice, 777 has acquired Bonzaan Australian low-cost airline.
As mentioned, the last legal proceeding against 777 Partners dates back to 2023 with the US fund which is in business in the world of football with seven clubs, only the City Football Group has more, and wants to expand into England (Everton, West Ham and Sheffield are the clubs in the sights). The various testimonials cited by the magazine Josimar they report a fund that has important financial resources, but not enough to have business of this magnitude, among other things all at a loss. Not to mention the unpaid bills, including the last one, with a lawsuit pending since 2022, which refers to a loan of 60 million euros guaranteed by Vida Longevity Fund at the Signal Fundinganother subsidiary of 777, never returned and agreed 18 months earlier.
A loan story that also involves Wander personally after the co-founder has received 5 million loan from JP Morgan Chase to acquire a penthouse in Miami Beach worth 8 million dollars.
