A grounded airline in Australia. A lawsuit in a New York federal court alleging fraud in connection to a $600 million loan. And angry soccer fans in England resisting a takeover of Premier League club Everton.
FILE - Josh Wander, CEO of the 777 Partners Group, speaks at a press conference on the entry as new investor for Bundesliga soccer club Hertha BSC in Berlin, Germany, Monday, March 13, 2023. An Australia n airline grounded. A lawsuit in a federal court in New York alleging $600 million fraud. A long-stalled bid to buy English Premier League soccer club Everton.
The Everton FC Shareholders’ Association issued a statement on Tuesday calling on the club’s board to “recognize that 777 Partners are not at this time fit-and-proper prospective owners.” The 82-page suit on behalf of Leadenhall Capital Partners claimed that the owners were “operating a giant shell game at best, and an outright Ponzi scheme at worst.”The group moved heavily into soccer in 2021, buying up some of the many distressed clubs recovering from playing in empty stadiums during the COVID-19 pandemic.777 reached an agreement with Everton in September to buy out the 94.
Belgian media reported on Monday that the club’s former owner Bruno Venanzi and shareholders of the company holding the club’s stadium had requested the seizure of 777’s assets in Belgium, arguing that the private investment company had defaulted on two tranches of payment.when 777 Partners took a 78.8% stake in March 2023, but it was too late to stop the team’s relegation from the Bundesliga and the money has only serviced existing debts.
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