Investment firm Leadenhall has made serious allegations against 777 Partners, the company attempting to acquire Everton Football Club, accusing them of operating a “giant shell game” and potentially a “Ponzi scheme.” This blunt assessment comes after Leadenhall investigated 777’s assets and reportedly discovered they were already pledged to another investment entity, ACAP, managed by Mr. King. The accusations, directly targeting 777 owners Mr. Wander and Mr. Pasko along with ACAP, raise significant concerns about the financial stability of 777 Partners and their proposed takeover of the Premier League club.
Despite the growing scrutiny surrounding 777 Partners since their bid for Everton was announced last fall, Mr. Wander has consistently reassured Everton fans of their commitment to the acquisition. However, these new accusations from Leadenhall are likely to intensify unease among executives and supporters of other soccer clubs already under 777 Partners’ control. The implications of these allegations could be far-reaching for the entire 777 Partners portfolio of teams.
Concerns about 777 Partners’ financial dealings have surfaced previously. Last year, executives at Brazilian club Vasco da Gama, another club under 777’s umbrella, voiced concerns regarding a $25 million loan 777 Partners had provided to Everton. This loan was similar in value to an amount still owed to Vasco at the time. While the funds eventually reached Vasco, the delay, attributed by 777 Partners to a US public holiday, fueled existing anxieties about the group’s financial management.
The skepticism surrounding 777 Partners is not limited to boardroom discussions. Fan protests are becoming increasingly visible. During a recent match in France, supporters of Red Star F.C. of Paris, another club owned by 777 Partners, staged a notable demonstration. Fans distributed fake banknotes featuring a picture of Mr. Wander and the pointed message: “In Josh We Don’t Trust.” These banknotes, according to their reverse side, articulated the fans’ fears that the “appearance of wealth” presented by the current owners concealed a “lack of real economic stability, and an imminent disaster waiting to happen” for Red Star F.C. and potentially other clubs associated with 777 Partners. The situation surrounding 777 Partners continues to develop, with these accusations and protests highlighting the precarious nature of their financial operations and the potential risks for the soccer clubs under their ownership.
