The US-based alternative investment firm, 777 Partners, known for its extensive portfolio of sports investments, has been ordered to wind up its operations by the High Court. This significant development in the 777 Partners News story comes amidst increasing scrutiny over the firm’s financial stability and its multi-club ownership model in professional sports.
Confirmed filings with Companies House reveal that the High Court has mandated the liquidation of 777 Partners’ London branch under the Insolvency Act of 1986. This order amplifies existing concerns surrounding the group, particularly following reports from Josimar Football indicating that A-Cap, one of 777’s primary financial backers, has taken control of its multi-club soccer ownership network.
Sources indicate that 777 Partners, headquartered in New York, has engaged Moelis & Co to manage the evaluation and execution of selling off its entire roster of sports teams. This portfolio includes a diverse range of international football clubs:
- Belgium: Standard Liege
- Italy: Genoa (Serie A)
- France: Red Star FC (French second division)
- Germany: Hertha Berlin (Bundesliga 2)
- Spain: Sevilla (LaLiga)
- Brazil: Vasco da Gama
- Australia: Melbourne Victory
Adding to the turmoil, reports from ANSA suggest that Genoa’s chief executive has confirmed receiving expressions of interest from “three or four” potential buyers for the Serie A club. This news highlights the urgency and potential fragmentation of 777 Partners’ once-ambitious sports ownership strategy.
While 777 Partners’ founders, Josh Wander and Steve Pasko, were previously reported to have stepped down from their managing partner roles, both remain listed as company directors of the London branch. The High Court’s wind-up order is the latest in a series of financial headwinds facing the investment firm. Several of 777’s subsidiaries and assets are reportedly facing severe financial distress, including budget airline Bonza, which has filed for bankruptcy. Josimar Football further reports that 777 Partners has been evicted from office spaces in both Miami and Newport Beach due to unpaid rent, painting a picture of a company under significant financial strain.
In a move to maintain its soccer team group, A-Cap reportedly provided a US$40 million loan in May. This loan, facilitated by GD Luma, a company linked to Chelsea and Los Angeles Dodgers co-owner Todd Boehly, was intended as a short-term financial bridge. However, reports emphasize that Boehly has no further involvement and no intention to acquire any of the financially troubled clubs under the 777 Partners umbrella.
Financial documents reveal the extent of the debt burden within 777’s sports network. The holding company overseeing Standard Liege and Hertha Berlin reportedly holds a consolidated debt of €161 million as of December 31, 2023. A-Cap is reportedly seeking to sell Standard Liege for a sum between €15 million and €18 million, while intending to maintain its stake in Hertha Berlin for the foreseeable future.
Looking ahead, Red Star FC could potentially be the first club within the 777 Partners portfolio to be sold. Reports emerged last month indicating that Steve Pagliuca, co-owner of Atalanta and the Boston Celtics, is in discussions to acquire the Paris-based club. This potential sale could mark the beginning of a significant restructuring and divestment phase for 777 Partners and its extensive sports holdings, as the full impact of the High Court order and its financial ramifications continue to unfold in the developing 777 partners news.
