777 Partners have been hit with multiple new lawsuits, their two main sources of funding are now under investigation by corporate watchdogs, and their companies have been borrowing millions at an interest rate of 52.5 percent.

By Paul Brown and Philippe Auclair

Utah and Bermuda may be over 4,000 kilometres apart and have little in common. But in both places major developments are afoot which will have huge repercussions for 777 Partners and their attempts not just to buy Everton, but to continue running all of their football clubs.

Josimar has already revealed how the source of funds for 777’s acquisition of Everton is an insurance company called Haymarket, which is currently under the jurisdiction of the Utah Insurance Department. 

Josimar has also revealed how another major source of funding for 777 is a Bermuda-based reinsurer into which Haymarket and others have ceded assets. This company, 777 Re, was formed in March 2019 by Josh Wander and Steven Pasko of 777, and is under the jurisdiction of the Bermuda Monetary Authority (BMA).

Now, on the same day that Everton were charged with another breach of the Premier League’s profit and sustainability rules, Josimar can reveal that both Haymarket and 777 Re are under investigation for potential breaches of strict financial rules governing their own operations. And in the case of 777 Re, the authorities in Bermuda have already acted to place the company into administrative control.

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