Was buying football clubs just a way for 777 Partners to hide their true business – money laundering?
By Paul Brown and Philippe Auclair
Criminal subpoenas have been sent to employees of both 777 Partners and A-CAP as part of a money laundering investigation by the US Department of Justice.
The probe, which began months ago, is a joint investigation by the Securities and Exchange Commission (SEC), FBI and Homeland Security, and is being led by Southern District of New York assistant attorney Nicolas Roos – who was one of the lead prosecutors of crypto fraudster Sam Bankman-Fried – and it could have major implications for the football teams which once formed part of one of the biggest multi-club portfolios in the sport.
777 Partners built a footballing empire by buying up stakes in Standard de Liège, Genoa, Hertha Berlin, Vasco da Gama, Red Star Paris, Melbourne Victory and Sevilla but is no longer in control of any of these investments, because A-CAP, it’s largest creditor, stepped in to seize them when the Miami-based investment firm began to collapse. That collapse was sparked by a bombshell lawsuit filed by London-based lender Leadenhall Capital, another creditor of 777 Partners, alleging a 600 million dollar fraud in which A-CAP was complicit – something the New York based financial services provider denies.
However, it is the DOJ investigation which is of most concern to stakeholders involved in both companies, and their football clubs. Multiple sources with knowledge of the matter have told Josimar that subpoenas have now been issued summoning multiple...
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