A-CAP has always maintained that it was financially able to withstand the demise of 777 Partners. A new ruling by Utah regulators shows it is not the case, something which will alarm all of the football clubs it now controls and has failed to find buyers for.
By Philippe Auclair and Paul Brown
On Monday, the Utah Insurance Commission fired a shot across the bows of Kenny King’s struggling New York firm, which became so entangled with 777 Partners. King, A-CAP and 777 Partners are all fighting lawsuits accusing them of major fraud. Josimar revealed last month how employees from both companies had been issued with subpoenas by the US Department of Justice in a money laundering investigation. It now transpires that A-CAP has also been under continuing examination by US insurance regulators since as long ago as May 2023. This week, the Commissioner in Utah was sufficiently alarmed by what that examination, which is ongoing, has so far uncovered, that he issued an Emergency Order stating that three of A-CAP’s five insurance companies, the ones domiciled in his state, were in a “hazardous financial condition” presenting an “immediate and significant danger to public health, safety or welfare”, and that they must stop writing any new business by the end of this month.
Kenneth King (left) with 777 Partners' Josh Wander.
The tho...
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