Credit Rating agency AM Best has slashed the rating of 777re, one of 777 Partners's main sources of financing, from 'fair' to 'weak' and 'very weak', casting more doubts around the US group's ability to sustain its current commitments, in football and elsewhere.
A new document reveals who exactly is behind attempts by 777 Partners to acquire Everton, and just how badly the Miami investment firm needs Premier League approval for the deal.
The latest of several lawsuits filed against 777 Partners makes startling new claims about their business model, and a claim for damages sheds new light on managing partner Josh Wander at a time when the Miami firm is losing key personnel and facing a widened investigation into its finances.
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.
It may be January sales season but for Everton the only question is who’s buying. 777 Partners agreed a deal to purchase owner Farhad Moshiri’s majority shareholding back in September, but three months on, they are still awaiting Premier League approval to complete a takeover.
Does the strange case of Josh Wander’s private jet, stuck in a US airport for months, act as a metaphor for the lack of progress 777 are making to buy Everton? And why has the company yet to agree terms for the future funding of the British Basketball League, which faces administration?
Genoa CFC owners 777 Partners are attempting to re-structure their club's debt to the Italian tax authorities, which currently stands at over 106 million euro. The Italian club faces bankruptcy if the Court of Genoa does not agree to the operation, while other creditors of the club are still owed an extra 160 million.
777 remain confident their takeover of crisis club Everton will proceed, and Josimar can reveal the source of funding for the purchase. But the man behind that money is accused of fraud in an ongoing US lawsuit.
777 Group lost almost 600 million dollars from June 2021 to June 2022. These numbers have not been submitted to regulators probing the proposed takeover of Everton and cast doubt on Josh Wander’s claim about his company’s financial strength.
777 Partners, which is currently trying to add Everton to its multi-cub portfolio, owned and operated companies which were accused in court of “predatory conduct” for targeting brain damaged former American football players making concussion claims against the NFL.
777 Partners are facing questions about their fitness to purchase Everton Football Club, the biggest investment they have ever made in football. Now, a new lawsuit filed in Delaware accuses them of trying to conceal a “sprawling fraudulent enterprise.”
Clubs they own and sports leagues they are involved in are at risk of insolvency, but 777 Partners seem determined to invest big money in Everton. Should recent problems encountered by Standard Liege, the BBL, and football clubs in Peru have fans worrie