Another missed payment deadline by 777 Partners, this time to Everton, puts the firm’s takeover of the club into fresh doubt, while one of its airlines has just entered voluntary administration.
Everton
The good news for 777 Partners is that the Premier League is finally “minded to approve” their bid to purchase Everton. The bad news is the…
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As Josh Wander and 777 Partners continue to wait on Premier League approval for their proposed takeover of Everton, new legal papers filed in Florida reveal Russian oligarch Oleg Boyko is seeking a restraining order against them in a case referencing the club.
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Documents seen by Josimar suggest that 777 Partners owed a total of 3.6 billion US dollars to creditors in the summer of 2023. Overdue debt-related payments totalling over 145 million dollars raises fresh concerns about the finances of the US group and its portfolio of clubs.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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.
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