The demise of 777 Partners is now threatening to affect thousands of insurance policyholders in the USA whose money ended up funding the company’s risky bets on debt-ridden, loss-making football clubs and failing budget airlines.
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Sampdoria is owned by three businessmen from Singapore with deep links to illegal sports operator FUN88. Why would the trio invest tens of millions of euro in a Serie B club with no chance of being profitable any time in the near future?
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How did A-CAP lose control over Genoa and who actually owns the club now? Romanian Dan Şucu’s takeover faces a legal challenge, but is he only a front to hide the real owners?
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Was buying football clubs just a way for 777 Partners to hide their true business – money laundering?
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777 Partners has lost control of its football operations, whose CEO Don Dransfield has quit. And attempts to sell its portfolio of clubs by Kenneth King of A-CAP are under threat from an injunction granted this week by a US Court.
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All of the football clubs in the 777 Partners portfolio are up for sale. But the full scale of the colossal debt burden at Genoa will be a concern for potential buyers, and where does this leave Everton?
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Josh Wander and Steve Pasko have been removed from the board of the football division of 777 Partners after bankruptcy specialists were called in.
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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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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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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
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