Miami-based investment group 777 Partners finds itself embroiled in a series of challenges across its business and sporting endeavors. The company, which recently expanded into European soccer ownership, faces growing opposition and legal issues.
Business Woes
777 Partners, the owner of soccer clubs in Germany, Italy, Belgium, and Brazil, is encountering setbacks in various sectors. The collapse of Australian airline Bonza, owned by 777, has led to flight cancellations for an additional week, with refund processing currently unavailable. Additionally, a lawsuit filed in a New York federal court alleges fraud in connection to a $600 million loan provided to 777.
Soccer Ventures
777's foray into soccer in 2021 aimed to capitalize on distressed clubs post-COVID-19. However, the group's ownership of clubs like Everton, Standard Liege, Hertha Berlin, Genoa, and Vasco da Gama has been marred by financial and operational challenges.
Everton
777's bid to acquire Everton has faced delays, leaving the club in financial turmoil and unable to plan effectively. The Everton FC Shareholders' Association has criticized the prolonged takeover process, questioning 777's suitability as owners.
Standard Liege
Standard Liege fans have protested wage delays under 777's ownership, with reports of financial disputes leading to player departures. Legal actions in Belgium highlight payment defaults by 777, further straining relations.
Hertha Berlin
Despite a promised investment of 100 million euros, Hertha Berlin's relegation and financial struggles persist under 777's ownership. The club narrowly avoided further relegation, relying on youth players due to financial constraints.
Genoa
777's ownership of Genoa has been marred by tax issues, relegation, and financial mismanagement. While the club secured promotion back to Serie A, ongoing tax payment failures have drawn fines and scrutiny.
Vasco da Gama
In Brazil, 777's takeover of Vasco da Gama has been marred by debt reduction challenges and payment delays. Club executives have criticized 777 for lack of transparency and investment, leading to financial instability and squad issues.
Overall, 777 Partners' ventures in business and soccer are facing mounting obstacles, raising concerns about the group's operations and future prospects.
