Seven Clubs football, including the Genoa, two low-cost airlinesa Canadian and an Australian, but neither of them are making a profit, in fact they are in it constant loss and they go on real “adventures” that lead them to take on more debt. In a nutshell, and there are many in fact, this might be the somewhat superficial and simplified review that Norwegian website Josimar describes for the Miami-based American fund 777 partners which has both majority stakes (as in the case of Rossoblù) and minority stakes in football clubs from three different continents.
Josimar, an independent Norwegian magazine and website, stays in the world of football and appreciates that the US fund has gotten involved 900 million dollarswithout taking into account the repayment plans that have been approved for the various clubs that have a fairly high debt situation, such as Vasco da Gama For example.
The fund was established in 2015 from the collaboration of Josh Wander And Stephen Pasko. The two, graduates of the University of Florida, are convinced of it cocaine trafficking It is a former real estate agenthave come to manage a fund that has a turnover of 6 billion dollars. And to quote 777 Partners themselves: This availability only comes from personal funds of the two owners.
Check out the accounts of the seven clubs worth listing: Seville (Spain), Genoa (Italy), Vasco Da Gama (Brazil), Red Star (France), Hertha Berlin (Germany) and Melbourne Victory (Australia)Balancing budgets for each of these companies seems like a gigantic undertaking. Definitely in the medium term. In fact, despite winning the Europa League, Sevilla are struggling with a budget deficit that existed in the 21/22 season 60 million euros and that should increase. In the Spanish company, 777 Partners has switched to this 7.5% in 2020.
Equal proportion of red that Genoa touched in the same period: 61.7 million, to be precise, with the Grifone still playing in Serie B, a series in which they managed promotion last season and are therefore preparing for further important editions. The newcomer, the German Hertha Berlin With a 20/21 budget (last available), the plans are no better -83.3 million. The other clubs represented in smaller leagues have smaller numbers, but always with a minus in front.
The Vasco da Gamaa major Brazilian club that has fallen out of favor costs 777 partners who owns it 70% paid 150 million dollars that’s the same amount of debt 22 million dollars, number with which it closed the last balance sheet. And here are the Belgians Standard Liege (20.2 million euros). We’re flying to Australia, which has it Melbourne victorywho has also seen the former Milan Honda with his jersey in the past, which he burned in 21/22 $4.5 million. We close with that Red Star. The Parisian club of the third French series closed the last state budget with one red from 2.4 million euros.
But Josimar didn’t just address them Josimarbut he really carefully analyzed all the affairs and events surrounding the Wander and Pasko fund, without neglecting the legal events.
When Wander was convicted of drug trafficking in 2003 at the age of 21, the 777 Partners co-founder faced a series of legal problems. Several trials are still ongoing in which he is involved on various counts. Of the Disclosure of Trade Secrets, unpaid accountsme (including one with theBellagio Hotel in Las Vegasto which this is addedAmerican Express) for hundreds of thousands of dollars. All of this before the formation of 777 Partners, but legal troubles continued to surface afterward, with an incarceration for failing To the vehicle in Miami.
But Wander and Justice continue to meet even as 777 partners are involved. As mentioned, Wander co-founded 777 with Pasko in 2015, but the two opened it before that Sutton Park Capital, which later becomes part of the 777 Partners portfolio and is the only profitable subsidiary. However, not without several court cases, many of which are still pending.
We immediately start the year 2016 with the story of Lyndsy Goney and its allocation of pensions Liberty Settlement Solutions LLCone of 777’s subsidiaries. Goney is in dire economic straits, not to mention her drug addiction, and is weighed down by debt she owes the company Annuities of $273,556. This is where the victim’s family intervenes and sues the company, accusing it of cheating on Goney and taking advantage of their terms, as their income would have been worth much more. The process is ongoing and Liberty Settlement Solution is suing Bribery, extortion, drug traffickingHer (according to the family, the company would have used the drug to convince Goney to cooperate on terms favorable to her) and kidnapping (referring to Goney’s son being taken away from his mother). These are the charges and the court has yet to rule on each charge.
The quarrel with Tierra Douglas 2017. The then 24-year-old suffered from schizophrenia with several admissions to psychiatric hospitals. For the assignment of his pensions to be valued, Douglas turns to the already well-known Liberty Settlement Solution LLC $2.2 million. The company only recognizes them 500,000 and here is another prosecution. From the various files of the trial, which is also still ongoing, it emerges that the money from Douglas’ earnings was used for the production of a record Rappers Cool and Dre (also among the accused) and a swimming pool.
Legal problems never end In 2019 it comes to the state of Virginiawhere 777 Partners is implicated in the allegations illegal loans from Rosebud Lendingbranch of economic development Rosebud Sioux, Indian tribe. According to the indictment, the Rosebund lent money to people in need with various mortgages, but at interest rates of Interest up to 790% which the already vulnerable subjects apparently could not repay by resorting to other loans, leading them into an endless spiral.
In the course of this affair, 777 is suspected of having arrangements with Rosebund to collect loans under the name Zoca loan, a company created solely for this task, with Wander set to play an active role in the development of the scam rampant in the US. The subjects operated under tribal law, which does not recognize state and federal law, with Rosebud Lending shielding non-tribal members from assuming any liability.
Josh Wander, co-founder of 777 Partners (Photo by VIRGINIE LEFOUR/BELGIAN MAG/AFP via Getty Images)
From football to problems with the law due to debt or high-interest loans, we move on to 777 Partners’ second core business: the airlines. The US fund enters the industry 2019 when acquiring the 25% of Canadian low-cost carrier Flair Airlines. The deal bears fruit immediately, but the situation doesn’t sit well with the non-Wander and Pasko part of the company. In fact, here in 2023 is thatFormer Flair Chief Commercial Officer Timothy O’Neil-Dunne is suing 777 for $50 million. 777 Partners is accused Fraud and from breach of contract. 777 would earn up to $10 million charter jets with its subsidiary 777 jet lessons They then hand it over to Flair itself and issue invoices with excessive costs.
Among the various papers of the investigation, which is apparently still ongoing, is that of Jocelyn HarrisFlair’s former vice president of finance, who admitted the airline should do so Repay $129 million due to a loan guaranteed by the Fund with a 18% interest rate. While this lawsuit follows the Canadian judiciary, 777 won Bonzaan Australian low-cost airline.
As mentioned, the last court case against 777 Partners dates from 2023 with the US fund operating in the world of seven-club football City Soccer Group has more and wants to expand England (Everton, West Ham and Sheffield are the clubs targeted). The various testimonies quoted by the Josimar magazine tell of a fund that, while having significant financial resources, does not have sufficient funds to conduct business of this magnitude and, among other things, has run into a total loss. Not to mention the unpaid bills, including the most recent one, with a lawsuit pending since 2022 relating to a Loan of over 60 million euros guaranteed by Vida Longevity Fund In the signal fundinganother affiliate of 777, never returned and agreed 18 months earlier.
A loan story that Wander is also personally involved in after the co-founder received $5 million loan from JP Morgan Chase acquire a $8 million penthouse in Miami Beach.