• Loading stock data...
Sunday, May 19, 2024

Potential Everton Buyer Accused of Enormous Fraud in Lawsuit 

  • 777 Partners’ bid for Everton has been on hold for months.
  • A new federal lawsuit could end 777’s quest for Premier League ownership altogether.
Matt Blewett-USA TODAY Sports

Many have questioned the financial health of 777 Partners, a Miami-based investment firm. It’s why the Premier League has hesitated to approve the group’s attempted takeover of Everton, despite owning stakes in teams in Europe and Australia.

A federal lawsuit filed Friday may have put the final nail in the coffin.

Leadenhall Capital Partners, a British asset management company, alleges in the suit that it had provided more than $600 million in funding to 777, before learning that about $350 million in assets either didn’t exist, weren’t owned by the firm, or had already been promised to other lenders. A slew of 777-related companies and individuals are named as defendants, including owners Josh Wander and Steven Pasko, and their biggest lender, Kenneth King and his firm A-Cap.

“Wander has already admitted to rampant and fundamental breaches of the parties’ agreements—the only question now is whether Leadenhall will be able to recover millions of dollars in damages from a house of cards on the brink of collapse,” reads the lawsuit, filed in district court in New York.

A-Cap said through a spokesperson that the lawsuit’s claims are “baseless.” Leadenhall called A-Cap the “Wizard of Oz behind the 777 Partners’ curtain.”

Everton announced in September that its majority shareholder, Farhad Moshiri, had agreed to sell his 94.1% stake in the team to 777. But the firm couldn’t provide the required financial information for approval, and, in April, the team began looking for another buyer. Amid the ownership debacle, Everton has also been docked points this season for breaching financial rules. Friday’s claims could end the group’s current quest for Premier League ownership.

Copy Link
Link Copied
Link Copied

What to Read

Michael Block signs autographs on the 18th hole during day three of practice for the PGA Championship at Valhalla Golf Club on Wednesday, May 15, 2024.

‘I Prefer It This Way’: How Life Works for PGA Club Pros

Here’s how life works for the qualifiers at golf’s second major.
February 5, 2019; Washington, DC, USA; The grounds of the Capitol Building empty out following the conclusion of President Donald Trump's State of the Union speech on February 5, 2019.

‘A Breathtaking Lobbying Campaign’: The NCAA’s Sophisticated Effort to Save Amateurism

Inside the carefully coordinated, multimillion-dollar operation to end the athletes’ rights era.

Chaos at the PGA Championship: Here’s What We Know

The No. 1 golfer in the world nearly didn’t make it to Valhalla Golf Club.

The WNBA Rookies Are Creating a New Celebrity Row

Major celebs like Kim Kardashian and Latto are showing up for the newbies.
podcast thumbnail mobile
Front Office Sports Today

MLB, NBA, NHL Broadcasting Future Goes to Court


Featured Today

The WNBA Was Forged in Houston. Why Won’t It Go Back There?

Houston’s a perfect fit for expansion. The league isn’t considering it yet.
May 9, 2024; Indianapolis, IN, USA; Indiana Fever guard Caitlin Clark (22) stands with the team during the national anthem on Thursday, May 9, 2024, during the preseason game against the Atlanta Dream at Gainbridge Fieldhouse in Indianapolis.
May 12, 2024

‘Perfect Storm’: The Rise of Local WNBA Broadcast Pacts

With national attention reaching new heights, regional coverage could dictate the future.
Mar 29, 2023; New York, New York, USA; American actors and comedians Chris Rock (left) and Ben Stiller sit court side during the third quarter between the New York Knicks and the Miami Heat at Madison Square Garden.
May 11, 2024

The Haves and Have-Nots: How the Knicks’ Celebrity Row Works

Unwritten rules, an expectation of quid pro quo, and nothing is free.
May 6, 2023; Miami Gardens, Florida, USA; Red Bull driver Max Verstappen (1) of the Netherlands walks through the garage area following qualifying for the Miami Grand Prix at Miami International Autodrome.
May 5, 2024

Max Verstappen Is Unstoppable. Is That Hurting F1 With New American Fans?

Formula One could be facing an inevitable plateau in the United States.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers

Mets Owner Faces Backlash After Tweet Sparks Trade Speculation

Mets owner Steve Cohen is walking back a now deleted tweet that further riled an impatient fan base.
May 15, 2024

Ted Leonsis Still Wants to Buy the Nationals, Add to D.C. Portfolio

Leonsis tried to buy the team in 2023, but the Lerner family opted not to sell.
May 15, 2024

How the Golden State Valkyries Are Walking the Fine Line of Their Warriors Connection

The WNBA expansion team revealed a new name and logo Tuesday that align with—but don’t mirror—the NBA’s Golden State Warriors.

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.
May 14, 2024

WNBA’s Next Franchise Has a Name: Golden State Valkyries

They are the league’s 13th team and first expansion franchise since 2008.
May 10, 2024

A Rising Pirates Star and His Famous Girlfriend Are Sparking National Buzz

Last year’s No. 1 draft pick will make his MLB debut, generating big expectations both locally and nationally.
May 9, 2024

Retail-Level Politics: Utah’s New NHL Team Owner Engages Fans Early On

A series of potential team names center on Utah’s status as a haven for winter sports.
May 9, 2024

Meet the … Utah Yeti? NHL Franchise Polling 20 Options for New Team Name

Jerseys will say ‘Utah’ for next season.