• Loading stock data...
Wednesday, November 6, 2024
The Best Employers in Sports survey is open through Nov. 13 Learn More

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The Sports Figures Who Could Be in the Second Trump Administration

Woody Johnson, Linda McMahon, Herschel Walker, and Dana White top the list.
Surrounded by family members and supporters, Donald Trump makes his acceptance speech at his Election Night Watch Party at the Palm Beach County Convention Center after being elected the 47th President of the United States November 5, 2024.

Republicans Won Big in the 2024 Election. So Did the NCAA

“It’s a bad day to be a college athlete,” one staffer says.
Nov 4, 2024; Kansas City, Missouri, USA; Kansas City Chiefs wide receiver DeAndre Hopkins (8) celebrates with quarterback Patrick Mahomes (15) after scoring against the Tampa Bay Buccaneers during the second half at GEHA Field at Arrowhead Stadium.

Missouri Becomes 39th State to Legalize Sports Gambling

Missouri was the only state with sports gambling on its ballot this election cycle.
podcast thumbnail mobile
Front Office Sports Today

The NFL Player Set to Inherit a US Potato Empire

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.

Chiefs Eye Perfect Season, Three-Peat, and Capitalizing Off the Field

Despite injuries and an abnormally low average margin of victory, the wins keep coming for Kansas City.
November 5, 2024

Sorry, Sacramento: Your MLB Team Will Only Be Known As the Athletics 

The club’s new “brand transition guidelines” remove any reference to a place.
November 5, 2024

Twins At Crossroads: Team Sale, Media Shifts, and Rising Competition

Team officials look to maintain “business as usual” amid growing uncertainty.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
November 3, 2024

Embiid’s Clash With Reporter Sparks NBA Probe, Concerns for Sixers

The former NBA Most Valuable Player angrily confronts and shoves a local columnist.
October 26, 2024

Las Vegas Aces Cut GM Amid Front-Office Restructuring

The 2022 and 2023 champions lost to the Liberty in the WNBA semifinals.
October 25, 2024

Inside The Wall at L.A. Clippers’ New $2B Home

FOS went inside the “contagious” energy at the L.A. Clippers’ Intuit Dome.
Oct 8, 2024; New York City, New York, USA; New York Mets first baseman Pete Alonso (20) celebrates in the dugout after hitting a solo home run with New York Mets pitcher Luis Severino (left) and pitcher Jose Quintana (right) in the second inning against the Philadelphia Phillies during game three of the NLDS for the 2024 MLB Playoffs at Citi Field.
October 24, 2024

OMG: Indie Designers Cashed In on the Most Gimmicky Mets Season Ever

The Mets’ meme-laden season lives on well beyond their playoff run.