Sport nation777 Partners, the American investment firm seeking to acquire a controlling interest in Everton Football Club, has issued a statement criticizing the decision of a Brazilian court to provisionally remove them from control of Vasco da Gama, a Brazilian football club they own. The court’s decision was made after a judge suspended the effects of the contract that saw 777 take control of the club in 2022 and called for an independent examination of the firm’s accounting operations at the club.
777 Partners co-founders Josh Wander and Steven Pasko were removed from the board of directors at Vasco da Gama, along with other 777 representatives. The decision is seen as a significant blow to 777’s plans to expand their football portfolio, which includes Belgian side Standard Liege and a proposed takeover of Everton.
In their statement, 777 Partners expressed surprise and indignation at the court’s decision, which they claim was made without their knowledge or opportunity to respond. They described the injunction as a “legal aberration” that puts into question not only the future of Vasco da Gama but the Brazilian football system as a whole.
777 Partners emphasized their commitment to investing in Brazilian football and their efforts to rebuild Vasco da Gama, including injecting over $310 million into the club and paying off debts. They claimed that the new administration of the club is motivated by “selfish desires” and that the legal uncertainty caused by this decision will have disastrous consequences for the Brazilian football system.
The statement also highlighted the impact of the decision on Everton, stating that the proposed takeover of the club is now at risk due to the legal issues faced by 777 Partners. The firm’s ability to meet the conditions set by the Premier League for the takeover, including converting interest-bearing loans to equity and providing proof of funding for the new stadium completion, is now in doubt.
The situation has raised concerns among Everton fans, who are worried about the future of the club and the potential consequences of 777 Partners’ legal issues. The club’s owner, Farhad Moshiri, has extended the time for 777 to find the necessary capital to complete the deal until the end of the month, but sources close to the deal have indicated that Moshiri is now looking at alternative options.
The controversy surrounding 777 Partners’ takeover of Everton has been ongoing for several months, with the firm facing legal issues relating to unpaid debts and allegations of fraudulent practice. The Premier League had initially given conditional approval for the takeover in March, but the latest developments have cast doubt on the deal’s viability.
In conclusion, 777 Partners’ statement highlights the firm’s commitment to investing in Brazilian football and their efforts to rebuild Vasco da Gama. However, the legal issues faced by the firm have raised concerns about their suitability as owners of Everton Football Club, and the future of the proposed takeover remains uncertain.
Amina Umar
Sport nation
Sport Nation 2