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numklpkgulftumch
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+xDoes anyone know how much of MV the 777 Partners own? 19% with the option for them to buy another 51% Anything they do put in they can get back at 10% Compounding although they don't seem haven't put anything else in since the first purchase.
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numklpkgulftumch
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Italy UpdateGood NewsGenoa have managed to get their huge unpaid tax bill reduced to a less huge unpaid tax bill The concession was made possible by the Tax Agency verifying that Genoa CFC presented
“the required characteristics [to be considered] to be in a state of crisis”.
They got the concession through claiming 777 had only $3 Billion of assets overall Bad NewsThey've been telling lenders 777 Assets are worth $10 Billion So either - They've been double dipping on the Mortgages or
- They've told the Tax Authorities porkies, which is a criminal offence, even in Italy
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LFC.
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numklpkgulftumch
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Meanwhile in London The British Basketball League’s (BBL) operating company has seen its licence terminated by the British Basketball Federation (BBF) following concerns over its financial position.
Basketball League Ltd has been overseeing the men’s professional league under the terms of a ten-year licence granted by the sport’s governing body in 2017.
However, as uncertainty continues over its financial position – with American-based investment firm 777 Partners, whose proposed takeover of English top-flight soccer club Everton fell through, holding a 45 per cent stake in the league along with ownership of the London Lions franchise – the BBF felt decisive action was needed ahead of planning for the 2024/25 season.
Information provided to the BBF concerning the finances of Basketball League Ltd, including the fact that BLL has entered into creditor arrangements with two of its largest creditors, indicates that BLL is no longer able to carry out its functions as operator of the British Basketball League.‘The BBF board has therefore unanimously agreed to terminate the licence with immediate effect.
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numklpkgulftumch
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Meanwhile in Australia
Hall Chadwick, the airline's administrators, last night released a damning 129-page creditors report detailing major flaws in the debt-riddled business. The report says Bonza's four directors may have breached several sections of the Corporations Act, including by trading while the airline was insolvent. The company had "significant" solvency and operational concerns as far back as November, the report says."[Bonza] may have been insolvent from 1 March 2024 and remained so up to and including the date of the administration." Hall Chadwick says the Australian directors, CEO Tim Jordan and CFO Lidia Valenzuela, co-operated with the administrators while the two American directors from 777 Partners did not.
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numklpkgulftumch
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Meanwhile in Brazil
Vasco da Gama’s president Pedrinho
‘I have been informed by A-CAP that 777 no longer exercises control over any of its football clubs… We saved Vasco from possible bankruptcy’.
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numklpkgulftumch
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Meanwhile in USA Don Dransfield, the former Chief Strategy Officer of City Football Group, who was appointed CEO of 777’s Football Operations to much fanfare in May 2022 quit his role at the end of June.
Dan Faermark, the former Chief of Staff and Vice-President of their Football Operations, whose departure in April was only recently confirmed won't be replaced
Josimar can reveal that key Wander loyalist and close associate Aaron Levy has also left the company, whilst Vice President Lenz Balan, who helped run their UK basketball operations, has resigned from the board.
All traces of any association with 777 Partners have been removed from the Linkedin profiles of both men.
https://josimarfootball.com/2024/07/10/end-of-season-sales/
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numklpkgulftumch
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The Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them.
Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it
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Monoethnic Social Club
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+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely?
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numklpkgulftumch
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+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold
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Monoethnic Social Club
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+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite.
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numklpkgulftumch
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+x+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite. Problem is Victory was just about to fold when 777 first input bailed them out. (hence why the APL pointed them at Melbourne instead of Newcastle) Victory lost $6m in the year the central distribution was $2.5m Gonna be interesting to see how they manage to cut costs by $8m (or increase income whilst fiedlding a Youth Team)
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Monoethnic Social Club
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+x+x+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite. Problem is Victory was just about to fold when 777 first input bailed them out. (hence why the APL pointed them at Melbourne instead of Newcastle) Victory lost $6m in the year the central distribution was $2.5m Gonna be interesting to see how they manage to cut costs by $8m (or increase income whilst fiedlding a Youth Team) Havent you heard? The Aleague is a "selling league" now....
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TheSelectFew
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+x+x+x+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite. Problem is Victory was just about to fold when 777 first input bailed them out. (hence why the APL pointed them at Melbourne instead of Newcastle) Victory lost $6m in the year the central distribution was $2.5m Gonna be interesting to see how they manage to cut costs by $8m (or increase income whilst fiedlding a Youth Team) Havent you heard? The Aleague is a "selling league" now.... May as well be.
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SUTHERLANDBEAR
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+x+x+x+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite. Problem is Victory was just about to fold when 777 first input bailed them out. (hence why the APL pointed them at Melbourne instead of Newcastle) Victory lost $6m in the year the central distribution was $2.5m Gonna be interesting to see how they manage to cut costs by $8m (or increase income whilst fiedlding a Youth Team) Havent you heard? The Aleague is a "selling league" now.... Most leagues around the world are the same.
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Volkz
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Yep.
My local Portuguese side needs sell 2-4 players first team players each season JUST to afford their professional license - 2nd tier club too.
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Monoethnic Social Club
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+x+x+x+x+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold wow ok.... not as ominous but still pretty shite. Problem is Victory was just about to fold when 777 first input bailed them out. (hence why the APL pointed them at Melbourne instead of Newcastle) Victory lost $6m in the year the central distribution was $2.5m Gonna be interesting to see how they manage to cut costs by $8m (or increase income whilst fiedlding a Youth Team) Havent you heard? The Aleague is a "selling league" now.... Most leagues around the world are the same. Dont most leagues around the world also have a domestic transfer system in place where lower league teams are able to ALSO profit from selling players to the higher leagues AND abroad?
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numklpkgulftumch
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+x+x+xThe Good Bad news The stark reality for Standard de Liège, Genoa, Vasco da Gama, Red Star, Sevilla, Hertha Berlin and Melbourne Victory is that no-one at 777 Partners currently has any say in what happens to any of them. Instead, A-CAP, a holding company run by Kenneth King which owns five US insurers and has funded 777’s operations for years, is now in charge, and has instructed the New York investment bank Moelis to explore the sale of the company’s whole multi-club portfolio. The Bad Bad News777 double dipping on the Mortgages means they can't be sold unless Leadenhall (Law Suit Creditor) OK it Are they still able to demand the 50 mill (plus compounding interest) if they pull out or cannot sell their 19% share? That would decimate the club surely? They put in $8.7 million for the 19%, but they can't sell the 19% They haven't put in any more cash, but have a 5 year option (3.5 years to go) to do so and buy another 51%. So Victory have no cash, won't receive any from 777, and can't get any from anyone else whilst 777 effectively own the club that can't be sold And as a real-world example excerpts taken from this article https://www.nytimes.com/athletic/5646879/2024/07/19/everton-friedkin-takeover-off-explained/Meanwhile back in Liverpool
The Friedken Group has walked away from buying Everton because 777 'own' part of it through a £200m debt
The issue is who that debt belongs to.
Like most of the money 777 invested in all of its other ventures, was somebody else’s money… and that somebody is A-Cap, an insurance group based in New York.
With its future in some doubt, largely thanks to its exposure to 777, A-Cap has taken control of 777’s assets and is trying to recoup as much money as it can.
The loans to Everton are assets and they are currently doing sterling work on A-Cap’s balance sheet at full value.
Nobody buying Everton, however, would want to pay that amount back — not least because 777’s security was junior to MSP’s and is still junior to RMF’s.
But who would a buyer do a deal with? A-Cap, right?
If only it was that simple.
To cut a long story short, 777 left quite a trail of disgruntled customers and investment partners.
The most disgruntled and frightening of those is Leadenhall Capital Partners, a London-based investment firm that specialises in the insurance industry.
In a blistering lawsuit filed in New York in May, Leadenhall accused 777 and A-Cap of fraud.
The central claim is that 777 borrowed hundreds of millions of dollars from Leadenhall secured on assets it had already used as security on other loans, most notably from A-Cap.
Known as “double-pledging”, it is like you or I mortgaging our house with multiple banks.
And, if that is not serious enough, Leadenhall says 777 also used collateral it did not even own to secure loans.777 and A-Cap have denied these claims, but the matter is being argued in a district court in New York
The uncertainty does not stop there, though, as there is a very real possibility that once Leadenhall’s civil case is resolved, the U.S. Department of Justice will file criminal charges.
Again, 777, A-Cap and their principals deny any wrongdoing, but serious allegations have been made by Leadenhall — and others in separate cases.
Any self-respecting corporate lawyer would have to warn a client looking at Everton that there may be a potential Proceeds of Crime Act (POCA) issue down the line.
TFG was certainly concerned about this and talked to Moshiri’s lawyers about indemnity insurance — but it is very difficult to indemnify anyone against something as open-ended as a POCA liability, even if Moshiri was minded to do it. And he was not.
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numklpkgulftumch
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Meanwhile in Florida
Private investment firm 777 Partners faces eviction from Miami HQ for ‘unpaid rent of $144K’
The landlord of a prestigious 40-story office skyscraper in downtown Miami has taken legal action to evict the private investment firm 777 Partners from its $76,000 per month, 25,138 sq. ft. office space on the 19th floor that serves as the group’s headquarters for non-payment of rent.
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numklpkgulftumch
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Meanwhile in BrazilDealing with Vasco De Gama, it looks like A-CAP are acting as though they are in full control of 777's football Assets. It would seem A-CAP are hoping to mitigate their losses rather than keep the clubs for profit Still no Guarantee that 777 are actually dead or that A-CAP can take over https://www.netvasco.com.br/n/342721/vp-juridico-felipe-carregal-diz-que-a-cap-quer-ressarcir-os-prejuizos-que-a-777-partners-causou
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ErogenousZone
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Hedge funds are a deal with the devil. Like SIlverlake.
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numklpkgulftumch
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What are the odds on Danny Townsend coming back and buying a distressed asset he helped distress ? https://www.givemesport.com/exclusive-pif-moving-forward-with-multi-club-model-with-777-clubs-under-consideration/PIF are moving ahead with plans to make Newcastle part of a multi-club model and have engaged in exploratory talks with 777 Partners about acquiring a club.
Meetings have taken place, with Red Star (France) and Standard Liege (Belgium) both discussed.
PIF-entity SURJ has also been involved in discussions.
777 also owns Genoa in Italy, Hertha Berlin in Germany and Vasco de Gama in Brazil, and holds minority stakes in Sevilla and Melbourne Victory.
Any offer is some way off, since talks have been formative to date, but they show a clear desire to acquire more clubs.
It is not thought PIF are looking to add more than one club directly tied to Newcastle, but the possibility of acquiring a significant part of the 777 Partners portfolio and dividing teams among several entities has not been ruled out.
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Monoethnic Social Club
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+xWhat are the odds on Danny Townsend coming back and buying a distressed asset he helped distress ? https://www.givemesport.com/exclusive-pif-moving-forward-with-multi-club-model-with-777-clubs-under-consideration/PIF are moving ahead with plans to make Newcastle part of a multi-club model and have engaged in exploratory talks with 777 Partners about acquiring a club.
Meetings have taken place, with Red Star (France) and Standard Liege (Belgium) both discussed.
PIF-entity SURJ has also been involved in discussions.
777 also owns Genoa in Italy, Hertha Berlin in Germany and Vasco de Gama in Brazil, and holds minority stakes in Sevilla and Melbourne Victory.
Any offer is some way off, since talks have been formative to date, but they show a clear desire to acquire more clubs.
It is not thought PIF are looking to add more than one club directly tied to Newcastle, but the possibility of acquiring a significant part of the 777 Partners portfolio and dividing teams among several entities has not been ruled out. This expanded Club World Cup is really the final nail in the coffin... scum are collecting football clubs like kids collecting Panini stickers.
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numklpkgulftumch
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+x+xWhat are the odds on Danny Townsend coming back and buying a distressed asset he helped distress ? https://www.givemesport.com/exclusive-pif-moving-forward-with-multi-club-model-with-777-clubs-under-consideration/PIF are moving ahead with plans to make Newcastle part of a multi-club model and have engaged in exploratory talks with 777 Partners about acquiring a club.
Meetings have taken place, with Red Star (France) and Standard Liege (Belgium) both discussed.
PIF-entity SURJ has also been involved in discussions.
777 also owns Genoa in Italy, Hertha Berlin in Germany and Vasco de Gama in Brazil, and holds minority stakes in Sevilla and Melbourne Victory.
Any offer is some way off, since talks have been formative to date, but they show a clear desire to acquire more clubs.
It is not thought PIF are looking to add more than one club directly tied to Newcastle, but the possibility of acquiring a significant part of the 777 Partners portfolio and dividing teams among several entities has not been ruled out. This expanded Club World Cup is really the final nail in the coffin... scum are collecting football clubs like kids collecting Panini stickers. I'm personally looking forward to watching Auckland City spending 50 million Euro's on their 500 seat stadium
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Monoethnic Social Club
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+x+x+xWhat are the odds on Danny Townsend coming back and buying a distressed asset he helped distress ? https://www.givemesport.com/exclusive-pif-moving-forward-with-multi-club-model-with-777-clubs-under-consideration/PIF are moving ahead with plans to make Newcastle part of a multi-club model and have engaged in exploratory talks with 777 Partners about acquiring a club.
Meetings have taken place, with Red Star (France) and Standard Liege (Belgium) both discussed.
PIF-entity SURJ has also been involved in discussions.
777 also owns Genoa in Italy, Hertha Berlin in Germany and Vasco de Gama in Brazil, and holds minority stakes in Sevilla and Melbourne Victory.
Any offer is some way off, since talks have been formative to date, but they show a clear desire to acquire more clubs.
It is not thought PIF are looking to add more than one club directly tied to Newcastle, but the possibility of acquiring a significant part of the 777 Partners portfolio and dividing teams among several entities has not been ruled out. This expanded Club World Cup is really the final nail in the coffin... scum are collecting football clubs like kids collecting Panini stickers. I'm personally looking forward to watching Auckland City spending 50 million Euro's on their 500 seat stadium It just shits me that there is no regard to what will be left behind when the bubble bursts.... Oh well, good luck to the Brave New World I suppose.
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numklpkgulftumch
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Group: Forum Members
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+x+x+x+xWhat are the odds on Danny Townsend coming back and buying a distressed asset he helped distress ? https://www.givemesport.com/exclusive-pif-moving-forward-with-multi-club-model-with-777-clubs-under-consideration/PIF are moving ahead with plans to make Newcastle part of a multi-club model and have engaged in exploratory talks with 777 Partners about acquiring a club.
Meetings have taken place, with Red Star (France) and Standard Liege (Belgium) both discussed.
PIF-entity SURJ has also been involved in discussions.
777 also owns Genoa in Italy, Hertha Berlin in Germany and Vasco de Gama in Brazil, and holds minority stakes in Sevilla and Melbourne Victory.
Any offer is some way off, since talks have been formative to date, but they show a clear desire to acquire more clubs.
It is not thought PIF are looking to add more than one club directly tied to Newcastle, but the possibility of acquiring a significant part of the 777 Partners portfolio and dividing teams among several entities has not been ruled out. This expanded Club World Cup is really the final nail in the coffin... scum are collecting football clubs like kids collecting Panini stickers. I'm personally looking forward to watching Auckland City spending 50 million Euro's on their 500 seat stadium It just shits me that there is no regard to what will be left behind when the bubble bursts.... Oh well, good luck to the Brave New World I suppose. No tickets available No TV Deal No sponsors Plenty of fun and games to be had yet
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numklpkgulftumch
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Meanwhile in LondonLondon Lions basketball club has entered administration after months of speculation around funding available from owners 777 Partners.
https://www.bbc.com/sport/basketball/articles/c5yd32y3ww5oThe American investors also owned a 45% stake in the British Basketball League (BBL), which had its licence terminated due to concerns over finances in June. The Lions have won 19 trophies across the men's and women's game since 777 bought them in 2019. The club, which is based at the Copper Box Arena in Stratford, is now in the hands of insolvency firm Hudson Weir.
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numklpkgulftumch
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Don Dransfield, the former Chief Strategy Officer of City Football Group, who was appointed CEO of 777’s Football Operations to much fanfare in May 2022 quit his role at the end of June. This is the dude who was (is still ?) on Victory's Board anyone got any idea who is now ? https://melbournevictory.com.au/people/board-and-staff/comes up blank
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numklpkgulftumch
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New owners found for the Basketball team  https://www.cityam.com/bbl-champions-london-lions-bought-out-of-administration-by-lithuanian-group/“As part of the final deal, Hudson Weir were able to save the club, with no loss of jobs, a positive return to creditors, and the London Lions will be playing in the next season of the BBL.
This was a very good return for all parties concerned. not sure what % the creditors got, but obviously nothing for 777
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numklpkgulftumch
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Meanwhile in New York
Leadenhall (777 creditor) have amended their complaint to try and stop A-CAP selling off anything of value, and leaving them with the dregs.
I wonder what the rights to buying 51% of Victory are worth ? Sounds like roughly $0.
No mention of selling the 19% they already have anywhere either
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