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numklpkgulftumch
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Don't they learn ? https://www.theguardian.com/football/2019/mar/08/melbourne-victory-scrap-deal-with-acl-sponsor-linked-to-gamblingMaybe they should just be honest and bin the agreement with the Responsible Gambling Foundation
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numklpkgulftumch
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Latest investigative journalism piece
https://www.semafor.com/article/11/14/2023/the-money-behind-the-mystery-firm-buying-up-global-soccer
Like a lot of the cash sloshing around private equity these days, much of 777’s money comes from an unlikely and pedestrian source: insurance. The firm owns a Bermuda-based reinsurer whose policy premiums and annuities payments appear to have bankrolled much of its buying spree. Last week, those cozy ties between 777 Partners and its captive insurer sparked a credit-rating downgrade that may threaten its ability to fund its growing empire. A major credit-rating agency, AM Best, downgraded the insurer, 777 Re., because of its “weak” balance sheet and lack of up-to-date financial statements.
It cited the fact that the insurer is heavily invested in deals ginned up by its parent company, 777 Partners, and said it was troubled by “governance and risk management practices that led to the significant investment in affiliated assets” that the company has now promised to sell.
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numklpkgulftumch
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Seems that JOSIMAR has tracked down the dude who's lending 777 cash using Insurance Company Funds https://josimarfootball.com/2023/11/20/trials-and-tribulations/Turns out Kenneth King is also up before the beak on fraud charges that have been running for 5 years so far.
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numklpkgulftumch
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Josimar again Genoa going bankrupt unless they can squeeze out of their Tax Bill again https://josimarfootball.com/2023/11/22/on-the-brink/ Information received by Josimar suggests that these debts include an 18-month loan related to Tifosy Capital & Advisory, who recently launched a 5 million euro bond aimed at financing the building of facilities for Genoa’s youth and women’s teams, Sounded a bit familiar 
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numklpkgulftumch
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Latest Goss Feds probe sports investor 777 over money flowsThe federal prosecutor who won a conviction against Sam Bankman-Fried is overseeing a Justice Department investigation into sports buyer 777 Partners, whose entanglement with U.S. investors has raised questions about its already murky finances.
Nicolas Roos is part of a DOJ team probing whether 777 violated U.S. money-laundering laws, among other infractions, in its quick rise from an unknown investor in lump-sum legal settlements to an owner of sports teams around the world, people familiar with the matter said.
The Southern District of New York, where major financial-fraud cases tend to land, is discussing a joint investigation with law enforcement in Miami, where 777 is based, some of the people said. https://www.semafor.com/article/11/30/2023/feds-probe-sports-investor-777-over-money-flows#the-scoop
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numklpkgulftumch
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Lessors chase 777 Partners for $28m alleging non-payment for Flair 737s
Investment firm 777 Partners is being pursued by lessors of four aircraft formerly operated by Canadian carrier Flair Airlines, over allegations of non-payment. https://www.flightglobal.com/air-transport/lessors-chase-777-partners-for-28m-alleging-non-payment-for-flair-737s/156425.articleConsequently Bonza haven't got planes to fill their promised schedule The NT government said on December 1 that Bonza had been seeking certification for a Canadian plane to join its fleet after one of its five planes was disabled following a lightning strike. https://www.abc.net.au/news/2023-12-30/bonza-cancellations-darwin-gold-coast-route-refund-frustration/103272914
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numklpkgulftumch
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numklpkgulftumch
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The chief financial officer of 777 Partners, the cash-strapped investment firm trying to salvage its high-profile deal for the Everton soccer club, has resigned, people familiar with the matter said. Damien Alfalla joined 777 two years after it launched in 2015 and helped keep its cash-burning, dealmaking operation afloat. In recent months, 777 had been unable to produce audited financial reports, missing payroll, and borrowing heavily from its deal partners, Semafor has reported. An internal memo, sent yesterday by 777’s managing partners, said Alfalla would be replaced by Brett Kaufman, who had been running his own CFO outsourcing and consulting firm, according to his LinkedIn profile.
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numklpkgulftumch
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I think Pelligra coulda got MV for $1 if he'd hung on a little longer AM Best has downgraded the Financial Strength Rating to C- (Weak) from B (Fair) and the Long-Term Issuer Credit Rating to “ccc-” (Weak) from “bb” (Fair) of 777 Re. Ltd. (Hamilton, Bermuda). The ratings reflect 777 Re. Ltd.’s balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, very limited business profile and weak enterprise risk management.
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numklpkgulftumch
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Another unpaid Loan going to Court https://josimarfootball.com/2024/03/19/more-legal-woes-incoming/As Josh Wander and 777 Partners continue to wait on Premier League approval for their proposed takeover of Everton,
new legal papers filed in Florida reveal Russian oligarch Oleg Boyko is seeking a restraining order against them in a case referencing the club.
. . . 777 Partners is currently defending nine separate debt recovery lawsuits. At the same time, enquiries by the Bermuda Monetary Authority and the Utah Insurance Department into the activities of both 777re, it’s troubled Bermuda-based reinsurance arm, and “risk solution and service provider” A-CAP, who ceded assets to it, are continuing.
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tsf
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bonza are going under it looks like
lucky they have turkish airlines coming in to take over
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numklpkgulftumch
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+xbonza are going under it looks like lucky they have turkish airlines coming in to take over 
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numklpkgulftumch
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https://www.abc.net.au/news/2024-04-30/bonza-flights-cancelled-business-viability-question/103783236?Mr Thomas said there were suspected problems with the company's aircraft leasing arrangements, and its financial backers
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tsf
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+x+xbonza are going under it looks like lucky they have turkish airlines coming in to take over turkish airlines have taken over the sponsorship? how is that not lucky for them?
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tsf
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it would be very good for MV if 777 collapsed quickly as well by the looks of it, the first 19.9% was a equity buy so no loan
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numklpkgulftumch
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numklpkgulftumch
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+xit would be very good for MV if 777 collapsed quickly as well by the looks of it, the first 19.9% was a equity buy so no loan Additionally based on the last accounts that loan deal hasn’t actually been drawn down on much.
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numklpkgulftumch
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a bizarre development that has seen the public relations arm of the same firm with whom Everton are in talks over debt restructuring, Teneo, cease working for 777 over unpaid bills. Teneo had been 777’s UK PR advisors since Farhad Moshiri struck a deal to sell the club to the investment firm back in September. But it has refused to continue working for the firm until it is paid up in full, despite its own financial advisory arm potentially now advising Everton over that very same sale.
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Monoethnic Social Club
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+xbonza are going under it looks like lucky they have turkish airlines coming in to take over Have you seen the way the Turkish economy is "thriving" under Erdogan's fiscal genius? I wouldn't put my faith in a 50% state owned national airline mate....
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tsf
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+x+xbonza are going under it looks like lucky they have turkish airlines coming in to take over Have you seen the way the Turkish economy is "thriving" under Erdogan's fiscal genius? I wouldn't put my faith in a 50% state owned national airline mate.... they're strong - over 5 billion profit or something last year
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Monoethnic Social Club
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+x+x+xbonza are going under it looks like lucky they have turkish airlines coming in to take over Have you seen the way the Turkish economy is "thriving" under Erdogan's fiscal genius? I wouldn't put my faith in a 50% state owned national airline mate.... they're strong - over 5 billion profit or something last year In Lira??? That was worth 5 billions AUSD 10 years ago now just 250 mill :P
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numklpkgulftumch
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+xa bizarre development that has seen the public relations arm of the same firm with whom Everton are in talks over debt restructuring, Teneo, cease working for 777 over unpaid bills. Teneo had been 777’s UK PR advisors since Farhad Moshiri struck a deal to sell the club to the investment firm back in September. But it has refused to continue working for the firm until it is paid up in full, despite its own financial advisory arm potentially now advising Everton over that very same sale. When asked on Monday about the firm advising Everton, Daniel Butters, Teneo’s chief executive of financial advisory, said:
“We don’t comment on any client situations.”
The phone line then went dead.https://www.theguardian.com/football/2024/apr/30/everton-call-in-insolvency-restructuring-advisers-777-takeover-doubt?
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Feed_The_Brox
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I might be in the minority in the Vuck fandom, but I think 777 Partners have started well.
The men finishing third is a decent result after the disaster of last season. Its just a shame our football puts everyone to sleep.
The women performed as they always do in a very tight competition. Just a bit stiff to lose a final on penalties.
The club has changed tack since the takeover and placed a bigger focus on youth. And its starting to bare fruit after years of not giving a flying fuck. the NPL team won NPL3 last year and was promoted. This year they are undefeated and on top of NPL2. I'm also hearing though sources that Victory Youth teams are the most competitive of all 3 Melbourne teams. We pumped City 3-0 a few weeks ago., That would have been unthinkable 2 years ago.
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tsf
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Have just picked up spurs sponsor AIA
you must give credit to MV sponsorship team. They’ve kept many of the same sponsors at the club for a long time, their victory in business events are huge and they are attracting big business to the club when the league is diabolical.
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numklpkgulftumch
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 The airline portfolio of prospective Everton owners 777 Partners has shrunk twice in a week as Premier League approval continues to evade the Miami investment firm. Days after Australian budget airline Bonza entered voluntary administration, sister Canadian company Flair said other backers will now take up shares owned by 777. The situation at Bonza is likely to be scrutinised by the Premier League, which could require guarantees that no other companies in the 777 stable are in trouble.
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numklpkgulftumch
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+xHave just picked up spurs sponsor AIA you must give credit to MV sponsorship team. They’ve kept many of the same sponsors at the club for a long time, their victory in business events are huge and they are attracting big business to the club when the league is diabolical. Do Bonza get the cash in return for being extremely supportive ?  Looks like they could pay their staff for work done with it  https://www.abc.net.au/news/2024-05-03/bonza-staff-will-not-be-paid-for-april-told-to-seek-centrelink/103799880
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Monoethnic Social Club
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Hope none of the disgruntled staff are at AAMI on Sunday ... I wouldnt want this splashed in my face if I was them. Especially after lining up for 2 days at Centrelink. 
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numklpkgulftumch
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+xHope none of the disgruntled staff are at AAMI on Sunday ... I wouldnt want this splashed in my face if I was them. Especially after lining up for 2 days at Centrelink. already Gonza 
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numklpkgulftumch
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Meanwhile in Belgium
777 Partners recently defaulted on two tranches of payment owed to Standard’s former owner Bruno Venanzi and to the shareholders of the Immobilière du Standard, the company which owned the club’s famous Stade de Sclessin. . Belgian daily Le Soir revealed on Monday that Standard’s players hadn’t received their April salaries yet and had been told by their employer that they’d have to wait until 9 May to get their money. . According to information received by Josimar and confirmed by multiple sources in Belgium, the affair has now been escalated by 777’s two main creditors, who are seeking a seizure of the assets owned by the US investment fund in the country –
https://josimarfootball.com/2024/05/06/the-repo-men/
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numklpkgulftumch
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Meanwhile in New York Bonza’s owner 777 Partners accused of fraud, double-pledging assets in US lawsuit
Lenders to 777 Partners accused it of fraud, claiming that the Miami-based investment firm borrowed against $US350 million ($529 million) of assets that it didn’t own, didn’t exist or were already promised to someone else.
Josh Wander, co-founder of 777 Partners, doubled-pledged assets backing loans to the firm and admitted to fundamental breaches of agreements, according to the complaint filed late Friday in New York federal court.
https://www.smh.com.au/business/companies/bonza-s-owner-777-partners-accused-of-fraud-double-pledging-assets-in-us-lawsuit-20240506-p5fp3f.html
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