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The Mystery Company With One Foot in the Premier League The Mystery Company With One Foot in the Premier League
(6 days later)
The acquisitions came so quickly that it was hard to keep up. An agreement to buy the oldest soccer team in Italy. An investment in one of the most popular teams in Brazil. Stakes in well-known clubs in Belgium and France, Germany and Australia.The acquisitions came so quickly that it was hard to keep up. An agreement to buy the oldest soccer team in Italy. An investment in one of the most popular teams in Brazil. Stakes in well-known clubs in Belgium and France, Germany and Australia.
Each new deal was trumpeted by the Miami-based investment company, 777 Partners, that was hurriedly snapping them up.Each new deal was trumpeted by the Miami-based investment company, 777 Partners, that was hurriedly snapping them up.
Then, in September, the investment group revealed its biggest deal yet: an agreement to acquire a controlling stake in Everton F.C., a founding member of the Premier League and one of the oldest soccer clubs in England.Then, in September, the investment group revealed its biggest deal yet: an agreement to acquire a controlling stake in Everton F.C., a founding member of the Premier League and one of the oldest soccer clubs in England.
Suddenly, everyone in soccer had heard of 777 Partners. Beyond its name, though, little was known about the company. It said it had $10 billion in assets, but was so closely held that verifying that claim was difficult. Lawsuits against the firm raised concerns for potential partners. A string of unpaid bills, some as recent as this month, raised more.Suddenly, everyone in soccer had heard of 777 Partners. Beyond its name, though, little was known about the company. It said it had $10 billion in assets, but was so closely held that verifying that claim was difficult. Lawsuits against the firm raised concerns for potential partners. A string of unpaid bills, some as recent as this month, raised more.
Now, in bidding for a place in the Premier League, 777 Partners faces something it had previously avoided: a forensic review of its holdings, its finances and its brash American co-owner, Josh Wander, who in one recent interview said he was “more serious about investing” in soccer than anyone in history.
His company’s bid for control of Everton, an acquisition that would eventually require hundreds of millions of dollars in assumed debt and other obligations, is by no means a sure thing. The Premier League, England’s Football Association and an independent British government regulator, the Financial Conduct Authority, all must approve the proposed deal, a process that is likely to take months.