Fresh doubts emerge over suitability of Everton’s future owners 777 Partners as one of their Brazilian clubs defaults on transfer payments to a number of clubs
- Brazilian club Vasco De Gama default on scheduled transfer payments
- Owners 777 Partners agreed a deal to take over at Everton earlier this month
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The suitability of Everton’s future owners 777 Partners is under further scrutiny after it emerged one of their clubs in Brazil has defaulted on transfer payments.
Current Goodison Park owner Farhad Moshiri has agreed a deal with the US-based investment firm to sell his majority shareholding in Everton, pending Premier League approval.
However, since the transaction was agreed significant doubts have been raised over 777 Partners’ proposed takeover.
Those concerns have been amplified as it emerges that Brazilian club Vasco De Gama – who are among the company’s portfolio of football clubs – have missed scheduled transfer payments.
According to reports in South America, Vasco are late in paying a number of clubs – French side Lille among them – money they are owed.
Vasco De Gama are owned by 777 Partners, a US investment firm fronted by managing partner Josh Wander (above)
Farhad Moshiri agreed a deal to sell his majority shareholding in the club to the US investment firm earlier this month
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There is hope at Vasco that 777 can inject money into the club accounts in the coming days in order for them pay the outstanding debts.
Nevertheless, the news is likely to be of interest to Premier League officials as they investigate whether 777 Partners are appropriate owners for Everton.
The private investment company – who also have stakes in Sevilla, Genoa, Standard Liege and Red Star – agreed a deal worth in the region of £550m to purchase Moshiri’s 94.1 percent stake in Everton earlier this month.
When the agreement was announced, Moshiri said: ‘The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago. The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state-backed companies and funds.
There is hope at Vasco that 777 can inject money into the club accounts in the coming days to pay the outstanding debts
Moshire has claimed that 777 Partners are the ‘best partners to take our great Club forward, with all the benefits of their multi-club investment model’
‘I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date. I have spoken to a number of parties and considered some strong potential opportunities. However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great Club forward, with all the benefits of their multi-club investment model.
‘As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton. Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.
‘Of course, none of this could have been achieved without the hard work of everyone at the Club. From our team at the training ground, our commercial and support teams through to matchday employees, I extend my sincerest gratitude.
‘And to our fans, the last few years have been challenging but you have supported the Club through it all and consistently been our twelfth man. You are the best fans and deserve success.’
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