Everton’s potential new owners, 777 Partners and co-owner Josh Wander, are facing accusations of engaging in a “fraudulent scheme” in a civil court filing in New York. Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC claim that Wander and 777 pledged over $350 million in assets as collateral for a credit facility agreement, but these assets either do not exist or are not owned by Wander’s entities.
This latest development raises concerns about the completion of 777’s takeover of Everton. The Miami-based investment firm had agreed to purchase Farhad Moshiri’s 94% stake in the club last September. However, the deal is yet to be ratified by the Premier League, and the allegations of fraudulent activity further complicate the situation.
777 Partners has been in discussions with a private equity firm specializing in distressed debt as it seeks to finalize the takeover. The firm already owns stakes in several European teams, including Genoa, Sevilla, Hertha Berlin, and Standard Liege, as well as Brazilian club Vasco da Gama. However, its financial troubles have become apparent this week, with delayed payments to Everton and an airline owned by 777 entering voluntary administration.
The allegations made by Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC suggest that Everton may be just the latest target of Wander’s fraudulent activities. The court filing accuses Wander and co-owner Steven Pasko of operating a shell game or possibly an outright Ponzi scheme, where money from investors and lenders is shuffled around to hide their true financial condition.
These serious allegations cast doubt on the credibility and integrity of 777 Partners and its ability to successfully complete the takeover of Everton. The Premier League will undoubtedly take these accusations into consideration when deciding whether to approve the deal.
BBC Sport contacted Josh Wander for comment, but no response has been received thus far. The outcome of this situation remains uncertain, and Everton fans are left waiting for clarity regarding the future ownership of their beloved club.