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An English Premier League soccer team’s potential sale to American investment firm 777 Partners has hit a major roadblock as the company faces allegations of a fraud scheme worth hundreds of millions of dollars. The lawsuit filed by Leadenhall Capital Partners accuses 777 Partners of misrepresenting its assets to secure $600 million in financing, with $350 million in assets allegedly not under 777’s control or already pledged to other lenders.
These accusations cast doubt on 777 Partners’ financial stability, despite previous claims of having $10 billion in assets. The lawsuit jeopardizes 777’s bid to buy Everton and could have ripple effects on the global soccer market, as the company also owns stakes in teams across several countries with debts attached to them.
The lawsuit names multiple 777 companies, owners, and financial backers as defendants, alleging a “giant shell game” or potentially a Ponzi scheme. Despite assurances from 777 Partners about their commitment to the Everton deal, their credibility and standing among fans and other soccer clubs are increasingly questioned amidst ongoing financial turmoil and accusations of misconduct.
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