American media Bloomberg revealed, firstly, the complaint filed by the London-based company Leadenhall for major fraud. In summary, 777 Partners would have borrowed $350 million… which the American company does not actually own because this amount would have already been given as guarantee to other entrepreneurs. It's as if a tenant rented ten apartments to as many different owners by depositing the same 2,000 euros deposit. In the event of non-payment, not all owners will be able to recover their deposit. In total, Leadenhall estimates that the group owes him more than… 600 million euros!
The English media The Athletic, particularly renowned in the field of investigative press, added new elements this Sunday. In total, sixteen complaints landed in the New York Court, all pointing to the same target, 777 Partners, with cumulative debts of more than 100 million euros. The Athletic describes the operating method of Josh Wander, the man at the head of 777 Partners, which would consist of using football clubs in particular to generate assets and make investments in various areas.
The owners of Standard in turmoil: a complaint for major fraud filed against 777 Partners
This doesn’t bode well for Standard…
The insurance company A-Cap, which has supported 777 Partners to the tune of hundreds of millions of euros in recent years, has even, according to the English media, moved away from the American company so as not to suffer the wrath of the agencies rating and regulatory authorities.
These matters must be considered with the greatest seriousness. The Athletic announces, bluntly, that they will certainly lead to the failure of the takeover of Everton, with whom negotiations have been underway for several months already, and, above all, to the outright bankruptcy of 777 Partners.
Of course, these complaints, which will take some time before finding a legal conclusion, do not bode well for the Standard. While the club needs money to launch an ambitious new project, it could find itself with an owner with holey pockets. In these conditions, hoping for new momentum for next season seems more like a pipe dream than a near prospect…
