Miami-based investment group 777 Partners is facing a slew of challenges in both the business and sporting worlds, with a grounded airline in Australia, a lawsuit in a New York federal court, and angry soccer fans in England resisting a takeover of Premier League club Everton.
The troubles for 777 Partners began with the collapse of the Australian airline Bonza, which is owned by the investment group. Financial administrators confirmed that all flights are canceled for one more week, leaving customers in limbo without refunds.
In addition, a lawsuit was filed in a New York federal court alleging fraud in connection to a $600 million loan provided by a London-based asset management firm. The suit claims that collateral for the loans was not controlled by 777 or was already used as security with other lenders, leading to accusations of operating a Ponzi scheme.
In the sporting world, 777 Partners owns soccer clubs in Germany, Italy, Belgium, and Brazil but has faced opposition in its bid to buy English club Everton. The Everton FC Shareholders’ Association has called on the club’s board to reject 777 Partners as prospective owners, citing concerns about their fitness and propriety.
The investment group’s ventures in European soccer have also faced challenges, with Standard Liege fans protesting against delayed player wages and Hertha Berlin struggling with relegation from the Bundesliga. Despite promises of investment, 777 Partners has faced criticism for its management of clubs like Genoa in Italy and Vasco da Gama in Brazil.
As the troubles mount for 777 Partners, the future of the investment group’s ventures in both the business and sporting worlds remains uncertain.