777 Partners are looking to expand their portfolio of football clubs with the addition of Everton. The firm has agreed to purchase Farhad Moshiri’s 94.1% of the club. They are yet to pass the Premier League’s ‘fit and proper’ test, further delaying the purchase. But who are 777 partners and why might they not pass the test?
777 Partners Look To Purchase Everton But May Fail Due To The Premier League
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Who are 777 Partners?
777 Partners is a Miami-based private investment firm that has acquired several football clubs across Europe, Australia, and Brazil. They also have a majority ownership in the London Lions basketball team and the British Basketball League. Other significant holdings include Flair and Bonza Airlines, in addition to STX Entertainment.
Founded in 2015, and managed by Steven Pasko and Josh Wander, the investment firm has rapidly expanded in its short history. With over 50+ brands under its umbrella, it is one of the largest private investment firms in the sports world.
Why are 777 Partners Looking To Purchasing Everton?
The Toffees have been in financial turmoil for multiple years, culminating in a 6-point deduction for breaching the Premier League’s profit and sustainability rules. The ongoing tightening of the belt has forced Moshiri to look at selling the club he first invested in, back in 2016.
Read More: Everton’s Appeal Success & Reduced Point Deduction: What It Means Going Forward
Alongside this, there has been a continuous uproar, from many on the blue side of the Mersey, about the team’s operations. Consistent protests over the performance on the pitch over the last two seasons, in which they have narrowly escaped relegation, have called for a dramatic change in the board and owner.
777 Partners would also join a wave of American investors who have purchased Premier League clubs since the turn of the century. If this deal were to be completed, half the teams in the top flight would be owned by a person or company from the USA.
Why Is The ‘Fit And Proper’ Test Taking So Long?
The Premier League’s ‘fit and proper’ test ensures that any entity purchasing a club is an appropriate owner. It is a process that has already been successful. In 2016 the Premier League denied the sale of Hull City to a Chinese and Hong Kong consortium. To the dismay of Reading fans, their club was later purchased by this consortium, after they passed the EFL’s version of the ‘fit and proper’ test. The former Premier League side is now on the brink of another relegation and could be playing in as low as the fourth tier next season.
Read More: Farhad Moshiri’s Ownership Of Everton Has Been A Failure
So why haven’t 777 partners passed the test yet? This is most likely due to the ongoing allegations against the company. They are currently facing legal action in the UK over unpaid leasing agreements in their airways sector, totaling £23.66 million. Additionally, they have faced allegations of offering illegal loans and fraud claims in the U.S.
In response to this, Wander, who is a managing partner, told The Telegraph that “ 777 has always strived to conduct its businesses in line with local laws and regulations. Where it has been suggested otherwise we will defend our reputation vigorously by all legitimate means”.
While this deal is still in limbo, it leaves many at Goodison Park undecided on who they would like to own the club, and whether Moshiri is the lesser of two evils.
