The investment group 777 Partnersknown for his participation in multiple football clubs, declared bankruptcytriggering a series of asset sales, including shares of sports teams such as the Vasco da Gama of Brazil and the Liège Standard of Belgium.
The company also put up for sale a luxury yacht valued at two million dollars and a private plane 20 million dollars.
Based in Miami and Newport Beachwas also evicted from its offices due to non-payment of rent, reflecting the depth of its financial crisis.
Among the clubs most affected by the debacle of 777 Partnersthere is the Vasco da Gama of Brazilof which the group lost majority control after a decision by the Justice of that country that reduced its participation from 70% to 30%.
In Belgiumhe Liège Standard It also faces legal problems, with assets seized due to complaints from the club’s previous owner. Furthermore, the administration of Genoa in Italy and the Red Star of France was strongly criticized for lack of investment and economic problems.
Other institutions in which they managed percentages in shares were the Seville of Spainhe Hertha Berlin of Germanyhe Melbourne Victory of Australia and they also had the London Lionsbasketball team England.
Some of the shares that the investment group had in equipment such as Vasco da Gama, Genoa, Red Star FCor the Sevilla FC They became part of the New York investment group A-CAPsince they stopped being “a going concern.”
The collapse of 777 Partners I generate concern in the Argentinasince the government of Javier Mileitogether with his Minister of Tourism and Sports, Daniel Sciolidefended the implementation of the Sports Joint Stock Companies (SAD).
Scioli met on several occasions with representatives of the investment group that went bankrupt, to discuss their possible incursion into the country’s soccer, however, after this news, the viability of the SAD in it argentine soccer raises more doubts than before.
Despite government support, many leaders expressed concern, warning that the adoption of this system could put the essence of the clubs at risk. The bankruptcy of 777 Partners and the conflicts generated in several of its teams are a clear example of the dangers that this model can imply.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
