Investment bank Moelis & Co. has been appointed to review reinsurance backer 777 Partners LLC’s portfolio of football teams, raising new questions on the future of the multi-club owner.
New York insurance company Advantage Capital Holdings LLC, a major lender to 777, has appointed Moelis, which will evaluate potential options for 777’s football holdings including possible asset sales, according to people with knowledge of the matter, as reported by Bloomberg.
A-Cap’s loans to 777 are secured against some Miami-based investment firm’s assets.
The investment company’s football assets include Brazil’s Vasco da Gama, Italy’s Genoa Cricket and Football Club, Germany’s Hertha BSC, and France’s Red Star FC.
777 is trying to acquire football club Everton FC, but the deal has been dogged because of financing problems and scrutiny of 777’s management of its businesses.
Earlier this month, 777 dealt with accusations from lenders such as Leadenhall Capital Partners that Josh Wander, the investment firm’s co-founder, double-pledged assets as collateral.
In a lawsuit, Leadenhall said A-Cap had been so entangled with 777 that the lender was able to block 777’s efforts to restructure loans to other lenders.
A-Cap was owed over $2.2 billion by entities affiliated with 777 at the end of 2023, Bloomberg said citing the lawsuit filed in New York.
So far, A-Cap has rejected any ownership ties to the Miami-based investment firm.
The lending company’s appointment of Moelis is expected to highlight 777’s finances and could cast doubt not only over the Everton deal but also its status as a leading football club owner.
Currently, deliberations are at an early stage, and it is uncertain if they will result in the sale of any 777 football asset, the people with knowledge on the matter said.
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