Moelis reviews 777|’s football assets Insurance business America
The review could jeopardize the Everton deal
reinsurance
By Halee Andrea Alcaraz
Investment bank Moelis & Co. has been hired to review reinsurance carrier 777 Partners LLC’s portfolio of soccer teams, raising new questions about the multi-club owner’s future.
New York insurance company Advantage Capital Holdings LLC, a key lender to 777, has hired Moelis to review potential options for 777’s soccer holdings, including possible asset sales, according to insiders familiar with the matter, Bloomberg reports.
A-Cap’s loans to 777 are secured by the assets of several Miami-based investment firms.
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 attempted to take over football club Everton FC, but the deal was put on hold due to funding issues and scrutiny of 777’s management.
Earlier this month, 777 addressed allegations from lenders including Leadenhall Capital Partners that Josh Wander, the investment firm’s co-founder, had double-pledged assets as collateral.
In a lawsuit, Leadenhall said A-Cap was so entangled with 777 that the lender was able to block 777’s efforts to restructure loans to other lenders.
A-Cap was owed more than $2.2 billion by 777 affiliates at the end of 2023, Bloomberg said, citing the lawsuit filed in New York.
To date, A-Cap has denied any ownership ties to the Miami-based investment firm.
The loan firm’s appointment of Moelis is expected to cast a light on 777’s finances and could raise doubts not only about the Everton deal but also its status as a leading football club owner.
Currently, deliberations are at an early stage and it is uncertain whether they will result in the sale of a 777 Football asset, people familiar with the matter said.
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2024-05-24 14:31:38
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