777 Partners

777 Partners is an American private investment company based in Miami. Founded in 2015, it has acquired several soccer teams such as Genoa C.F.C. in Italy, Standard Liège in Belgium, Red Star F.C. in France, CR Vasco da Gama in Brazil and Hertha BSC in Germany. It has minority shareholdings in Sevilla FC in Spain and Melbourne Victory FC in Australia. The company owns the British Basketball League and its London Lions team. The company also owns the low-cost carriers Flair Airlines in Canada and Bonza in Australia.

History

777 Partners was founded in 2015 by Joshua Wander and Steven Pasko. Its first investment in soccer was to purchase a minority stake in Spanish La Liga club Sevilla FC in 2018.[1] In 2020, it elevated its share to 7.5%.[2]

In September 2021, 777 Partners bought 99.99% of Italian Serie A club Genoa C.F.C., the country's oldest club, founded in 1893. It became the sixth club in the league to have an American owner, and the transaction to buy the club from long-term owner Enrico Preziosi was estimated at €150 million.[3] The club hired former A.C. Milan and Ukraine striker Andriy Shevchenko in November, firing him in January 2022;[4] Genoa ended the season relegated (as did another US-owned team, Venezia FC),[5] but were immediately promoted back into the top division in May 2023.

In February 2022, 777 Partners bought 70% of CR Vasco da Gama, a Campeonato Brasileiro Série A club from Rio de Janeiro for R$700 million.[6] During the negotiations, Brazilian newspaper O Globo revealed that Wander had been convicted in 2004 for ordering cocaine in the mail while a 22-year-old student of the University of Florida.[1][7] Facing a possible 26-year sentence, he pleaded no contest and received 15 years of probation, that ended in 2018.[8][1]

In March 2022, 777 Partners bought 100% of Standard Liège in the Belgian Pro League for €55 million.[9] The following month, it bought Red Star F.C. of the French third-tier Championnat National; the club was founded in 1897 by Jules Rimet, who was later president of FIFA. The takeover was met with backlash due to the club's working-class and left-wing history, and concerns that the club would become a farm team for 777's other assets. Former presidential candidate Jean-Luc Mélenchon was one of several politicians to sign a letter published in Le Monde, stating "For us, Red Star is a common good that cannot be sacrificed on the altar of profit."[10]

In October 2022, 777 Partners bought a minority stake in Melbourne Victory FC of the Australian A-League Men.[11] The following March, the company took a 64.7% stake in Hertha BSC of the German Bundesliga after its sale by Lars Windhorst, who had been majority shareholder since 2019.[12]

777 Partners bought the London Lions basketball team. The company bought 45% of the British Basketball League for £7 million in December 2021. Company vice president Adam Weiss told the Daily Mirror in February 2022 that the sport could grow in the UK in the way that it had grown in Canada in the last 30 years.[13]

Outside of sports, 777 has assets in aviation. It owns Canadian company Flair Airlines and Bonza from Australia, both of which are low-cost carriers.[1][14]

References
  1. Aarons, Ed (April 4, 2023). "Collective goals: multi-club ownership is changing world football's landscape". The Guardian. Retrieved May 1, 2023.
  2. Alba, Jesús (19 October 2020). "'777 Partners' adquiere el paquete de Rodri y eleva su capital al 7,5%" ['777 Partners' acquires Rodri's stake and raises its capital to 7.5%]. Diario de Sevilla (in Spanish). Retrieved May 1, 2023.
  3. "Italian club Genoa bought by U.S. investment firm 777 Partners". Reuters. 23 September 2021. Retrieved 1 May 2023.
  4. "Genoa sack Shevchenko after only two months in charge". beIN Sports. January 15, 2022. Retrieved May 1, 2023.
  5. Johnson, Jonathan (May 17, 2022). "American owned clubs struggle: Bordeaux, Genoa and Venezia sought stability but found relegation". CBS Sports. Retrieved May 1, 2023.
  6. "Vasco faz acordo para vender 70% do clube por R$ 700 milhões" [Vasco reach agreement to sell 70% of the club for R$700 million]. O Estado (in Portuguese). February 21, 2022. Retrieved May 1, 2023.
  7. "Vasco: condenação de Josh Wander por tráfico de 31g de cocaína, de 2004, repercute nas redes sociais; 777 diz que 'incidente ficou para trás'" [Vasco: Josh Wander's sentence for trafficking 31g of cocaine, in 2004, reverberates on social networks; 777 says that 'the incident stays in the past']. O Globo (in Portuguese). March 18, 2022. Retrieved May 1, 2023.
  8. "Alabama man indicted, faces murder charges". Red & Black. February 11, 2004. Retrieved May 1, 2023.
  9. "Le Standard de Liège officialise sa reprise par le fonds d'investissement américain 777 Partners" [Standard Liège confirm their acquisition by the American investment firm 777 Partners]. L'Équipe (in French). March 12, 2022. Retrieved May 1, 2023.
  10. "French left cries foul over US takeover of Red Star soccer club". France 24. May 13, 2022. Retrieved May 1, 2023.
  11. Monteverde, Marco (October 5, 2022). "A-League club joins portfolio of Miami-based 777 Partners". News.com.au. Retrieved May 1, 2023.
  12. Fahey, Ciáran (March 11, 2023). "Miami-based 777 Partners takes 64.7% stake in Hertha Berlin". The Associated Press. Retrieved May 1, 2023.
  13. Gamble, Andrew (February 9, 2022). "EXCLUSIVE: London Lions owner claims capital can emulate Toronto to become new basketball hotbed". Daily Mirror. Retrieved May 1, 2023.
  14. Dye, Josh (February 1, 2023). "The US private equity giant funding Australia's new budget airline Bonza". Australian Broadcasting Company. Retrieved May 1, 2023.
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