777 Partners’ proposed takeover of Everton now appears to be “utterly dead in the water” following the removal of Josh Wander and Steven Pasko from the firm’s football board, as reported by Josimar.
The investigative outlet revealed on May 10th that amid the company’s financial struggles and the involvement of bankruptcy specialists, Wander and Pasko were sidelined within the football division as 777 fights for survival.
With the company’s dire situation escalating, B. Riley Advisory Services has been enlisted to salvage the sinking ship. The rapid deterioration of 777’s fortunes has come as a shock, prompting crisis management expert Ron Glass to be reportedly dispatched to the company’s Miami offices.
Wander and Pasko have been ousted from the board of Nutmeg Acquisitions LLC, the entity overseeing 777’s football operations, which includes stakes in various clubs such as Red Star FC in Paris, Genoa in Serie A, Standard Liege in Belgium (where a match was recently abandoned due to fan protests), Vasco da Gama in Brazil, Hertha Berlin in the Bundesliga, as well as minority shares in Sevilla in La Liga and Melbourne Victory in Australia.
The reins of Nutmeg now rest in the hands of Don Dransfield, a former member of City Group. From Everton’s perspective, the deal struck with Farhad Moshiri in September now appears to be off the table.
The unraveling of the 777 empire has been a long time coming, particularly evident in their failed bid to take over Goodison Park. Allegedly, this ambitious move was a contributing factor to the company’s downfall, as it struggled to navigate multiple court cases and financial woes stateside.
Their substantial loans to Everton, totaling around £200 million, were increasingly viewed as precarious gambles, especially as Premier League approval remained elusive. This skepticism was compounded by the grounding of their Australian airline, Bonza, and allegations of fraud filed by Leadenhall Capital in a US court.
Wander’s presence at Goodison Park matches may become a thing of the past, signaling the collapse of 777’s football ambitions. Even Moshiri, once supportive of the bid, now harbors doubts about their ability to secure the necessary funds.
With 777 Partners’ financial woes laid bare and their Everton bid in tatters, the likelihood of a turnaround seems remote, marking the end of a tumultuous chapter in the club’s ownership saga.