In today’s football, timeshares are becoming more common, for better and worse. Although there are some very successful examples of what great management of a timeshare football project can achieve, with the City Football Group and the Red Bull group as examples of excellence, there are also negative cases such as that of 777 Partners, the shareholders majority of Vasco da Gama.
Recently, it became known that a London company called Leadenhall accused 777 Partners of fraud that would amount to around 350 million euros and now the English company has denounced the investment group and expects to receive close to 600 million in damages.
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777 Partners will leave the world of football
Media such as Bloomberg confirm these accusations and assure that the fraud had its origin in a loan of 350 million received by 777 Partners in which they placed properties that did not exist or did not own as assets. As if that were not enough, The Atlantic media outlet states that there would be another 16 complaints for non-payments.
Consequently, 777 Partners is at risk of bankruptcy and the equipment they own, too. The Spanish media El Desmarque assures that all the clubs that are part of this investment group, Sevilla and Vasco da Gama included, are on constant alert following these accusations.
In Belgium, the country where they own Standard Liege, there is talk of non-payments to staff and a risk of bankruptcy that has been confirmed in the last few hours, since the international press claims that 777 Partners has made the decision to leave football and the first step will be the sale of the Belgian club.
🔴 Infos #RSCL :
❌ 777 Partners et le Football, c’est terminé. L’entreprise a engagé un expert en restructuration d’entreprise pour se concentrer sur ses investissements porteurs. Dans cette perspective, l’information que nous vous révélions mardi matin se confirme, le groupe… pic.twitter.com/CYYoMyZDbg
— Sacha Tavolieri (@sachatavolieri) May 10, 2024
The journalist Sacha Tavolieri assures on his official Twitter account that 777 Partners has already begun the restructuring process in his company to change its economic focus, moving away from football to focus on other types of investments.
However, the future is uncertain for the other clubs belonging to this investment group. The aforementioned source affirms that although the decision to sell to Standard Liege has been made, the decision on the other clubs will be made on a case-by-case basis.
In recent months, the relationship between Vasco da Gama fans and 777 Partners was more than broken and this could hardly be the first domino in a row that could end the gradual economic decline of the Brazilian club.
Remembering Zagallo
Sambafoot Series launched a new documentary about the football legend Zagallo. Known as ‘Velho Lobo‘ and as superstitious as it gets, Zagallo helped shape what Brazilian football is nowadays — as a player and as a coach.
Binge the first five episodes available on Sambafoot’s Youtube channel. Stay tuned for upcoming releases as we keep telling this legend’s life story.
