Following the bankruptcy of the 777 Partners group, announced on Monday, the Ile-de-France club would have entered into exclusive negotiations with PagsGroup LLC, a shareholder already very active in high-level sport.
This Monday, the investment company 777 Partners officially declared bankruptcy as 16 complaints of fraud and unpaid debts hovered over its head. Would the company, the announced owner of Red Star, Genoa (Italy), Standard Liège (Belgium) and Vasco da Gama (Brazil), put its clubs in great danger? “Following the difficulties encountered by 777, the Red Star is accompanied and supported by A-Capreassured Patrice Haddad, president of Red Star, this Tuesday. Red Star is secure for the 2024-2025 season thanks to the respect of the commitments made to the DNCG and optimistic about the ongoing discussions concerning the future.
Regretting the “lack of information from some”, Haddad recalled that A-Cap, the main creditor of 777 Partners, had recovered all the assets of the Ile-de-France club. While 777 Partners detached its financial ties from the club before, therefore, announcing its bankruptcy this Monday. However, Red Star, currently 15th in Ligue 2, remains in the buyout process and a very important shareholder would hold the rope.
As indicated the team the company PagsGroup LLC would have entered into exclusive negotiations with the club based in Saint-Ouen. Numerous exchanges reportedly exist between the two parties while the Moelis & Company bank plays the role of agent. PagsGroup LLC, owned by businessman Stephen Pagliuca, would not be its first attempt in sport since the group already holds the majority of shares in the Italian club Atalanta Bergamo, winner of the League Europa last season, and is at the head of the American franchise of the Boston Celtics, reigning NBA champion.
