When nothing goes, nothing goes… While Standard has been suffering its misery for many weeks in the Europe Playoffs, its owner 777 Partners is the subject of a complaint for major fraud, according to the American media Bloomberg. This was filed by the company Leadenhall, located in London.
Based in Miami, 777 Partners is an investment company that has expanded into football in recent years, buying several clubs around the world, including Standard of course, but also Hertha Berlin, Genoa, Red Star and Vasco da Gama again.
At Standard, 777 Partners is (officially) not giving up the deal
The cause of this complaint? 777 allegedly borrowed $350 million in assets, which it did not own or which did not exist. The group’s co-founder, Josh Wander, reportedly doubled his assets by guaranteeing loans to the company. According to the complaint filed in New York court, he admitted “a fundamental violation” of the agreements.
The financial health of the group has also raised questions in recent months. Recently the airline company Banza, supported by 777, was placed under administration.
At Standard, several payments from the takeover of the club and Real Estate had not been paid by mid-April.
Standard: 777 Partners is waiting for payments for the takeover of the club and… Real Estate
