Genoa owners 777 Partners accused of ‘Ponzi scheme’ | OneFootball

Genoa owners 777 Partners, who are in the spotlight over their takeover bid of Everton, are being sued with the accusation of ‘operating a Ponzi scheme.’

The Miami-based investment company purchased Serie A side Genoa from Enrico Preziosi in September 2021 and the fans there have so far had little reason for complaint.

They earned promotion straight back into the top flight after relegation and just guaranteed another season in Serie A.

However, 777 Partners have seen their finances questioned as part of a months-long takeover bid for Premier League side Everton.

Genoa owners 777 Partners sued in New York

There was another twist yesterday when Leadenhall Capital Partners filed a lawsuit in federal court in New York.

The London-based asset management company claims it provided 777 Partners with over $600 million in financing, only to discover that $350 million in assets serving as collateral for the loans either were not under 777 Partners’ control or had already been pledged to other lenders.

Leadenhall accuse 777 Partners of “operating a giant shell game at best, and an outright Ponzi scheme at worst.”

This is the latest and most serious legal action that 777 Partners face and could potentially stall the Everton takeover.

Genoa would seem to be one of the healthiest clubs in the 777 Partners portfolio, as they also hold stakes in clubs in Australia, Brazil, Belgium, France and Germany.