Major fraud claim brought against 777 Partners, owners of Red Star FC

According to Bloomberg, London-based firm Leadenhall Capital Partners have brought a major fraud claim against 777 Partners, the owners of Paris-based French third tier champions Red Star FC.

The Miami-based investment firm have allegedly borrowed $350m by pledging assets that it either didn’t own, or didn’t exist. Bloomberg reports that co-founder of 777, Josh Wander, double-pledged assets backing loans to the firm, and admitted to breaches in agreements – according to the document filed last night in New York’s federal court.

Red Star supporters protest against 777 ownership

777 Partners are currently owners of third tier side Red Star FC, who have recently won promotion to Ligue 2 as champions for the first time in six years. The Miami-based firm are also struggling in the process of taking over Premier League side Everton, whilst already holding majority stakes in Hertha Berlin, Genoa, Standard Liège, and Vasco Da Gama.

The news of Leadenhall’s fraud claim against the Miami-based firm comes as supporters of Red Star last night gave out fake bank notes in protest of their ownership, following the brandishing of a “777 Out” banner during promotion celebrations two weeks ago. A match against FC Sète was abandoned in April 2022, when Red Star fans protested about the takeover of the club by 777 Partners.

GFFN | George Boxall

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