In recent days, both Farhad Moshiri and Josh Wander have promoted the relative merits of the proposed 777 Partners takeover of Everton. I have written and podcasted extensively on the concerns I have regarding the resources and expertise that 777 could possibly bring to Everton and whether the flat multi-club model is appropriate for Everton’s needs.

As part of his justification for 777 Partners being the appropriate new owners of Everton, Josh Wander, co-founder of 777 Partners speaking to Alan Myers of Sky Sports in a report published on 16 October 2023, said the following:

 “We’re humble enough to acknowledge that we don’t always get everything right the first time and we have learned a lot over the past few years. At the same time, I would challenge anyone to say we have not improved the sporting and financial performance of every club we’ve invested in, and done so in a fairly short period of time.”

The current 777 Partners portfolio, their shareholding and acquisition date :

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Club Country Acquired Shareholding (%)
Seville Spain – La Liga




Italy – Serie A



Standard Liege

Belgium – Pro League



Vasco da Gama Brazil – Serie A



Hertha Berlin Germany – Bundesliga 2



Melbourne Victory Australia – A League



Red Star Paris

France – National League



Using information published by 777 Partners and Tifosy Capital and Advisory in a potential fundraising pitch to institutional investors published in September 2023, it’s interesting to see if their figures stand up to the claim. 

Financial Performance Actual (A) and Estimated (E) plus League position for each of their holdings. Figures in € millions

    2019A 2020A 2021A 2022A 2023E
Hertha Berlin EBITDA -20.9 -36 54.1 -65.3 -58
  EBITDA &player trading -2.8 -34.8 -44.9 -44.0 -47.9
  League position 11 10 14 16 18
Genoa EBITDA -23.1 -4 -56.5 -64.9 -24.6
  EBITDA &player trading 40.7 47.7 -67.6 -50.6 -2.6
  League position 17 17 11 19 2*
Vasco de Gama EBITDA -7.8 -3.8 -4.6 -8.9 -12.2
  EBITDA &player trading -3.2 8.2 5.7 -0.9 -7.8
  League position 12 17 10 4  
Standard Liege EBITDA -6.8 -16.4 -14.8 -16.9 -17.3
  EBITDA &player trading 3.8 21.6 -4.5 -4.7 -7.1
  League position 3 5 6 14 6
Red Star FC EBITDA -1.1 -2.2 -1 -3.4 -7.4
  EBITDA &player trading -0.9 -1.1 -0.9 -3.4 -7.4
  League position 20 5* 7* 11* 3*
Melbourne Victory FC EBITDA -1.2 -2 -1.5 -4 -4.1
  EBITDA &player trading -0.8 -1.6 -1.5 -4 -4.1
  League position 3 10 11 2 12
Sevilla EBITDA -2.6 -1.4 9.8 -7.4  
  EBITDA & player trading 48.6 66.5 28.3 38  
  League position 6 3 4 4 11

Source: 777 Partners & Tifosy Capital & Advisory

The evidence above contradicts Josh Wander’s claim.

At best, the performance is patchy. There is definitely no evidence to support the notion that every club has improved its financial and footballing performance. That, and the concerns regarding business practices across the wider groupfinancingsufficient management resources and the flat multi-club operating model do nothing to suggest 777 are the appropriate partners.

In an attempt to justify his choice of 777 Partners as best option available to Everton, Moshiri claims:

The more time that I have spent with the 777 team, the more my confidence increases that we have found the right people to take the club forward in the modern era.

As I have discussed before, this has all the hallmarks of another colossal Moshiri misjudgement. The finances, timing and position our club finds itself in make it difficult to see viable options immediately but, with so many institutional and high net worth investors seeking exposure to football generally and the Premier League specifically, the question as to why 777 Partners are Moshiri’s choice remains unanswered, as do the solutions to the critical condition we find ourselves in.

Ultimately, the progress of this deal will depend upon regulatory approval and 777’s ability to fund the acquisition and future capex requirements – both of which are still very much subject to doubt.

In the meantime, the claims supporting the proposed transaction, made by both leading parties, do not stand up to any form of scrutiny.

Reader Comments (26)

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Ken Kneale
1 Posted 17/10/2023 at 22:05:05

As ever, fantastic detail but it seems to make me even more miserable than ever because, as contributors have mentioned in other threads, we appear to be in a terrible bind – we cannot carry on as we are but the only option on the table appears unpalatable.

What on earth is the answer?

Paul Kernot
2 Posted 18/10/2023 at 00:42:57
I'm sure you wouldn't say it outright, Paul, but it's pretty obvious that, as we speak, 777 Partners are Moshiri's only option to get out of the utter mess he's made of our club — perhaps with a cuff of his shirt in place, certainly not the whole shirt. Hence why he's promoting it so hard.

Sad but completely predictable and true to form for him.

Dupont Koo
3 Posted 18/10/2023 at 02:47:40
All we can say is: numbers don't lie.
Jerome Shields
4 Posted 18/10/2023 at 10:15:59
It was alleged that Rights & Media Funding prevented MSP Sports Capital from taking up equity interest in Everton. Was this true? Did MSP pull out themselves or did Moshiri prefer the 777 Partners deal?

Whilst all the wrong signals are coming from 777 Partners when placed under scrutiny, who is actually behind them? 777 Partners claim that the employees own the company, then from Miami sources, it was said that high net worth individuals were involved and now an individual who has access to funds from the insurance market.

I am waiting for offshore funding sources next.

Eric Myles
5 Posted 18/10/2023 at 10:27:56
Jerome, I just wonder why MSP should object? As long as they get their money, why should they care who owns, or has shares in, the Club?
Phil (Kelsall) Roberts
6 Posted 18/10/2023 at 10:55:54
I think it was something to do with R&MF wanting their loan repaid first before MSP could buy any shares.

But I am sure those more knowledgeable than I can confirm or deny…

Mark Taylor
7 Posted 18/10/2023 at 11:25:03
I am agnostic about the merits of 777 Partners and even more so about the likelihood of approval, especially if FCA need to okay it.

But I'm not sure this analysis tells us much one way or another. Most of their clubs are very recent purchases so there is very little time to evaluate them. The only one they have been involved with for a significant amount of time is Sevilla but only as a fairly small minority investor with a very limited degree of control.

The only other one with any sort of track record under full ownership is Genoa. They went down in their first season in charge but one could argue there were legacy issues there. They did get them promoted at the first attempt and on paper, appear more financially sound. So that's maybe half a tick.

Currently lower mid-table but, after a slow start, just pasted Mourinho's Roma, Lukaku and all.

Jerome Shields
8 Posted 18/10/2023 at 12:27:37
Eric #5,

I know, but it seems strange that MSP Sports Capital, which had a better profile than 777 Partners,should according to media reports not have been the preferred takeover company by parties with Everton interests.

Phil #6,

I remember something along those lines as well. But like you, I would have no access to details.

Paul [The Esk]
9 Posted 18/10/2023 at 15:39:58

R&MF insisted on a significant proportion of their loan being paid off (I was told £80m) to enable MSP to take an equity stake in Everton Football Club. MSP refused to meet that demand and the deal fell apart.

MSP did honour their commitment to the stadium company (a straight loan) including contributions from Andy Bell and George Downing (both limited partners of MSP - 2 of the 13 investors/partners.

Eric Myles
10 Posted 18/10/2023 at 17:29:03
Paul #9,

As the R&MF loan was not made to MSP but to the Club, wouldn't the Club be liable to pay it foff or the deal to go through?

Brian Williams
11 Posted 18/10/2023 at 17:31:13
Eric, the deal is that the initial "lender" has a right to be paid off by the "buyer" in order for the purchase or part purchase to go through. It's a vehicle for the "lender" to protect it's loan and have some control over who comes in.

It either maintains that control or it gets repaid in full and clears off.

The club are in no position to pay back the lender. The club'd struggle to pay for lunch at the meeting!

Eric Myles
12 Posted 18/10/2023 at 17:43:02
Brian, the lender has no contract with the buyer, therefore there is no obligation between them.

The obligation is with the borrower who does have a contract with the lender.

Bobby Mallon
13 Posted 18/10/2023 at 17:49:01
Let's send a letter to the sheikh who just fucked Man Utd off.

He's minted.

Jerome Shields
15 Posted 18/10/2023 at 17:57:53
Paul the Esk #9

Thank you for clearing that up for me.

Does that mean that, in 777 Partners' agreement with Moshiri, there is provision for £80 million to be repaid to Rights and Media Funding? Or is it a different scenario from the proposed agreement between MSP Sports Capital and Moshiri?

I note that MSP were to secure 25% of equity for their funding, whilst 777 Partners are proposing to buy Moshiri's shares outright, 94,1% of Everton equity.

I know, for me, the detail appears to be murky. I would prefer Bell and Downing to be involved in the club.

Eric #14

You would wonder why MSP were entertained… only to find themselves out, after having given a stadium loan in favour of the original preferred parties.

There will be a few more twists given Moshiri's history regarding decision-making. I would not be putting any bets on Moshiri's interview being an exposure of flannel, just like his previous FAB interview.

Brian Williams
17 Posted 18/10/2023 at 18:49:31

I see what you mean but there was no chance of the club paying off the R&MF loan to allow MSP to come in, which R&MF were within their rights to demand before allowing the club to have more loans.

So MSP were blocked for all intents and purposes by R&MF.

Brian Hennessy
18 Posted 18/10/2023 at 18:54:38
When you look at the figures Paul has put together, and look at what 777 Partners said about improving every club that they have invested in, all I can say is that 777 are liars.

They will get on well with our current Chairman.

Jerome Shields
19 Posted 18/10/2023 at 20:26:20
Since 777 Partners were the preferred party, is it possible that if MSP Sports Capital, had their arrangement gone through, getting 25% of Moshiri's shares, that Moshiri would have sold his remaining 69% of shares to 777 Partners?

This would mean that not only were 777 Partners the preferred party, but also the preferred owner of a controlling stake in Everton.

Mick Davies
20 Posted 18/10/2023 at 21:49:37
777 Partners are a venture capitalist concern and, like all these groups, are there to make huge profits, and then sell what's left. It has happened to many companies in the Merseyside area in the last 40 years, leading to communities becoming impoverished, while the foreign money men move on to the next target.

These people are not interested and have no affinity with the organisations or communities they destroy, and Everton FC will just be another victim of these parasites, who will leave just a carcass after they've stripped all assets from the body.

It's us supporters who will still be there, praising Chairman Bill, when he makes one of his tearful speeches about Dave Hickson, the Boys Pen etc, and promises to find funding to put Everton back on the football map, and out of the National League, while lauding the exploits of ex-Everton players like Branthwaite and Garner, lifting European trophies for their respective clubs.

If only the likes of Tony Bellew, Tommy Fleetwood, Matt Dawson etc could band together and buy the club.

Tony Everan
21 Posted 19/10/2023 at 09:04:30
Yet another article from Josimar this morning. They must have their own dedicated 777 department over there, and yes, it’s not a positive piece about them.

“777 Partners, which is currently trying to add Everton to its multi-cub portfolio, owned and operated companies which were accused in court of “predatory conduct” for targeting brain damaged former American football players making concussion claims against the NFL”

Brains trust or gold dust?

Michael Kenrick
22 Posted 19/10/2023 at 09:17:30

I just tried reading that latest shit-stirring effort from those Josimar guys...

If you look at the dates, which are few and far between in the article, this is all ancient history as far as 777 Partners and their current football operations are concerned.

They might as well do another massive exposé on Josh Wander – Drug Barron – for his shocking trading of 31.2 grams of cocaine when he was a college kid.

Haven't we heard it all already, for fuck's sake?

Andrew Taylor
25 Posted 19/10/2023 at 18:31:55
Paul the Esk,

Your use of the tables above is a little misleading.

If you don't cross reference them to see that 777 were not engaged in most cases in most years shown here – you'd miss the fact that all it really shows is that they buy clubs in some distress, and in most cases, it's far too soon to say.

The one club they have had some long-term involvement in is Sevilla, albeit a minority stake, and they've had back-to-back Champions League.

Steve Shave
26 Posted 19/10/2023 at 20:28:07
Thanks as always, Paul, for your contributions, I know you to be methodical and accurate in your analysis which is why I often can't bring myself to read your posts, they depress me too much!

777 Partners are far from my first choice, I keep praying that Man Utd's Sheikh suddenly swoops in and blows everyone out of the water but it's a fool's hope.

However, the only crumb of comfort I keep finding in 777's interest is the possibility that they might use the Belgian and Brazilian clubs to filter talent into the Premier League and maximise profit. Probably another fool's hope.

Paul [The Esk]
27 Posted 20/10/2023 at 17:27:48
Andrew, #25, thanks for your comment.

There's good reason for using the data I use – it is exactly the same data and range of dates that 777 Partners and Tifosy are using to try and raise $250 million to support their football ventures.

Steve Dowdeswell
28 Posted 31/10/2023 at 11:12:06
With the 777 Partners takeover still being touted as troublesome by the press and certain elements of the printed media crying out for a 12-point deduction according to the Premier League, I can't help wondering if anyone at the Goodison Park boardroom has thought to pick up the phone to a certain Sheikh Jassim and mention there is a club for sale just up the road from where he was originally looking to purchase...
Paul Hewitt
29 Posted 31/10/2023 at 12:06:55
Steve @28.

Too late, mate. Looks like he's after Spurs now.

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