“We don’t have a hierarchy of clubs - this is not a pyramid-type model,” Joshua Wander insisted after 777 Partners completed its purchase of a 64.7% majority stake in Hertha Berlin last month. “This is really about preserving the independence and the deep and rich histories of the individual clubs. We want to provide our clubs with the tools so that they can all be the best.”
It’s been almost five years since the Miami-based private investment firm established by Wander and his partner Steven Pasko in 2015 made its first foray in the world of football by purchasing a minority stake in Spanish club Sevilla. It has since completed full takeovers of Genoa in Italy, Standard Liège in Belgium and Red Star in France, and taken 70% stakes in the Australian club Melbourne Victory and Brazil’s Vasco de Gama.
It is one of the most ambitious examples of the new multiclub model that is sweeping the game. With 777 Partners now casting its eye towards the Premier League, where the company ends up remains to be seen.
“We are not going to comment on any specific rumours,” said a spokesperson for 777 Partners when asked about reports that Wander and Pasko met Amanda Staveley’s PCP Capital Partners over a potential investment in Newcastle, held talks with Chelsea owner Todd Boehly and has also been eyeing up investment in Everton.
“That said, as part of the normal course of business at 777, we have many meetings with people in the business world as well as financial institutions. As part of those conversations there is inevitably some discussion around football.
“We are thrilled with the current status of our football group, and if anything, these rumours are a testament to the strength of the portfolio we’ve built, our management team and the strong performance of so many of our clubs this season.”
While Hertha will hope their chances of staying in the Bundesliga are boosted by their new owners, Sevilla are fighting for survival in La Liga and Standard have not exactly lit up Belgium’s Pro League after finishing 14th last season. At least Genoa look on course for an immediate return to Serie A after being relegated last season.
With Boehly and Staveley having made no secret of their desire to establish multiclub networks, linking up with the 777 network would seem like it provides a ready-made solution for their requirements. Chelsea, however, are understood to be pressing ahead with a move to invest in Strasbourg and another club in Portugal after reportedly having a £35m bid for Portimonense rejected this week.
Meanwhile, Newcastle are understood to have sounded out several clubs in Portugal and have held talks with French club Dijon over potential investment. Staveley did admit at the Financial Times’s Business of Football Summit that they were “looking at another structure which would allow us to do maybe both [buy controlling and minority stakes], maybe something that would give us more opportunity to work with a lot more clubs”.
Everton have also held talks with another American firm, MSP Sports Capital, but with the owner, Farhad Moshiri, attempting to help finance the club’s new stadium he may be tempted by an offer from 777 Partners to join their growing network – led now by Don Dransfield, the former chief strategy officer for City Football Group.
“It is possible that global brands would be more attracted to a global club network even if [the clubs] are individual brands,” Wander told the Financial Times last year. “We do believe that the overall multi-club strategy will help these clubs prevent long periods of distress.”
Last year, when 777 Partners purchased its stake in Vasco, it emerged that Wander had been arrested in 2003 after being caught with 31 grams of cocaine that were sent to his address in the post, which he later admitted was for him and a friend. He was sentenced in 2004 and released on a long period of parole, which ended in 2018. 777 Partners told the Brazilian newspaper O Globo that the “single misdemeanour charge from 20 years ago” was “ancient history”. In a statement the company added: “Josh put this small incident behind him and went on to become the co-founder of 777 Partners, making it one of the most successful companies in the business.”
Away from football, 777 Partners also has interests in entertainment, media, insurance and aviation, having launched two budget carriers called Flair Airlines and Bonza Airlines in Canada and Australia respectively after agreeing to purchase another 66 Boeing 737 MAX jets at the Farnborough Air Show last year. But while major doubts have now emerged about that order being completed, Flair filed a $50m lawsuit against lessors Airborne Capital and an unnamed competing airline last week after 1,900 passengers were left stranded when Airborne repossessed four of its planes over a missed $1m lease payment.
Meanwhile, Wander has denied reports 777 Partners is an investment fund when it took over Red Star last May, insisting there “were no other external investors”. He added: “What is important in our eyes is not to build a club which generates profit just for the sake of profit. We want clubs that are capable of living and developing over a number of decades.”
