Report: Everton FC purchasers face lawsuit over asset transfers.

The reinsurance holding corporation has been accused of dodging debt repayments.

Following considerable scrutiny over its bid to acquire Everton FC, reinsurance holding company 777 Partners is

now embroiled in a lawsuit filed in New York.

In a court dispute, Obra Capital has filed a lawsuit against the investment business, accusing it of attempting to

protect assets from creditors by transferring two “cash-rich” entities to co-founder Steve Pasko without

compensation. The subsidiaries under consideration are Sutton Specialty Insurance Co. and Sutton National

Insurance Co.

about the Miami-based firm’s financial viability.

Obra Capital is attempting to halt the transfer of the two insurance businesses, claiming that doing so would protect

the interests of all 777 Partners’ creditors. The complaint is one of several legal obstacles faced by 777, including

various lawsuits over unpaid bills and previous legal actions taken by Obra against the investment firm and the

insurance, all of which are still outstanding.

Questions over 777’s ability to finance such acquisitions have prompted greater scrutiny from Premier League

officials, according to Bloomberg in December, citing persons close with the situation.

777 Re, the conglomerate’s reinsurance business, had its ratings reduced due to its financial stability and risk

management methods.

Aside from Everton, 777 Partners owns majority holdings in other international sports clubs, including Hertha

Berlin, Genoa Cricket and Football Club, Standard Liege, Red Star FC, and Vasco da Gama.

Obra Capital’s complaint raises questions about 777’s recent investments in sports clubs around Europe and Latin

America, implying that these activities have placed doubt on the source of its funds and the overall health of its

business operations.

The lawsuit adds, “Until recently, 777 maintained a relatively low profile, keeping its questionable business practices

and penchant for stiffing creditors out of the public eye.” Then, in late 2021, 777 began purchasing several sports

franchises throughout Europe and Latin America. 777’s extravagant buying spree prompted concerns about its

financial source and the viability of its commercial activities.”

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