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Post by cosbyrider on Jul 3, 2023 11:52:56 GMT
josimarfootball.com/2023/07/03/the-777-football-mystery/Excellent article by the well regarded football journalist Phillippe Auclair regards 777, the mystery of their income and their failure as a business. It’s a long read More tellingly includes the following:- Joshua Wander and his company now own stakes in multiple football clubs around the world, and invested 7 million punds to take a 45% stake in British Basketball League in December 2021. They also own a controlling interest in the London Lions, a BBL team which won a domestic Treble last season. 777 had been in talks about an investment in the BBL for months, during which time Joshua Wander managed to purchase an $8m penthouse with five bedrooms and six-and-a-half bathrooms at a waterfront boutique condo development on Miami Beach. The property has 5,350 square feet of interior space and 7,697 square feet of terrace space. But records show the purchase, made by Wander and his wife Alison, was financed by a $5m loan from JPMorgan Chase. And one source, speaking on condition of anonymity, has told Josimar that 777’s continued funding of the BBL is in doubt.
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Post by dexter on Jul 3, 2023 12:41:18 GMT
No wonder no one is buying Giants or Patriots. Give it a couple of months and you might be able to get them for nothing.
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Post by D44 on Jul 3, 2023 12:45:57 GMT
Rich people using debt to buy property is nothing to be worried about, usually means they are hiding their 'private' assets away in a tax haven behind various shell companies.
And the investment money is more than likely very dodgy but I though that was common knowledge 😂
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Post by ScottishBasketballFan on Jul 3, 2023 12:47:23 GMT
So, maybe that dunkster guy wasn't talking out of his arse then
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Post by foxtrot27 on Jul 3, 2023 13:29:52 GMT
Can’t see how any broadcaster, sponsor or outside investor would touch them now. To do so would be a breach of fiduciary responsibility.
What a mess.
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Post by dexter on Jul 3, 2023 13:46:42 GMT
Can’t see how any broadcaster, sponsor or outside investor would touch them now. To do so would be a breach of fiduciary responsibility. What a mess. To be honest I don’t even know if I can support London Lions knowing this. It’s like I’m supporting fraud, money laundering and whatever lies beyond that, which is probably something worse. |
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Post by D44 on Jul 3, 2023 15:54:01 GMT
Can’t see how any broadcaster, sponsor or outside investor would touch them now. To do so would be a breach of fiduciary responsibility. What a mess. To be honest I don’t even know if I can support London Lions knowing this. It’s like I’m supporting fraud, money laundering and whatever lies beyond that, which is probably something worse. It's an interesting point Dexter, particularly something that does come up often being a Newcastle Utd fan as well as Eagles. My thoughts though are as fans we have no control over the club, or any ability to influence the super rich in how they choose to spend/waste their cash reserves, and therefore, it's better to focus what's happening on the court. |
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Post by dexter on Jul 3, 2023 16:15:13 GMT
To be honest I don’t even know if I can support London Lions knowing this. It’s like I’m supporting fraud, money laundering and whatever lies beyond that, which is probably something worse. It's an interesting point Dexter, particularly something that does come up often being a Newcastle Utd fan as well as Eagles. My thoughts though are as fans we have no control over the club, or any ability to influence the super rich in how they choose to spend/waste their cash reserves, and therefore, it's better to focus what's happening on the court. I think I could rationalise my club being owned by the Saudis like this. They are from a different culture and they have different values to us but they are a legitimate government and it’s not illegal. If these allegations are true then this situation is almost the opposite of Saudi money. Illegal, illegitimate money from criminals in a country that we identify quite closely with. When Allen Stanford started funding English cricket I stopped watching cricket for about ten years. This is like trying to compare; you have married a rich Arab wife who has some controversial opinions, and I have just found out my wife is a prostitute. It’s not the same. |
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Post by notoriousbigz on Jul 3, 2023 16:36:29 GMT
I mean, I've seen it coming from day 1. Did anyone not forsee the day the money would dry up? Amazed its being mooted so quickly mind.
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Post by reallyoldfeenixfan2 on Jul 3, 2023 16:45:38 GMT
To be honest I don’t even know if I can support London Lions knowing this. It’s like I’m supporting fraud, money laundering and whatever lies beyond that, which is probably something worse. It's an interesting point Dexter, particularly something that does come up often being a Newcastle Utd fan as well as Eagles. My thoughts though are as fans we have no control over the club, or any ability to influence the super rich in how they choose to spend/waste their cash reserves, and therefore, it's better to focus what's happening on the court. Having read the article shouldn't the last three words in D44's post read "in the court" rather than "on the court"? Does make you think any player signing for Lions, Patroits or Giants may need to have an alternative career plan in mind. |
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Post by isthaturinal on Jul 3, 2023 17:37:08 GMT
It's an interesting point Dexter, particularly something that does come up often being a Newcastle Utd fan as well as Eagles. My thoughts though are as fans we have no control over the club, or any ability to influence the super rich in how they choose to spend/waste their cash reserves, and therefore, it's better to focus what's happening on the court. Having read the article shouldn't the last three words in D44's post read "in the court" rather than "on the court"? Does make you think any player signing for Lions, Patroits or Giants may need to have an alternative career plan in mind. They have today confirmed that Mo Soluade has signed. Is it to late to change his mind. |
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Post by massiveridersfan on Jul 4, 2023 7:53:47 GMT
Well, I am filled with confidence and reassured that 777 is a bona fide investment group and there's nothing dodgy about their financing of the BBL and Lions.
Definitely nothing untoward to worry about. Everything's going to be rosy. What could possibly go worng?
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Post by dexter on Jul 4, 2023 8:06:48 GMT
Well, I am filled with confidence and reassured that 777 is a bona fide investment group and there's nothing dodgy about their financing of the BBL and Lions. Definitely nothing untoward to worry about. Everything's going to be rosy. What could possibly go worng? I hope you’re right. We will find out one way or another soon enough I’m sure. |
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Post by foxtrot27 on Jul 4, 2023 8:37:42 GMT
Surely the BBL or 777 should make a statement? If not, their silence would be telling. Knowingly going forward with 777 amidst these allegations could spell the end if proven to be true. BBL will live on, but 777 will have to exit.
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Post by reallyoldfeenixfan2 on Jul 4, 2023 8:50:15 GMT
Who knows lose two more clubs at a stroke but Plymouth Raiders could got an invite?
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markb
Bench Warmer
Posts: 20
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Post by markb on Jul 4, 2023 10:00:54 GMT
Well, I am filled with confidence and reassured that 777 is a bona fide investment group and there's nothing dodgy about their financing of the BBL and Lions. Definitely nothing untoward to worry about. Everything's going to be rosy. What could possibly go worng? It has always been a case of when not if. Most of this information was out there before they invested. Glad to finally see the scales fall from people’s eyes. Just because people don’t support something new doesn’t mean it’s because they’re set in their ways. I’m surprised at how quickly they’re being exposed though. |
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Post by spacejammer on Jul 4, 2023 19:32:56 GMT
Wow what an article and alot of information.
To me this has the potential to be a Netflix documentary or Hollywood scandal movie in the making.
Seems to me 777 are like a parent who has kids with multiple different partners.
Makes me wonder how they are managing to efficiently support all these different clubs and businesses.
I'm no business man but I wonder why they don't just focus on one or 2 big projects?
You'd think if they had only invested in the BBL then life would be a lot easier for them and they could afford to send all 10 teams to Europe or even grow the league in participants.
Although as shady as 777 appear if their so bad then why on earth are all these clubs, leagues and businesses just letting them take over.
I once watched another really fascinating 30 for 30 called "Big Shot" which is a true story about some con man called John Spanno who tried to buy the NHL team the New York Islanders and nearly succeeded as well despite never have the funds to begin with back in 1996.
And back then people went on the assumption because he looks like a rich guy then he definatley has the money.
And I remember at one point he even mentions about how he was able to just walk into a Boston bank and take out a loan with no questions or checks asked.
And when people started asking about where the money is he built up multiple lies and even blamed the London Bombings and the funds being held up in an account overseas as a reason he was late paying.
Again another fascinating documentary if anyone is looking for something to watch.
But at the end of the show it showed how since then teams in the NHL have had to introduce additional safeguards and checks now for whenever someone wants to purchase or invest in a NHL franchise in order to avoid this sort thing happening again.
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Post by reallyoldfeenixfan2 on Jul 5, 2023 8:22:38 GMT
Although as shady as 777 appear if their so bad then why on earth are all these clubs, leagues and businesses just letting them take over. MONEY! |
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Post by stepback3 on Jul 5, 2023 8:59:52 GMT
Who knows lose two more clubs at a stroke but Plymouth Raiders could got an invite? A D3 team? |
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Post by docker on Jul 5, 2023 9:15:39 GMT
Interesting article but does it really stick? Are there actually any verified examples of current 777-backed companies trading insolvently or BBL / London Lions staff not being paid on time?
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