The Owners Of A Serie A Club Accused Of Running A Ponzi Scheme
Written By Onyeka Daniel
There could be some trouble in the paradise for the owners of Serie A side, Genoa after a big accusation was made against them, which could spell an end to their reign as owners of Genoa. 777 Partners, who run the affairs of the Serie A club, are in the spotlight over their takeover bid of Everton.
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They’re being sued with the accusation of ‘operating a Ponzi scheme.’ The Miami-based investment company purchased Serie A side Genoa from Enrico Preziosi in September 2021 and the fans there have so far had little reason for complaint.
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They earned promotion straight back into the top flight after relegation and just guaranteed another season in Serie A. However, 777 Partners have seen their finances questioned as part of a months-long takeover bid for Premier League side Everton.
There was another twist yesterday when Leadenhall Capital Partners filed a lawsuit in federal court in New York. The London-based asset management company claims it provided 777 Partners with over $600 million in financing, only to discover that $350 million in assets serving as collateral for the loans either were not under 777 Partners’ control or had already been pledged to other lenders.
Leadenhall accuse 777 Partners of “operating a giant shell game at best, and an outright Ponzi scheme at worst. “This is the latest and most serious legal action that 777 Partners face and could potentially stall the Everton takeover.
Genoa would seem to be one of the healthiest clubs in the 777 Partners portfolio, as they also hold stakes in clubs in Australia, Brazil, Belgium, France and Germany. It’s a bit mysterious how they were able to pass the checks to become the owners of a club in Italy.
Meanwhile…
Ciro Immobile is expected to leave Lazio in the summer, prompting the club to line up four possible replacements for the veteran striker. The 34-year-old Italian striker has not had an easy season in the Italian capital, managing just six goals across 28 Serie A appearances, far below his usual standards in the league.
He has struggled with fitness and poor form, causing faith to drop amongst supporters.Whilst Immobile has been on the decline for Lazio this term, backup option Valentin Castellanos has started to prove an interesting addition to the squad, taking on the starting spot under new coach Igor Tudor.
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According to a report from Calciomercato, Lazio have started to draw up a list of possible replacements for Immobile in the summer, aware that the 34-year-old is likely to depart amidst interest from Saudi Arabia.
Tudor’s preferred option is Napoli’s Giovanni Simeone, who he knows well from their time together at Hellas Verona, but his €20m price tag may push the Biancocelesti to look elsewhere.Other options to join the Biancocelesti attack include Salernitana’s Boulaye Dia, Panathinaikos’ Fotis Ioannidis and AZ Alkmaar’s Vangelis Pavlidis.
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