Kieran Maguire explains where the money for 777 Partners comes from in the midst of the Everton takeover.
Kieran Maguire has revealed how 777 Partners earns money in the midst of its proposed takeover of Everton.
On Thursday (12 October), the football finance expert stated on The Price of Football podcast that there have been doubts raised regarding where the US investment firm has generated its income over the years.
He revealed that it comes from the company’s “structure settlements” division, where payouts are given to those who have suffered medical negligence and are “desperate for cash,” with the business profiting from money owed to patients by medical companies.
“You try and work out where have they made their money from,” Maguire remarked. “This is the settlements’ part of their empire.”
“This means they pay out to people who have been victims of medical malpractice and are desperate for money.” ‘What we’ll do is pay you $500,000 (£408,000) instead of $250,000 (£204,000) for the next three or four years,’ they add.
“So they find the cash up front, and then they effectively cash in on the money that was supposed to come from medical companies to individual patients because people are desperate for money and in pain.” As we all know, the American medical system is in disarray.”
Uneasy
A number of Everton supporters will understandably be concerned about 777 Partners and where its funding comes from.
There have been some serious concerns expressed about the American firm’s suitability to handle a Premier League club that is in a precarious position.
The group has apparently missed a number of payments in recent months, which will only add to the worry that the fans are already experiencing.
Given all of the warning indicators, it appears doubtful that the Premier League will approve the sale, especially after raising the bar on what it expects from possible new owners.
The situation is unlikely to be resolved anytime soon, but as the questions surrounding the firm continue to mount, suspicions about its competence to takeover on Merseyside will only grow.
In other Everton news, a journalist has suggested that the club could make a January move for a forward.
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