Kieran Maguire details where 777 Partners money comes from amid Everton takeover
Kieran Maguire has detailed where 777 Partners makes its money amid its potential takeover at Everton.
Speaking on The Price of Football podcast on Thursday (12 October), the football finance expert said there have been questions raised about where the US investment firm has generated its cash from over the years.
He revealed it comes from the “structure settlements” part of the company, where payouts are handed to people who have suffered medical negligence and are “desperate for cash”, with the group cashing in on the money due to come from the medical companies to the patients.
“You try and work out where have they made their money from,” said Maguire. “This is the structure settlements part of their empire.
“That means they give payouts to people who have been subject to medical negligence and are desperate for cash. They say ‘what we’ll do is we will pay you $500,000 (£408,000) instead of you getting $250,000 (£204,000) for the next three or four years’.
“So they are finding the cash up front and then they are effectively cashing in on the money that was due to come from the medical companies to individual patients because people are desperate for money, they are in pain. The American medical system as we know is chaotic.”
Uneasy
There will understandably be an uneasy feeling amongst a number of the Everton fans around 777 Partners and where its financing comes from.
There have been some major question marks raised around the American company’s suitability to run a Premier League club that is in a rather perilous position.
The group have reportedly missed a number of payments over the past few months and that is only going to add to the uncertainty that the fans are currently facing.
It feels unlikely that the Premier League are going to give the deal the go-ahead given all the warning signs that have been raised after it has increased the bar on what it expects from potential new owners.
The matter is unlikely to reach a resolution at any point soon, but as the questions continue to build up around the firm, the doubts over their suitability to takeover on Merseyside will only increase.
In other Everton news, the club could be set to make a move for a forward after a journalist has mooted a January transfer.