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...Everton Football Club’s suitor 777 Partners has called in turnaround and crisis management experts, as the investment firm wrestles with accusations of fraud and the unravelling of the reinsurance financing...
...Everton in September 2023 and had expected to complete the takeover by the end of the calendar year....
...A-Cap owns five insurers: Sentinel Security Life, Haymarket Insurance and Jazz Reinsurance in Utah, as well as Atlantic Coast Life Insurance and Southern Atlantic Re in South Carolina....
...Backed by Bermudian reinsurer 777 Re, 777 has acquired a portfolio of football club investments, including Genoa in Italy, Vasco da Gama in Brazil, Hertha Berlin in Germany and Standard Liège in Belgium....
...Following scrutiny of 777 Re’s lending to Nutmeg, people close to 777 insisted that separate financing plans were in place. 777 Partners has lent at least £150mn to Everton, according to several people...
...its bid for Everton Football Club, casting further doubt over the takeover....
...The FTSE 100 closed at an all-time high on Monday as rising expectations for UK interest rate cuts weakened sterling and boosted corporate valuations in London....
...Everton sit 18th in the 20-club Premier League table, having taken just one point from the opening four games. “They’re not in a good financial state,” Philippou said....
...This week we’re looking at Formula One’s big stakes gamble in Las Vegas, which is already running into trouble....
...“It’s so absurd to me that people say we’re not serious when we bought [stakes in] seven clubs in the last 18 months,” Wander said....
...“We’re hopeful that all of our teams can be Champions League winners someday.”...
...We’re told that the UK needs to celebrate its success stories. As they like to say in the VC community, “pessimists sound smart, optimists make money”. So, let’s take a look at the UK neobanks....
...Everton has already been docked 10 points and is awaiting judgment on a second infringement. “The Everton sanction opened a few eyes,” said Marlon Fleischmann, an agent at Unique Sports Group....
...We’re also reading . . ....
...“We’re not yet at the point where we can cut interest rates, but things are moving in the right direction.”...
...This week’s we’re looking into Saudi Arabia’s latest push in tennis, and we explain why women’s college basketball is thriving in the US....
...With the UK already facing stagflation, throw in the possibility that currency weakness alone can force more UK rate hikes, and the conclusion is we’re in the nail-biting phase of our quantitative tightening...
...We’re also reading . . . Learning from Kim Kardashian: The reality star’s run-in with regulators as a “finfluencer” provides lessons on an age-old problem in finance....
...“It reaches — certainly, when you’re thinking about baseball and football — maybe a more diverse audience of men,” points out Reynolds, adding that sport is a “common denominator” worldwide....
...But in the absence of a divine intervention, sterling bearishness seems pretty reasonable....
...A list of related-party investments, for example one related to Canadian low-cost carrier Flair Airlines in which 777 invested in 2018, is included in 777 Re’s annual accounts....
...the flip is in: A June note by Société Générale’s Kít Júckés puts sterling’s present situation in a longer context: This pattern, of sterling suffering a vertiginous fall amid a crisis of confidence in...
...Events since at 777 Re, a Bermuda reinsurer linked to the Miami investment firm and Everton Football Club bidder, probably make it four steps....
...This week in Scoreboard, we’re looking at the increasing influence of private equity in global rugby. Plus we explain how the “chaotic” boss of Adidas helped turn the company around....
...Did you know that in some cultures (I can’t remember which ones he said) if you find an article which is interesting it is considered rude not to read it aloud? Even if you’re alone, I wondered....
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