ECHO Everton reporter Chris Beesley speaks to freelance journalist Joey Lynch who covers Melbourne Victory about 777 Partners' investment in the Australian club
When announcing that Farhad Moshiri had agreed to sell all his shares to 777 Partners, Everton insisted the transaction strengthened the club’s balance sheet but does the Miami-based private investment firm’s deal with Melbourne Victory suggest they could be taking advantage of cash-strapped clubs?
“During this process, the group can opt to walk away from the deal while being refunded their investments at a compounding interest rate of 10% per year. “I have asked Victory managing director Caroline Carnegie if the club would be able to absorb 777 Partners opting to walk away on those terms and she was insistent they would be.”
“Given that their main local rivals Melbourne City are part of the City Football Group, sections of Victory fans have also spoken against multi-club ownership – once unveiling banners saying CFG was a disease on football – but now they too find themselves in, or at least minority owned by, a multi-club group.”
Seven months into the project then with a considerable part of 777’s strategy revolving around making clubs more sustainable and deploying their fanbases around spin-off products, how are things looking in Melbourne? Lynch said: “Given that we’re less than a year into 777 Partners’ involvement with Melbourne Victory and, at present, they only possess a 19.
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