A giant collapse: The renowned investment fund 777 Partners has filed for bankruptcy
The American investment fund, which tried to take over football clubs and airlines, has turned to the bankruptcy court in the United States after years of debt, sales, and allegations of fraud.
The investment fund 777 Partners, known for its ambitious and turbulent activity in the world of football and aviation, filed on Sunday a petition for protection under Chapter 11 of the US Bankruptcy Code in a court in Dallas, Texas. The purpose of the procedure is to allow for an orderly liquidation of the company's remaining assets, weeks after its creditors tried to force it into a liquidation process.
On July 16, funds related to Vida, including the Vida Longevity Fund and other entities, filed a petition for an involuntary Chapter 7 bankruptcy proceeding against 777 Partners in the bankruptcy court for the Southern District of Florida. The creditors demanded about 26 million dollars, following a judgment issued regarding a previous loan.
777 Partners had already been in the process of disposing of assets since 2024, under the supervision of independent consultants. Following the creditors' attempt to force the procedure upon it, the company accelerated its reorganization plan and chose to voluntarily file for Chapter 11, with the goal of controlling the asset realization process instead of dealing with an involuntary bankruptcy proceeding.
According to Bloomberg and other sources, the company and entities related to it, including 600 Partners, are facing debts that in some documents amount to more than 2 billion dollars. The current goal is to complete the sale or transfer of ownership of the remaining assets under court supervision.
777 Partners was founded in 2015 in Miami by Josh Wander and Steven Pasko, through the acquisition of SuttonPark Capital. At the beginning of its journey, the fund specialized in alternative financing, mainly in the acquisition of structured settlements, and later expanded into the fields of insurance, reinsurance, litigation finance, media, sports, and aviation.
In the field of football, the fund built a model of holding several clubs. It acquired or held significant stakes in the Italian Genoa, the Brazilian Vasco da Gama, the Belgian Standard Liège, the French Red Star, the German Hertha Berlin, as well as a minority stake in the Spanish Sevilla.
Its most ambitious attempt was the acquisition of Everton from the Premier League, a deal that was agreed upon in 2023 but collapsed in 2024, against the backdrop of financing problems, regulatory scrutiny, and growing doubts regarding the company's situation.
In the field of aviation, the fund also encountered difficulties. 777 Partners controlled or held stakes in the Canadian airline Flair Airlines, and was also the owner of the Australian low-cost airline Bonza. The latter entered into a voluntary administration process in April 2024 and was subsequently liquidated.
The crisis of 777 Partners worsened after its renowned founders, Josh Wander and Steven Pasko, resigned from their positions as managing partners in May 2024.
In October 2025, federal prosecutors in New York filed a criminal indictment against Josh Wander, as part of an investigation into a fraud scheme that, according to the indictment, led to the defrauding of lenders and investors in the amount of almost 500 million dollars.
The allegations include the presentation of false financial reports, double pledging of collateral, and other irregularities. The US Securities and Exchange Commission filed civil proceedings simultaneously. Wander denied the allegations and is awaiting trial.
Another key player in the affair was Advantage Capital Holdings, or A-CAP, which served as a creditor and a significant capital provider through reinsurance agreements. After the situation deteriorated, A-CAP took control of several sports assets and worked to sell them or transfer their ownership.
Since 2024, 777 Partners has sold or lost control of most of the football clubs it held, faced the bankruptcy of its British subsidiary, aircraft seizures, and numerous lawsuits due to unpaid debts.
The filing for Chapter 11 on August 9 in Texas marks the final stage in a path that went from rapid expansion to collapse, against the backdrop of allegations of fraud, liquidity problems, and an inability to sustain investments in the field of sports and commercial aviation.
