In another massive hit to the multi-club model they wanted to bring to Everton, a Brazilian judge has acted to take Vasco da Gama out of the hands of 777 Partners while the firm’s assets in Belgium have been seized.
The Brazilian club, that has been owned by 777 since February 2022, have had a preliminary decision accepted through a Rio de Janeiro court to suspend the effects of the sales contract between Sociedade Anônima do Futebol (SAF) and 777 and hand control to the association’s director, Pedrinho.
As a result, 777 co-founders Josh Wander and Steven Pasko, together with Andres Blazquez, Donald Dransfield and Nicolas Maya, have been removed from Vasco’s board of directors.
Vasco had their request approved by using article 477 of the Civil Code which permits a party to ‘suspend contractual performance if its counterparty has been financially affected as a result of a supervening fact, which affects, or sheds doubt on, the counterparty’s ability to perform’.
Judge Paulo Assed Estefan. said: “I give the requested injunction and suspend the effects of the investment agreement and the shareholders agreement, which grant the current control of Vasco da Gama to Sociedad Anônima do Futebol.
“As a result, the corporate rights (political and patrimonial) of 777 Carioca LLC are also suspended and control of the company is returned to Club de Regatas Vasco da Gama, removing the advisors appointed by 777 Carioca LLC from the SAF Board of Directors.”
Meanwhile, Belgian authorities have followed through on a request by the chairman and former owner of Standard Liège, Bruno Vernanzi, and the shareholders of the club’s Stade Maurice Dufrasne to have the Miami-based company’s assets in that country seized.
Vernanzi alleges that 777 still owe them a second installment of funds for the purchase of Standard two years ago while supporters are outraged that the club has been handed a third transfer ban in 12 months for failing to pay its players and transfer fees due to other clubs. A similar situation played out at Vasco last year.
“Without a response from [777 Partners], we will take new actions to protect our interests and those of Standard de Liège,” Vernanzi said in a statement. “Our priority is to ensure the continuity and stability of the Club in the short, medium, and long term. We are available to the Club’s management to help them find a lasting solution for Standard de Liège.”