Managing partner and co-founder of 777 Partners, Josh Wander, has written an open letter to Everton fans underlining the commitment of his firm to the future success of the club and outlining the benefits of the multi-club model.
In the missive posted today on the club’s official website, Wander acknowledges the unease among supporters around 777’s proposed takeover, particularly in light of the publication of investigative articles this year into how he and his fellow founder Steve Pasko built their business and reports of missed or delayed payments connected to other assets in their portfolio.
However, the Miami-based investor addresses what he describes as “a number of misleading and concerning reports in media which have created a perception of instability and unrest around our proposed purchase” and seeks to reassure Evertonians that he and his “team of more than 3,000 employees … have worked hard to build relatively conventional but profitable finance and insurance businesses that enabled us to invest and build positions in more exciting industries such as aviation and sports.
“Not all of our 60 businesses will be profitable at any one time, but the fundamental underlying business performance of the 777 Group is strong,” continued Wander whose company has interests in a number of football clubs around the world, including majority ownership of Genoa, Standard Liege, Vasco da Gama and Red Star in France.
“At each of [the four] clubs [we directly control], we have improved sporting results meaningfully while reducing costs and increasing player value. Our success both on and off the pitch is clear to see.
“After productive meetings with Kevin Thelwell, Sean Dyche and Club officials in the last few weeks, we understand the current position of the club better, and how we can be most helpful to fix some of the underlying issues.
“We need to be clear — there will be no magic wand, nor quick fixes — the path to creating a sustainable business that then translates into on-pitch success is laid with hard work and difficult decisions. Our background is in building successful businesses; holding and investing in them for the long term. All 777 portfolio companies benefit from a shared service model where they can access best-in-class resources from the holding company.
“That’s the approach we take across all our clubs at — with central shared resources for player recruitment, data analytics, and commercial development. The global football business and sports economy are evolving and we have a strong conviction our commercial strategies will give us a competitive advantage and enhance your experience as fans.
“The opportunity to potentially assume ownership of Everton Football Club is one of the most profound we will have, both as investors and individuals,” Wander explained. “We approach it knowing we would carry the immense responsibility of 145 years of history and as a founding member of the Football League and Premier League.
“We can promise you that we will instil a culture that demands and inspires two things: effort and accountability. That starts with Steve and I and includes every member of the organisation. We will seek to earn your approval through effort and accountability, creating a sustainable business and by putting a team on the pitch that respects the club’s proud heritage and reflects the character of the people who support it.”
Wander and Pasko were in attendance at Goodison Park last weekend for their first match since signing an agreement to buy Farhad Moshiri out of his 94.1% stake last month and representatives of 777 Partners will be in the Directors Box again today for the clash with Bournemouth.