Everton’s Former CEO Keith Wyness: A-Cap and Leadenhall’s Legal Tangle Stalls Everton Takeover
In a recent episode of Football Insider’s Inside Track podcast, former Everton CEO Keith Wyness shed light on the ongoing legal complexities involving A-Cap and Leadenhall, which he claims will delay any significant involvement in Everton until a lawsuit in the US is resolved.
Wyness, who served as CEO at Goodison Park from 2004 to 2009 and now runs a football consultancy advising elite clubs, shared that 777 Partners have embroiled US insurance company A-Cap in a messy legal situation. This has cast a shadow over their potential role at Everton.
Adding to the intrigue, Brazilian news outlet NetVasco reported on July 26 that A-Cap has taken control at Vasco da Gama, a club previously acquired by 777 Partners. Felipe Carregal Sztajnbok, Vasco’s legal vice-president, stated that “777 no longer exists” due to their involvement in US court disputes.
The core of the issue lies in Leadenhall’s lawsuit against 777 Partners, alleging fraudulent use of loan collateral. This dispute has far-reaching implications, even causing The Friedkin Group to withdraw from a potential Everton takeover, as concerns over debts linked to 777 Partners deterred them.
Wyness emphasized that there would be no immediate updates on Everton’s situation until the lawsuit is settled, a process expected to take at least another year. He remarked, “This is as complex as it ever has been.”
While A-Cap has secured approval to manage Vasco da Gama, the saga is far from over. Wyness highlighted the significance of the Leadenhall case, a UK company suing 777 Partners in New York for allegedly misusing collateral.
“They claim 777 have used the same security for loans two or three times, or used collateral which wasn’t under their ownership – which is very naughty,” Wyness said.
A-Cap is now attempting to salvage the value of 777’s football assets amidst this turmoil. However, Wyness cautioned that any progress at Everton hinges on the resolution of the legal battle with Leadenhall.
“There will be no news on how this affects Everton until that legal case is resolved,” he concluded.
This intricate legal web leaves Everton’s future in a state of uncertainty, with fans and stakeholders anxiously awaiting a resolution that could pave the way for new developments at Goodison Park.
