Josh Wander, 45, co-founder of Miami-based 777 Partners, pleaded guilty in Manhattan federal court to wire fraud and securities fraud charges, admitting he borrowed money in 2021 and 2022 based on exaggerated asset figures. He agreed to pay $500 million in restitution to investors and faces up to 40 years in prison at sentencing set for March 1.
Wander's firm moved heavily into soccer in 2021, acquiring stakes in financially distressed clubs including Hertha Berlin, Genoa, Standard Liege and Vasco da Gama, plus an Australian airline. In 2024, 777 failed in its biggest soccer quest when it could not complete a takeover of nine-time English champion Everton amid questions about the business.
Prosecutors said Wander used 777 Partners to cheat private lenders and investors out of hundreds of millions of dollars by pledging assets the firm did not own, falsifying bank statements and making other material misrepresentations about the firm's financial condition. The case has become an example of risks in the global soccer trend of multi-club ownership, which UEFA has identified as a threat to game integrity and the $10 billion-plus player trading industry.
Source: ESPN Soccer · Summarized by HeadlinesBriefing