777 shares are auctioned – Hertha under the hammer?

On Friday will be in New York City The assets of the football investor 777 Partners Auctioned. Among them are also the shares of Hertha BSC.

If it is 4 p.m. in Berlin today, in New York starts at 10 a.m. in the New York skyscrapers “200 Liberty Street“At a law firm called Cadwalader, Wickersham & Taffet LLP An auction in which the assets of the 777 partner football investor are auctioned.

777 Partners has shares in numerous clubs. Since a capital increase in March 2023, 78.8 percent of the shares in Hertha BSC GmbH & Co. KGAA have also been. The announcement of the auction says: “The (to auction) assets are the capital shares of the holding company that has football clubs. All auction items are as they are, where they are and sold with all defects.” The investigative magazine “Josimar“From Norway first reported on the auction.

Are Hertha’s shares in the auction?

For Hertha BSC, this results in a number of questions. First of all: are the shares of the Hertha in the auction? Finally, according to the club, the stocks were at the subsidiary 777 SDL BV in Belgium. If that’s still the case, the Hertha shares are part of the auction.

A request from the Sportschau at Hertha BSC, whether the shares are further in Belgium, whether the club was made aware of the auction by its investor or his creditors, whether and how this is used according to the statute of Hertha GmbH, the club’s right to be used, how much money 777 partners of the Hertha will be and whether the club will try to buy the shares back at first unanswered. Club president Fabian Drescher recently announced that it will basically examine this option. But the auction now comes at short notice.

Registration for the auction by email – participation also via video count

In the announcement of the auction, an email address of the employee of a restructuring agency is stored. There, interested parties can register for participation in the auction and “qualified bidders“Become.

A so -called “lender requirement” is possible A-cap. This would make the debts that 777 partners at A-CAP disappeared from the books and the shares of the football clubs like Hertha BSC would not only be under control, but also in the possession of A-cap.

In the statutes of Hertha BSC GmbH & Co. KGAA: “The transfer of shares in society requires prior written consent by the personally liable partner.” The personal liable partner is Verwaltungs GmbH. It remains unclear whether and how this veto law could come into play at the auction.

Auction is part of one foreclosure Around 777

The Hertha investor 777 Partners is forced to sell its shares because he could not repay a loan to A-CAP, the operator of several US insurance companies. This loan, which was set up in 2022 as a simple loan of $ 23 million to support Hertha and the other clubs of 777 partners, was more than twelve times adapted and at the end of last year had an open balance of over $ 350 million.

A-CAP now operates the enforcement of the loan and therefore requires the sale of all securities stored by 777 partners as security. These collateral include not only the Hertha shares, but also all shares in the other clubs of 777 partners – including that of FC Genoa, Standard Liège, FC Sevilla, Red Star Paris and Vasco da Gama.

777 Partners built its global network of football clubs mostly with the money of the customers of the A-cap insurance companies. But after the unsuccessful attempt to the English Prime Ministerclub Everton To take over, the investor went out of money and the empire began to crumble.

777 has the shares, but no longer has control over the clubs

An Australian low -cost airline owned by 777 went bankrupt. The company’s reinsurance branch was placed on the Bermuda under administration and then the license was withdrawn. The losses in football increased. Finally 777 partners collapsed, and the creditors stood in line to reclaim their money.

777 Partners still have the shares, after the transfer of control over the shares in A-CAP, no longer has any major influence on the football clubs. The two managing partners of the company in Miami,, Josh Wander and Steven Paskohad to step down. They also had to vacate their places on the Hertha BSC GmbH & Co. KGAA supervisory board and hand them over to two representatives of A-CAP. An insolvency administrator was switched on.

So far, only Melbourne Victory has been sold

Nevertheless, the two companies lost control of Vasco da Gama in Brazil, where they were deprived of any say in the management of the association by means of an administrative court decision. In Italy, their shares in Genoa were reduced to a minority stake after a group of Romanian investors had achieved the majority with a capital increase. The takeover of Standard by a Belgian consortium was recently announced in Liège, but this did not occur. So far, only one association has been sold from the portfolio: the Australian association Melbourne Victory. Josimar reported that the club was sold free of charge.

Both 777 partners and A-CAP have been accused of fraud several times in the United States. Some of these complaints claim that the two companies are essentially one and the same. A-cap replies that it is just a responsible lender procedure to protect your rights. In addition, both companies are examined by the US Justice Ministry for possible violations of money laundering regulations.