777 Partners-owned Standard Liège post losses of €20m+

January 3 – Belgian club Standard Liège have posted more than €20 million in losses for the 2022-23 season, bringing further damages to its finances and threatening the club’s future. 

On Wednesday, the club’s accounts were published by Belgium’s national bank, revealing a loss of €20.3 million, topping the €20.2 million loss in the 2021-22 season. Club debts has risen to €24 million.

The new loss falls under the new ownership of 777 Partners, who had promised to reduce the debt burden.

A few weeks ago, Belgian football authorities slapped Standard with a transfer ban after the club failed to pay transfer fees, bonuses, VAT and social insurance contributions, before revoking the decision.

In March 2022, 777 Partners took over the Belgian club, but controversy remains over the liquidity of the American investment fund. The club’s fans protested last September over what they perceived to be a lack of investment and ambition.

777 Partners acquired a majority stake in Hertha Berlin last March as it has built a multi-club ownership platform. Brazil’s Vasco da Gama, France’s Red Star and Italy’s Genoa are other clubs in its portfolio. The investment fund is also in trouble in Italy after an independent arbitrator ruled in favour of Genoa’s former owner in a financial dispute with the new owners.

In the UK, the Americans have moved closer to a $685 million takeover of Everton after their bid received clearance from the Financial Conduct Authority.

Standard sit in 9th place in the Belgian top tier with 20 points from 23 matches.

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