777 Partners under pressure at Vasco da Gama after club demands financial guarantees

April 17 – Vasco da Gama president Pedrinho has demanded assurance from 777 Partners that they can comply with their financial obligations to the club, taking the American owners by surprise.

In a statement, Vasco da Gama said that they were “concerned about the news that reveals an evident economic fragility of 777, with the delay in the last contribution and the loan made by the SAF (without approval from the Supervisory Board and in the absence of the club) to a company belonging to the American group. Vasco’s legal department has sent a notification to 777 to present a guarantee that it has the financial conditions to comply with the obligation to pay the third instalment provided for in the contract, for the amount of R$ 270 million.”

Last year, when Jorge Salgado chaired Vasco da Gama, 777 delayed an instalment in part in the second quarter, leading to friction between the club’s board and its owners.

New president Pedrinho wants to avoid a similar scenario with Vasco da Gama’s finances still under pressure. 777 Partners, however, believe that they do not need to provide guarantees because the agreement already provides for the deposit dates and serves as a commitment.

In an interview with Globo, Josh Wander said that 777 had paid salaries on time and that they covered more than 100 million Reias in debts, “more than had been planned at the moment.”

In the UK, 777 Partners remain the centre of attention after they were granted a last-minute extension to repay a £160 million loan in their bid to take over Premier League club Everton. They have been granted an extension to complete the acquisition requirements but are scrambling to finance the deal.

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