Potential Everton owners 777 Partners have fraud claims dismissed but must face further legal wrangling in US

The American investment firm seeking to take control of Everton will face further legal wrangling in the US after failing in a bid to end litigation, although allegations of fraud were thrown out.

Miami-based 777 Partners, who are currently going through the process of obtaining the required regulatory approvals from the Football Association, Premier League and Financial Conduct Authority in order to complete their acquisition of Farhad Moshiri’s 94/1% shareholding in Everton, have been at the centre of a legal case relating to a part of their aviation business.

777 Partners LLC co-founders Josh Wander and Steven Pasko were both named in a lawsuit brought against them in the Delaware Court of Chancery by the MALT Family Trust and Timothy O’Neil-Dunne, a former chief commercial officer of the 777-owned Canadian budget airline, Flair.

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The lawsuit was brought forward after allegations were made against 777 Partners that they had breached contract and fiduciary responsibilities following the Miami firm’s acquisition of travel and aviation assets related to MALT, with an agreement at the time seeing the purchase financed via part cash and part equity for MALT in a newly created business, Phoenicia, who MALT allege they were told would be the vehicle through which 777 Partners would run all of their aviation activities.

Court filings, published on Monday, read: “Early negotiations contemplated an all-cash transaction with a purchase price as high as $26m.”

The parties met at least twelve 12 between November 2017 and August 2018. At some point, Plaintiffs (MALT