September 6 – US insurance specialists A-Cap will officially step in at Standard Liège after the Belgian club announced that 777 Partners will no longer retain a seat on the board of directors.
On September 16, the club will convene a general meeting to appoint a new board of directors. In a statement, Liège said: “The reconstituted Board of Directors will consist of two representatives of the Club and two representatives of A-CAP.
“777 Partners will no longer have a seat on the Board of Directors, which means the end of their control over the club.”
“This transitional board will work with Moelis & Co., a leading international and independent investment bank, to support the completion of the sales process that began in June and to ensure the stability of the club during this process through an ongoing dialogue between A-CAP and Standard.”
“Standard and A-CAP would like to reaffirm that everything is being done to move forward efficiently in a process that should allow Standard to launch a new ambitious project in the coming months.”
Moelis & Co have been tasked to conduct the sale, but Belgian daily Le Soir reported that A-CAP have not received any offers yet. In the past few weeks, A-CAP had taken the lead in the sale. Standard has debt of €60 million, but €20-25 million are short-term debts.
777 Partners had previously lost control over their football clubs to A-CAP, the firm’s biggest creditor. In July, Vasco da Gama president Pedrinho confirmed that he was sitting around the table with A-CAP and not 777 Partners. It’s a reality that has affected all of Liège, Genoa, Red Star, Sevilla, Hertha Berlin, Melbourne Victory and the Brazilian club.
Under 777 Partners, Standard escaped bankruptcy and in May, a Liège court ordered the seizure of all 777 Partners’ assets in Belgium. The Belgian regulator slapped the club with multiple transfer bans that were later lifted. The regulator has also demanded Standard reduce their negative equity by June 2024.
Contact the writer of this story at moc.l1726479282labto1726479282ofdlr1726479282owedi1726479282sni@i1726479282tnuk.1726479282ardni1726479282mas1726479282