US investment group 777 Partners faces losing control of one of the football clubs it already owns, according to reports.

The outfit, whose attempt to take over Everton looks destined to collapse amid a storm of problems for its wider business portfolio, is said to have now had its ownership contract with Brazilian side Vasco de Gama suspended.

The move was delivered in a court ruling in Rio de Janeiro - one that has also removed key 777 Partners figures such as co-founders Josh Wander and Steven Pasko from the club’s board.

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The hearing, reported by Brazilian media organisation Globo on Wednesday night, said a judge sitting in the business courts had suspended the effects of the contract that saw 777 Partners acquire control of Vasco, removed the firm’s presence on the club’s board of directors and called for an independent examination of “accounting operations” called into question by the non-777 Partners officials on the board.

The group had acquired the Rio side in 2022. This season, Vasco consolidated its return to Brazil’s top flight by securing survival on the final day of the campaign. Globo reported that 777 Partners was understood to be up to date on its payments to the club, the latest to be hit with instability following a month in which the group’s operations have been buffeted by trouble.

A $600m civil lawsuit filed against 777 Partners in New York ramped up concerns about the viability of the group and its business practices and followed its Australian airline, Bonza, being entered into voluntary administration. The protracted struggle to meet Premier League conditions to take over Everton, as well as reports one of its primary backers is seeking to reduce its exposure to the group, have also raised questions about its ambitions.

Vasco has previously been handed a transfer ban while under 777 Partners’ watch, a sanction handed to its Belgian side Standard Liege for a third time last week over missed payment deadlines. Supporters protesting against the running of the club prevented its team from reaching its stadium for the game with Westerlo on Friday, leading to the game being called off. Meanwhile, 777 Partners’ German side, Hertha Berlin, has moved to publicly reassure supporters that its payments are up to date amid a flurry of questions, while Red Star, the French side that has stormed to the third division title this season, has also been a scene of protest against 777 Partners’ involvement despite its success on the pitch.

Majority shareholder of Everton, Farhad Moshiri, has a share purchase agreement in place with 777 Partners until the end of May but is understood to be making preparations in the event the deal falls through, as is increasingly expected.