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Fortuna Entertainment Group bids on Sazka
Written on 5/31/11 :
Czech gambling group bids for bankrupt state lottery
Driven into bankruptcy by its creditors, the Czech national lottery Sazka is now in the hands of bankruptcy administrator Josef Cupka, and a bid has already been offered.
The Fortuna Entertainment Group announced Tuesday that it has submitted its official offer to take over Sazka’s lottery business at between CZK 2 billion and CZK 2.5 billion, depending on due diligence reviews of company assets. The bid has been submitted to Cupka.
Fortuna has also confirmed its interest in any sale of individual assets of the bankrupted state lottery.
The company has reportedly intimated that it will pay annual contributions to sport associations of around CZK 300 million, based on the lottery revenues.
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