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Sportech To Sell The Football Pools
SPORTECH IN DEAL TO SELL THE FOOTBALL POOLS
Consideration of GBP 97.25 million agreed in management buy-out.
In an advisory notice to the London stock exchange Tuesday Sportech plc revealed that it has entered into exclusivity with Burlywood Capital LLP on the proposed sale of its subsidiary The Football Pools for a total cash consideration of GBP 97.25 million on a debt free/cash free basis.
Burlywoods management team proposes to apply for admission to trading on AIM of a new company incorporated for the purposes of acquiring The Football Pools, and to finance the acquisition of the business through a combination of equity from institutional investors and a new debt facility, for which a credit committee approved term sheet for up to GBP 30 million has been received.
The agreement of sale is subject to, amongst other things, the necessary equity being raised, final agreement of the sale and debt documentation and, in view of its size, the approval of Sportech shareholders.
The Board of Sportech has endorsed the deal, saying it believes that it represents an attractive opportunity to realise the value of The Football Pools following the implementation of its modernisation program.
The proposed directors of the AIM quoted company which would acquire The Football Pools business are Ian Hogg (Chairman), Conleth Byrne (Chief Executive and current Managing Director of The Football Pools), Carl Lynn (Chief Financial Officer and current Finance Director of The Football Pools), Brian Mattingley (Non-Executive Director) and Liz Catchpole (Non-Executive Director).
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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