Sportech Offloads The Football Pools Subsidiary

By Brian Cullingworth, Last updated Mar 8, 2021

Private equity buyer in conditional sale for GBP 83 million

FP Acquisitions Limited, a company owned by private equity funds under the OpCapita banner has agreed to pay GBP 83 million in the conditional debt free, cash free basis to purchase Sportech subsidiary The Football Pools.
The sale is conditional upon FP Acquisitions obtaining the necessary licences from the UK Gambling Commission and the passing of the resolution by Sportech shareholders at the General Meeting.
A circular containing further details of the deal and the resolution to approve the agreement, the Board’s recommendation and irrevocable undertakings to vote in favour of the resolution, and the Notice convening a General Meeting of the company will be sent to Sportech shareholders following the completion of the tender offer announced on .
The Football Pools is still planning to move into new premises in Liverpool city centre, a move that OpCapita fully supports as part of its commitment to growing the business.
Ian Penrose, chief executive of Sportech, said in a statement Thursday:
“The sale of The Football Pools Business represents an important strategic development for Sportech, having established a strong platform for growth, following completion of an extensive and successful modernisation programme. We have delivered our objective of stabilising earnings, and are delighted to have concluded this deal for Sportech’s shareholders, The Football Pools Business and its employees.”
John Von Spreckelsen, chairman of OpCapita, said:
“We are delighted to be acquiring The Football Pools, which occupies a unique place in British culture. Sportech has successfully modernised the business and we look forward to realising its significant growth potential. As part of that growth strategy, we plan to ensure existing loyal customers continue to enjoy the game and bring The Football Pools, already loved by so many, to an even wider audience”.
“We look forward to partnering with Conleth Byrne and his team to help develop the company further and supporting the community with its commitment to charitable causes.”

Online Casino News Courtesy of Infopowa

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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