founders to sell - 4th November 2013
Digital Entertainment PartyCasino.com
of the founders of bwin.party are to sell their shares
in the company to avoid the scrutiny of a New Jersey
licence application as they undergo divorce proceedings.
Parasol and Russ Deleon are set to put their stakes
of around seven per cent each into trusts to be sold
over the course of three years. Analysts said the
duos combined shares are worth more than £140m.
said: As part of the application process, certain
substantial shareholders of bwin.party are required
to submit individual licence applications to the DGE
[New Jersey Division of Gaming Enforcement] or otherwise
dispose of their shareholdings.
broker Numis said it was unlikely the disposal would
have been executed so near to the start of online
gambling in New Jersey if bwin.party were not likely
to get permission to participate.
and DeLeon, both from California, set up PartyGaming
in 1997 and the company merged with Austrian business
bwin Interactive in 2011.