Football Index has released a statement regarding the distribution of the money that may still be owed to participants, two months after the operator entered administration.

The company suspended business in March 2020 following a huge exodus of customers and investors, as a result of its decision to cut dividends on players from 14p to 3p. Many customers lost thousands of pounds overnight as a result.

The group then went into administration and had its licence suspended by the Gambling Commission, before the suspension of its Betting and Gaming Council membership.

Richard Toone, Adrian Hyde and Adrian Rabet from Begbies Traynor LLP were then appointed joint administrators of BetIndex Ltd - which trades as Football Index - to conduct insolvency proceedings.

“On 30 April 2021 the Administrators of BetIndex Limited issued an application for the determination of the appropriate distribution of the monies held in the Football Index Player Protection Account, and the identification of the customer classes who may be entitled to participate in those funds,” a statement from Football Index read.

“This is the first step towards the distribution of cash balances to customers of the Football Index platform. The hearing will take place at 11:30am on Monday 10 May 2021.”