Sportech to sell Football Pools for £83m
Sports betting provider Sportech has today announced that it will complete the sale of The Football Pools to private equity firm OpCapita next month, in a deal worth an estimated £83m.
Under the terms of the deal, OpCapita’s newly set up subsidiary company FP Acquisitions Limited was required to obtain licences from the UK Gambling Commission, licences which have been granted today.
The company have since confirmed that all deal conditions have been satisfied, and have said there are no further bars to the deal which will conclude by the end of June. FP Acquisitions plan to revamp the existing Football Pools brand, in operation for almost 100 years with new distribution channels, additional new games and fresh marketing.
OpCapita Founder and Chief Executive Henry Jackson said: “We are pleased to have secured licencing so that we are able to move forward with our plans for the Football Pools. We look forward to taking ownership of the business later next month.”
Sportech have said that it will use the sale proceeds to expand its American and digital operations.
In a statement announcing the completion of deal conditions, Ian Penrose, Chief Executive of Sportech, said: “This is a significant step towards completion of this transaction. I would like to thank the dedicated management, staff and customers who have enhanced the history and success of the Football Pools. I wish them all continued success.”
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