GVC Holdings CEO Kenny Alexander and Chairman Lee Feldman have sold just short of three million shares in the company between them.

Gambling Insider has been told the sales were made to "satisfy demand from an institutional buyer."

Alexander has sold just over two million shares at a price of £6.66 ($8.71) each, retaining 666,666.

Feldman meanwhile, has sold 900,000 shares at the same price, retaining 287,408.

When contacted by Gambling Insider, a GVC spokeperson said: "The sale was to satisfy demand from an institutional buyer."

Gambling Insider understands Alexander also had personal reasons for choosing to sell but that, as stated on the GVC website, he and Feldman remain committed to seeing out the Ladbrokes Coral project with GVC.

Neither have the intention to reduce their holdings any further and harbor long-term aims with the operator.

Data exclusively obtained by Gambling Insider shows Alexander’s share holding as a percentage of his fee/salary is still eight times higher than the gaming industry average, while Feldman’s holding is four times higher than the sector average.

Speaking exclusively to Gambling Insider this week, Alexander said he is "obviously disappointed" with the company’s current share price but believes the operator "can do no more than what we’re doing."

GVC reported strong financial results for 2018, growing its pro forma net gaming revenue 8% to £3.5bn.

In December, Alexander told Gambling Insider of his ambition to raise GVC’s share price to £20 within three years.

Shares in GVC were down to £5.88 this lunchtime from £6.50 when trading opened.