The Football Pools, which is the United Kingdom’s oldest football pool betting firm, has been sold off by its parent company, Sportech PLC, which is a gambling operator based in the UK. The Football Pools will be sold to a company that manages venture capital funds, called Burlywood Capital LLP. While there are still some approvals that need to be made before the sale goes ahead, we have heard that Sportech PLC has given The Football Pools an asking price of £97.25 million.
The Football Pools deal, what happens next?
As mentioned, the deal is not 100% finalised at this time. The shareholders at Sportech still need to approve the sale, and the final sale price needs to be agreed on, although it is not expected to change from the amount mentioned above. As for how Burlywood Capital will pay for the deal, the current proposed deal is for the venture capital firm to pay by using a debt and equity combination.
On top of this, Burlywood Capital will also be required to set up a separate company for The Football Pools, which would trade on AIM. Sportech has also come out and stated that the deal would not be finalised and closed until Burlywood Capital comes up with the required equity.
Looking back at The Football Pools
The Football Pools is the oldest football pool betting company in the United Kingdom, as well as the largest. It was started over 90 years ago and has always provided its customers with great opportunities to win some amazing payouts. Players would need to take part by playing pool games, betting on the results of upcoming football events. Since it first started operating, it is believed that it has paid out over £3 billion to its customers, as well as donating over £1 billion to charities and other good causes. It is estimated that over 300 000 players from the UK play The Football Pools games on a weekly basis, so it might be a good investment for Burlywood Capital.