Kenny Alexander and his consortium of ex-Entain execs angling to be 888’s new Govt Chair, CEO, and CFO have had their hopes destroyed by a UKGC probe. [Image: Shutterstock.com]
A consortium of ex-Entain execs who in June acquired a 6.57% stake in 888 Holdings to promptly put themselves ahead as the brand new Govt Chair, CEO, and CFO have had their job aspirations torched by a collection of probes. The FS Group pitched Lee Feldman, Stephen Morana, and Kenny Alexander for the roles of Govt Chairman, CFO, and CEO of 888, respectively.
In accordance with the Night Normal on Monday, it’s the historic involvement of Alexander and fellow FS Group execs in Turkish and Brazilian markets that has the UK Gambling Commission investigating their investment into 888. On the identical time, Her Majesty’s Income and Customs is conducting a bribery investigation into Entain’s former Turkish subsidiary Sportingbet, which Alexander oversaw the acquisition and sale of in 2011 and 2017, respectively.
With potential probe fallout together with a potential lack of 888’s license along with extra fines so as to add to the report £19.2m ($25.12m) obtained by the operator in March, 888 Govt Chair Lord Mendelsohn issued an announcement saying his board:
had no possibility however to terminate discussions” with Alexander, Morana, and Feldman.
Mendelsohn added, nonetheless, that 888 would announce a brand new CEO “within the very close to future,” which didn’t cease his agency’s shares crashing Monday, closing down 25.2%.