A syndicate of financiers, led by sector stalwarts Lee Feldman and Kenny Alexander, previously at the reins of GVC (presently Entain), have procured a 6% holding in 888 Holdings. Their alliance, dubbed FS Gaming, aspires to instigate transformation at 888, advocating for adjustments to liberate shareholder worth. They’ve allegedly already conferred with 888’s directors, proposing potential strategy and leadership modifications.
This action arises at a pivotal juncture for 888, which has witnessed its share value tumble by over 60% in the preceding year. The latest exit of CEO Itai Pazner amid an anti-money cleansing probe, combined with dwindling digital earnings, has placed the firm under immense strain to reverse its fortunes.
Feldman and Alexander, possessing extensive expertise in the gaming sector, are perceived as potential drivers of change. Their participation is likely intended to elevate 888’s stock price and overall market capitalization.
The current divestiture of 888’s Latvian business to Paf, while calculated, further underscores the company’s requirement for expansion. All attention is now focused on FS Gaming and their potential sway on the future trajectory of 888 Holdings.
An 888 spokesperson informed a gaming news source that they were enthusiastic about the FS Gaming investment, interpreting it as a demonstration of faith in the company’s prospects. The spokesperson stressed that 888’s management remains completely dedicated to their established long-term plan, viewing it as the optimal path to generate returns for their investors. The organization intends to maintain its direction, keep all parties informed, and further capitalize on its existing progress.