A syndicate of financiers, led by sector leaders Lee Feldman and Kenny Alexander, previously at the head of GVC (currently Entain), has obtained a substantial share in 888 Holdings, surpassing 6%. This action suggests a possible upheaval at the gaming behemoth.
The collective, known as FS Gaming, boasts a lineup of seasoned industry figures, including Stephen Morana, Daniel Shribman, and B. Riley Principal Investments, along with Feldman and Alexander. Their objective? To liberate shareholder worth at 888, which has witnessed its share value plunge by over 60% in the last twelve months on the London Stock Exchange.
Speculation is circulating regarding potential executive alterations and tactical adjustments, with FS Gaming already engaging with 888’s directors. This follows a tumultuous period for the corporation.
Past CEO Itai Pazner unexpectedly stepped down in January amidst an internal inquiry into possible financial crime infractions within its high-roller clientele segment. Furthermore, 888 recently divested its Latvian activities to Paf for €28.3 million, a maneuver to optimize its holdings.
While the purchase of William Hill last year was a major victory, 888’s digital income declined by approximately 3% to £1.9 billion in 2022, underscoring the requirement for a novel strategy. With their vast expertise, Alexander and Feldman are wagering on their capacity to rejuvenate 888 and guide it toward a more lucrative tomorrow.
A spokesperson for 888 informed media outlets that they are ecstatic about the financial backing from FS Gaming, interpreting it as a significant endorsement of their organization’s trajectory. They anticipate this action will generate substantial returns for their investors. The executive team at 888 expressed strong satisfaction with their present course, which prioritizes sustained expansion and providing the highest possible value to stakeholders. They pledged to maintain transparency and will persist in implementing their strategic blueprint.
