Supplier News
US – Divorcing founders opt out to aid bwin.party’s New Jersey licence
By Phil - 5 November 2013
bwin.party has confirmed that two of its founders will sell their shares to avoid any extra attention from the New Jersey Division of Gaming Enforcement.
The online betting company is applying for a New Jersey internet gaming licence application and is looking to avoid scrutiny as the two founding members go through a divorce settlement.
The company said that Ruth Parasol and Russ Deleon, both from California, will place their shares of around seven per cent each, worth around US$ 222.8m, into trusts to be sold over the course of three years. They are set to put their stakes of around seven per cent each into trusts to be sold over the course of three years. The pair set up PartyGaming in 1997 and the company merged with Austrian business bwin Interactive in 2011.
Bwin.party said: “On 29 July 2013, bwin.party applied to the New Jersey Division of Gaming Enforcement for a Casino Service Industry Enterprise Licence. As part of the application process, certain substantial shareholders of bwin.party are required to submit individual Licence applications to the DGE or otherwise dispose of their shareholdings. As a result, certain substantial shareholders of bwin.party have elected to place their bwin.party shares into divestiture trusts, through which their shares will be divested over a period of up to 36 months in one or more transactions at times to be determined.”
