A collective of financial backers, spearheaded by sector heavyweights Lee Feldman and Kenny Alexander, previously at the reins of Entain (formerly GVC), have secured a 6% holding in 888 Holdings. Their objective? To instigate change and unleash the latent capability they perceive within the firm.
This alliance, dubbed FS Gaming, encompasses other prominent individuals such as Stephen Morana and Daniel Shribman, bolstered by the support of B. Riley Principal Investments. They’ve wasted no time in making their intentions clear, reportedly engaging 888 with proposals for a leadership restructuring and strategic adjustments.
This maneuver transpires as 888 has witnessed its stock value plunge by over 60% on the London Stock Exchange over the last year. The enterprise has also grappled with internal turbulence, including the sudden exit of former chief executive Itai Pazner amid an inquiry into possible money laundering infractions.
Possessing vast expertise, Alexander and Feldman are well-versed in the intricacies of the gaming sector. Their involvement hints at a potential inflection point for 888, aiming to rejuvenate its performance and elevate its overall worth. The company is undoubtedly seeking a victory, particularly after a recent decline in digital earnings despite finalizing the acquisition of William Hill.
An 888 spokesperson informed a gaming news source, “We are delighted to share our investment in FS Gaming, an action we feel highlights the substantial value-building prospects within our company.
“The leadership team is certain of its extended strategy focused on optimizing returns for stakeholders. We anticipate sharing progress and connecting with all stakeholders as we continue to pursue our well-defined strategic and operational objectives.”
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