A consortium of industry leaders, featuring former GVC chief Lee Feldman and past CEO Kenny Alexander, has acquired a substantial share in 888 Holdings, the organization behind 888poker and William Hill. The investment entity for Feldman and Alexander, known as FS Gaming, now possesses over 6% of 888 and is advocating for major transformations to enhance shareholder returns.
As per Bloomberg, FS Gaming has already submitted recommendations to 888’s directors, proposing potential executive shifts and tactical modifications. Leveraging their vast expertise, Alexander and Feldman aspire to elevate 888’s share value, which has faced recent difficulties.
This development follows a period of instability for 888, marked by the abrupt exit of CEO Itai Pazner in January amid an internal inquiry. Additionally, the firm recently divested its Latvian business to Paf for €28.3 million. Although 888’s purchase of William Hill concluded last year, the company disclosed a 3% drop in online earnings at the close of 2022, emphasizing the necessity for a revitalization.
A spokesperson for 888 conveyed their enthusiasm regarding the financial backing from FS Gaming, interpreting it as a significant endorsement of their company’s future prospects. The executive team maintains confidence in their enduring plan to enhance shareholder value. Their intention is to sustain their concentration on strategic and operational objectives to generate robust outcomes, assuring stakeholders of consistent updates throughout the process.
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