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October 15, 2005 (The Malta Independent Online) - Only a day after launching its operations in Malta, Betfair, the UK-headquartered online betting company, suffered an unexpected setback when its chief executive resigned yesterday.
The departure of Stephen Hill came on the day the group was expected to announce that it had moved plans for a GBP 750 million to GBP 1 billion flotation this year until next year’s football World Cup in Germany.
The circumstances surrounding Mr Hill’s departure were not clear yesterday although he is believed to have resigned with immediate effect, the Financial Times reported yesterday.
Mr Hill joined Betfair in 2003 after an unsuccessful attempt at buying the FT’s portfolio of business magazines. He had been chief executive at the FT.
The FT reported Mr Hill had been in line to get more than GBP 3m shares in Betfair upon flotation but it is unclear whether he is still in line to receive this reward.
His departure leaves Betfair without a leader at a critical time in its evolution from small gambling start-up into the world’s largest betting exchange.
Mr Hill could not be reached for comment, the FT said.
Betfair was founded by Ed Wray and Andrew Black, who continue to hold about 14 per cent each. They are thought to be reluctant to sell their holdings.
However, according to the influential financial newspaper, other shareholders are keener to sell their stakes and have been pushing for a float.
The company is owned by about 175 investors, which include UBS, JPMorgan and private equity groups such as Bernard Arnault’s Europatweb investment vehicle, which took its holding four years ago.
Betfair generates income by charging a commission on the bets placed on its site. |
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