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Investment consortium FS Gaming has terminated an agreement with DAZN CEO Shay Segev which previously saw it control Segev’s voting rights in 888.

FS Gaming background

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FS Gaming was established by former GVC Holdings CEO Kenny Alexander, together with the operator’s former director Stephen Morana and former chairman Lee Feldman.

The group secured a 4.55% shareholding in 888 in June, before putting forward a leadership plan for the business which would see Alexander take charge as CEO, Feldman become chair and Morana as CFO.

As part of the plan, the group secured the voting rights from another former GVC (Entain) executive in DAZN CEO Shay Segev.

Segev’s 2.02% voting rights in 888 were transferred to FS Gaming, giving the consortium total voting rights of 6.57%.

In July, however, 888 revealed that it had terminated talks with the group, after the UK Gambling Commission expressed concerns over an ongoing HMRC investigation into GVC’s international activity under Alexander’s leadership.

Entain has since revealed that it is braced for a settlement payout costing as much as £585m over a four-year period.

Leadership bid falls through

Shortly after abandoning talks with FS Gaming, 888 revealed that former Fortuna Entertainment CEO Per Widerström would take over the business as chief executive.

That put a grinding halt to FS Gaming’s takeover plans, which until now retains its 4.55% shareholding in the operator.

There has not yet been any suggestion that either FS Gaming or Segev, who retains his 2.02% stake in the business, intend to sell off their shares in 888.

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