The Football Pools, the world’s oldest football betting company, is "set to be sold by Sportech to Burlywood Capital, a private equity company," for just under £100M ($132M), according to John Murray Brown of the FINANCIAL TIMES. Sportech, the London-listed gambling and entertainment group, said that it had "entered exclusive talks to sell its Liverpool-based subsidiary to Burlywood" for a cash price of £97.25M ($128.25M). Burlywood is headed by Mark Blandford, "a veteran of the gambling industry who floated Sportingbet" in '99. Sportech said that Burlywood "planned to fund the acquisition via a stock market flotation of the Football Pools as a separate company" and debt of up to £30M ($40M). The deal "is backed by Football Pools management." Former Sportech COO Ian Hogg will become chair and Football Pools Managing Dir Conleth Byrne "will take on the role" of CEO. Sportech said that the proposed deal “represents an attractive opportunity to realise the value of the Football Pools following the implementation of its modernisation programme and as it continues to transition its business model.” The deal is "contingent on Sportech shareholder approval and a successful stock market flotation." In the year to the end of December, Sportech said that the Football Pools made earnings before interest, tax, depreciation and amortization of £15.2M, down from £16.6M the previous year. Revenues fell from £38M to £33.8M (FT, 9/13).
