Sportech has today (Tuesday) entered into exclusivity with Burlywood Capital regarding the proposed sale of The Football Pools in a deal worth £97.25 million (€115.3 million/$129.4 million).
Burlywood’s management team has proposed to apply for admission to trading on AIM of a new company incorporated for the purpose of acquiring The Football Pools.
The company intends to finance the deal through a combination of equity from institutional investors and a new debt facility.
The deal remains subject to the necessary equity being raised, final agreement of the sale and debt documentation, as well as shareholder approval.
Burlywood is run by the founder of Sportingbet.com
“The board of Sportech believes that the proposed disposal 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,” Sportech said in a statement.
Earlier this year, NetPlay TV pulled out of a potential acquisition of The Football Pools.
Related article: NetPlay TV ends Football Pools acquisition talks with Sportech