Rivalry launches review to consider “strategic alternatives”
Announced yesterday (7 April), the strategic review has been initiated by the Rivalry board of directors. The operator did not disclose any of the options it will consider as part of the initiative.
To support the review, Rivalry has engaged XST Capital Group, a boutique investment bank focusing on the digital gaming sector.
Rivalry will evaluate various options that will position the company for “continued growth and innovation”. This, the board said, forms part of its commitment to “prudent” corporate governance, as well as optimising the company’s market position.
Rivalry CEO: review a natural step
Commenting on the initiative, Rivalry co-founder and CEO Steven Salz said it is a “natural step” for the business. He added it will help to create long-term value for shareholders.
“We have built a strong foundation in the online gaming sector, delivering an exceptional experience for our players while driving operational excellence,” Salz said. “This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform.”
In other news, Rivalry has secured a $650,000 (£509,645/€594,497) principal amount senior unsecured loan from an existing senior lender. This is due to mature on 30 September this year and carries an interest rate of 10% per annum.
Rivalry said this reinforces the senior lender’s support for the review and provides additional flexibility to pursue strategic initiatives.
Rivalry offers betting across sports, esports, casino and fantasy in Ontario and worldwide via its Isle of Man licence.