Kenny Alexander and Lee Feldman have filed a lawsuit against the UK Gambling Commission (UKGC).
The former CEO and Chairman of GVC Holdings (now Entain Plc) accuse the Commission of ‘misuse of private information’, according to court documents referencing “Part 53 of the Media and Communications Claims.”
The lawsuit was filed by the London law firm Slateford on behalf of Alexander and Feldman. While the exact details of the accusations remain unclear, the strained relations between the parties are not new.
FS Gaming, the investment fund led by Alexander, attempted last year to take a leading position in 888 Holdings (now Evoke Plc) by acquiring a 6.5% stake in the operator. However, the merger plans drew the attention of the UKGC, as the Commission expressed concerns due to the ongoing investigation into a historical corruption case involving Entain and its former Turkish subsidiary.
As a result, 888 raised concerns about Alexander’s actions, as he sought to increase his stake in the company and take on the role of CEO, while Feldman could have become Chairman if their acquisition plans had gone through.
Following the request for clarification from FS Gaming, which 888 said yielded “the most basic assurances,” the UKGC subsequently decided that it needs to commence a review of the group’s operating licenses.
This was deemed appropriate given the aforementioned investments and proposals, with the potential outcomes of the review being varied. 888 assured that it would “fully cooperate” in this process.
Subsequently, 888’s board unanimously decided to terminate negotiations in light of the review, the available public information, and the fact that the proposed appointments “have no reasonable prospect of being approved.”
A few months after Alexander’s unsuccessful attempt to acquire 888, Entain agreed to a £585 million ($735 million) settlement with the Crown Prosecution Service as part of a bribery investigation, which led to FTSE100 group losses of £900 million ($1.13 billion) in its 2023 financial report.
The investigation was related to its former Turkish subsidiary, which was sold in 2017. The owner of Ladbrokes and Coral will pay the settlement amount to HMRC.
Chairman Barry Gibson commented at the time of the settlement: “This legacy issue pertains to a business divested by a past management team six years prior. The company has undergone significant changes since then, and the DPA process has underscored the profound evolution from the GVC of the past to today’s Entain.
“We remain focused on advancing our operations exclusively within regulated markets and are acknowledged as a leading, responsible entity with unparalleled corporate governance across our business.”
However, as reported by the Financial Times a month ago, the Crown Prosecution Service is close to making a decision on charging individuals, with information suggesting that they have offered the alleged participants in the case plea deals. It is currently unknown which specific individuals are under investigation.
SBC reached out to the Slateford law firm for additional information on the Feldman and Alexander case with the Gambling Commission.
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