Fox sues Flutter over FanDuel stake
7 April 2021
Fox Corporation has filed suit against Flutter Entertainment to enforce its rights to acquire an 18.6% ownership interest in FanDuel
Group for the same price that Flutter paid for that interest in December 2020. The suit was filed as an arbitration before JAMS in New York, NY by consent of the parties.
Fox wants to pay the same price for the stake in FanDuel
as Flutter had paid in December, while the latter has argued that Fox must pay a “fair market value” to exercise the option in July, CNBC reported.
Flutter merged its U.S. business with FanDuel in 2018 and raised its FanDuel holding to 95% in December in a $4.18 billion deal. Flutter Entertainment is the owner to Paddy Power Betfair, which was formed following a merge in 2016.