Flutter Entertainment PLC (LON:FLTR) has reportedly stalled its planned spin-out and float of the FanDuel US sports betting business until 2022.
FanDuel will in the coming days see the exit of its chief executive Matt King and at the same time it is locked in a legal dispute with Rupert Murdoch’s Fox Corporation, both of which combine to delay the planned float according to a report in The Telegraph.
Previously, Flutter planned to take FanDuel public by listing a minority stake in the United States.
Fox is in dispute with Flutter over the exercise price of an option deal for an 18.6% stake in the business, and, according to The Telegraph, Fox insiders believe Flutter won’t be able to float whilst the legal row is ongoing – though it also reports that Flutter chief executive Peter Jackson has denied that claim.
In mid-May, Flutter announced that Matt King would leave FanDuel and at that time it also said that the departure would affect the timing of any potential US listing.
King is expected to work with the Ricketts family – Tom Ricketts, US billionaire and Chicago Cubs owner, and son Joseph Ricketts, founder of Ameritrade.