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A star-studded consortium of ex-Entain execs mean serious business after acquiring a 6.57% stake in 888 and lighting a fire under their new investment by suggesting significant changes. [Image: Shutterstock.com]
Just when 888 Holdings’ executives might be breathing easier after the company’s nightmare 2022 financials and equally harrowing start to 2023, along comes a group of high-profile gambling industry veterans who buy a stake in the firm and immediately start suggesting changes.
A regulatory filing on Tuesday revealed former Entain executives Shay Segev, Lee Feldman, Stephen Morana, and others combined holdings to form FS Gaming Investments, LLC, and give the investor group a 6.57% stake in 888.
group has already contacted 888 and started pushing for changes
Not sitting on its laurels, the ex-Entain-powered group has already contacted 888 and started pushing for changes. Bloomberg cites sources who wished to remain anonymous as stating the areas for change Segev and company are targeting could “include leadership and strategy.”
Feldman, Chairman of GVC Holdings before it rebranded to Entain, added extra public weight to the group’s desire for a shake-up. Via telephone Tuesday, Feldman said the investors believed 888 possesses “great assets that are currently undervalued.”
Almost defensively, 888 issued a statement saying its board retained confidence in its “long-term strategy” and that it would “continue to deliver against our clear strategic and operational priorities.”
With Feldman already breathing fire and a big iGaming shake-up that has seen multiple execs depart the Kindred Group and Gaming Innovation Group (GiG), it seems the 888 boardroom is about to get a lot more interesting.
