The Irish press has been monitoring the Paddy Power-Betfair merger quite closely and reported that Paddy Power loaned a member of its executive management Euro 609,529 in April 2014 without requiring any sort of guarantee or collateral.
The name of the exec was not disclosed by the media; however in its response to the report Paddy Power said that the individual had been transferred overseas and has repaid the loan in full.
In reviewing the disclosures, the media also noted that Paddy Power non-executive director Stewart Kenny, a co-founder, received two Euro 200,000 payments from 2013 to 2014 for consulting fees unrelated to his position as a board member.
The company additionally paid out Euro 404,425 to the Arthur Cox law firm for advice provided to firm partner Padraig O'Riordain, who is a non-executive director on the Paddy Power board.
The merger will result in a combined value of Euro 1.2 billion launching it into a new category alongside Bet365 worth approximately Euro 1.7 billion.
sharpe
8 years ago
Super Hero
For sure a huge deal between two of the most famous European bookies, hopefully the merge will benefit the customers of both bookmakers. Betfair's expanding on the market is huge in the last years and I think they are second most popular bookie after Bet365 but for Paddie Power it's really a savior I think. Will see if...
For sure a huge deal between two of the most famous European bookies, hopefully the merge will benefit the customers of both bookmakers. Betfair's expanding on the market is huge in the last years and I think they are second most popular bookie after Bet365 but for Paddie Power it's really a savior I think. Will see if the merge will become reality because I still have my doubts but it's looking likely.
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jade
9 years ago
Super Hero
That's one big merger. There was an article last year that stated Bet365 is the biggest online gaming operator, so this is a very big deal in many ways. What is all this money distribution, loans consultant fees, etc. and now that it's been disclosed will it have any baring on this deal. It could be construed by Betfair...
That's one big merger. There was an article last year that stated Bet365 is the biggest online gaming operator, so this is a very big deal in many ways. What is all this money distribution, loans consultant fees, etc. and now that it's been disclosed will it have any baring on this deal. It could be construed by Betfair as some kind of secretive or illegal compensation unless and hopefully, Paddy Power has been open about these dealings with Betfair. Somebody is always trying to throw a wrench into someone else's good fortune and turn it into misfortune.
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