Excapsa Sells Off U.S. Facing Operations Too
Published: Friday, October 13, 2006 Online-Casinos.com
EXCAPSA SELLS OFF US-FACING OPERATIONS, TOO
But questions are being asked about deferred payment on the deal
The London-listed but Toronto-based Excapsa group has also sold its US-facing business in a private GBP 70 million deal with an undisclosed Maltese company, The Times reported today (Friday)
The newspaper revealed that there could be complications, however because legal sources had immediately claimed that the deal, a response to the impending US financial ban on internet gambling, was almost certainly illegal because $120 million of the price will be deferred until after the law takes effect on the US president's signature.
The Times reveals that similar plans by Leisure & Gaming, a quoted internet gambling operator, to sell its US-facing business appeared to have foundered over the same issue, quoting a source who said: "Because of the deferred consideration this deal will open Excapsa to conspiracy and aiding-and-abetting charges under the new law. They would be making money out of an illegal operation."
The Sportingbet deal, for a nominal $1 is unlikely to attract similar hassles.
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