Sportingbet Exec Sells More Shares

Published: Friday, April 08, 2005 Online-Casinos.com

SPORTINGBET EXEC SELLS MORE SHARES

But Blandford remains "...committed to the company"

The sale of shares in Sportingbet this week by founder Mark Blandford caused a few ripples of interest in the industry. Blandford raised GBP 6.5 million from selling nearly 17 per cent of his stake in the business.

Mr Blandford said, however, that he remained committed to the company and had sold some of his holding in Sportingbet only as a means to spread the risk of his personal assets. "I have had more than 90 percent of my wealth tied up in one company for more than eight years. This is just a tiny readjustment of my assets. I am still absolutely committed to Sportingbet and its continued success," he said.

Post-sale Blandford still owns 4 per cent of Sportingbet, currently worth around GBP 34 million, but has cashed in on the dramatic rise in Sportingbet's share prices over the past six months. Since buying Paradise Poker, the online poker business, shares in Sportingbet have raced to highs of 349 p from 100 p, valuing the company at GBP 1.1billion. Had Blandford sold the same number of shares last month, he would have made nearly GBP 9 million. "I've learnt that no one ever quite manages to sell at the top and buy at the bottom. I am contented with the price I got," he said.

Sportingbet floated in January 2001 at 120 p. Mr Blandford sold 2.2 million shares this time last year for GBP 1.6 million when the shares were at 76 p, and in 2003 he made GBP 2.5 million from selling shares at 31 p.