Mystery Buyer Purchases Stakes in Ladbrokes for £37 millionPublished October 15, 2013 by OCR Editor
Speculators wonder if Teddy Sagi, founder of Playtech, is behind the anonymous purchase of 3% of Ladbrokes stock.
A mystery buyer recently purchased a 3% stake in Ladbrokes online casino for a whopping £37 million. Speculators are naming Playtech founder Teddy Sagi as the buyer, but no one knows what account was used to purchase the stake, and Sagi has not released any statements.
If Sagi is, in fact, the buyer, analysts believe this is a great move. It shows the he is confident in Playtech's ability to pull Ladbrokes out of second place and usurp William Hill's position as the number one UK bookmaking site.
Should Ladbrokes be able to pull itself to the top, Sagi's stake would not only increase, but so would Playtech's.
Ladbrokes has been struggling to compete with William Hill, and current CEO Richard Glynn is struggling to convince shareholders that he is the right man to get Ladbrokes back on track. Observers speculate that he has until next year's World Cup finals to prove himself; if he doesn't, a new CEO will be sought.