Bwin.party receives SpringOwl board nominations
Operator's second largest investor set to gain board representation after making four proposals to the board
Bwin.party investor group SpringOwl has moved to increase its influence in the running of the operator following its nomination of four independent non-executive directors to the board.
According to The Telegraph, SpringOwl, which is led by former gaming analyst Jason Ader (pictured), has proposed the appointments of entrepreneur Michael Fertik, lawyer Francis Grady, venture capitalist Kalendu Patel and Innovation Group founder Steven Rittvo.
Rittvo is the only nomination to have any notable gaming experience.
In a statement bwin.party said it would be “circulating the details” of the investment firm’s board nominations to shareholders in time for its Annual General Meeting on 22 May.
“The Board is considering SpringOwl’s proposal and will make a further announcement in due course,” bwin.party said.
The nominations come amid increasing pressure from the US-based investment company after it bought a 6.1% stake in the company in February to become bwin.party’s second largest investor. According to bwin.party SpringOwl then sold stock to bring its shareholding to approximately 5.27% of the voting rights in issue.
In a recent exclusive interview with eGaming Review, Ader said he backed the leadership of bwin.party CEO Norbet Teufelberger but added that he needed to be “surrounding himself with a better team”.
Ader also added the operator should look at a potential split of the company and that investors were obliged to question senior management following poor post-merger results.
Bwin.party said in a note to shareholders that the four board nominations appeared to be in addition to the investment firm’s existing right to appoint a new board member.