A consortium of seasoned industry figures, led by Lee Feldman and Kenny Alexander, have secured a 6% holding in 888 Holdings. Their objective is to instigate change and unleash the potential they perceive lying dormant within the firm.
This development coincides with a period of significant decline for 888’s share price, which has plummeted over 60% in the preceding year. Evidently, stakeholders have been dissatisfied with 888’s trajectory, particularly following a turbulent phase marked by the sudden exit of CEO Itai Pazner amidst a probe into money laundering.
Although 888 successfully concluded its acquisition of William Hill, the anticipated synergy has yet to materialize. Revenue actually contracted in 2022, highlighting the urgent need for 888 to revitalize its operations.
Enter Feldman and Alexander, armed with their extensive expertise. They have already initiated dialogue with 888, proposing adjustments to leadership and strategic direction. This activist investor maneuver is likely in its early stages – anticipate further actions in the near term as they endeavor to transform 888’s fortunes.
A representative from 888 conveyed to Gambling Insider their excitement regarding the FS Gaming investment, interpreting it as a significant endorsement of the company’s trajectory. The leadership team maintains complete dedication to its extended plan, which aspires to generate optimal returns for stakeholders. They anticipate capitalizing on recent achievements with their well-defined strategic and operational direction, and to persisting in transparent dialogue with all investors.
