FanDuel Listing Hitting Delays Due To Fox Dispute
Flutter Entertainments hopes of floating FanDuel on the US stock market is not going to happen anytime soon observers believe with the ongoing dispute with Fox Entertainment.
Fox who has a 2% stake in Flutter say they had an agreement with Flutter to purchase a large stake in FanDuel at some 6 times it current sales of Fanduel which would mean the Fox Corporation paying around £1.6 billion.
However FanDuels main competitor DraftKings is selling its stock at 12 times the sales estimate and that is what Flutter want to sell to Fox for, which would then mean Fox would have to pay some £3.2 billion.
Fox are suing Flutter in the dispute and it is not expected to go to a judgement till late in 2022, however Flutter wants to get an investment bank on board to start the IPO process and it is finding it very difficult given the ongoing legal process.
Should neither side come to an agreement before the court ruling then Flutters hope of listing FanDuel on the US stock exchange look slim before 2023.
