Football Index Falls Into Administration

BetIndex Limited the operators of Football Index have entered administration following the previous weekend uproar by investors on the restructuring of players values to try and save the company.

The entire platform is now suspended and there is no indication if it will ever re-emerge after administrators Begbies Traynor took over the business.

In an announcement by the company on Thursday evening Football Index said, “after discussions with ‘external’ legal and financial advisors, the decision was made to help find an ‘agreeable way forward.”

The company went on to say, “Until such time as the administrators are in office, the platform will remain suspended and no trading or payment transactions, such as deposits and withdrawals, will be possible,”

‘Once in office, the administrators will be in contact with customers, creditors, and other stakeholders. This interim step of suspending the platform is merely to ensure that everyone’s rights are preserved in relation to funds held by BetIndex Limited.’

The platform that is licensed by the UK Gambling Commission and had extensive advertising budget are also sponsors of Queens Park Rangers Football Club, there is no update on whether the football club will continue to advertise them at present.

Over last weekend Football Index completely changed their terms and conditions resulting in players on the platform value dive to be worth just pennies when before were worth several pounds.

At the time of the terms change the company said it was to, “protect the long-term sustainability of the platform.”

It has been reported that many of the investors have lost thousands in the fall of Football Index when the platform restructured the value of its football traded players.