SBC News Voice of the Sports Betting Industry
Top Hollywood financiers Jeff Sagansky and Harry E Sloan are reported to be engaged in a takeover of DraftKings Inc, through their LA-based sports entertainment fund ‘Diamond Eagle Corp’.
This morning, Bloomberg reports that the media and finance duo have entered negotiations to buyout Boston-based DFS and sports betting operator DraftKings – with Bloomberg reporting that ‘no transaction has been finalised’.
Sagansky and Sloan have previously sought US betting related investments, with their ‘Platinum Eagle’ fund reported having tabled a ‘reverse merger’ of FanDuel in 2018, tempting DraftKings main DFS rival ‘to go public’.
Diamond Eagle acts as Sagansky and Sloan’s special purpose vehicle for sports investments, with the fund established at the start 2019, targeting investments which will disrupt the US sports scene.
Since 2018’s repeal of PASPA federal laws, DraftKings has been the subject of continuous buyout and IPO rumours, as the Boston based operator maintains a significant presence with US sports audiences, garnered through its popular fantasy sports product.
“DraftKings speaks to a variety of companies regarding various matters in the normal course of business, and it is our general policy not to comment on the specifics of any of those discussions,” the company said in an emailed statement
