Ed Wray Moots Betfair Restructuring

In an interview with UK broadsheet newspaper the ‘Daily Telegraph’, former Betfair Chairman and Co-founder Ed Wray commented that Betfair would need to refocus its operations and restructure the ‘company balance sheets’, in order for the betting exchange to work more efficiently.

Wrey commented on his concerns regarding Betfair recent performance which saw valuation in Betfair  Stock drop. That uninspiring share price performance created the conditions that allowed finance  group CVC capital to approach and enter negotiations for a possible take over in the first instance.

Betfair rejected CVC’s first offer of 880p per share and its subsequent improved offers of 920p and 950p, on valuation grounds, after hard and thoughtful consideration Betfair rejected the offer for takeover of its gaming operations.

It has been a tough last 12 months of operations for the Betfair exchange,that has seen new faces enter at boardroom level and Betfair itself have to pull out of several European markets such as Spain due to regulatory issues and tax structures. Wray further commented: “I think there’s still some work to do… to me the share price is not commensurate with how the business is performing.”