Pari Mutuel Urbain (PMU), a leading French horse race betting operator, has announced the appointment of Quentin Etievant as its new Director of E-commerce. The newly appointed director is a seasoned industry professional with over a decade of online gambling experience, most recently serving as the Deputy General Manager for Marketing and Strategy at ZEturf.

In his new role, Etievant will report directly to Olivier Pribile, PMU's Director of Marketing, Product, and E-commerce. He is expected to spearhead the company's digital transformation strategy, a major component of PMU's strategic plan for 2025.

During his time as Deputy General Manager for Marketing and Strategy at ZEturf, Etievant gained a deep understanding of the online horse racing betting market.

Before his employment at ZEturf, which recently underwent an acquisition by Française des Jeux (FDJ), Etievant held various marketing and media positions, providing him with a well-rounded background for his new role at PMU.

Beyond marketing strategy, he also brings a wealth of experience in digital media, having held positions such as Digital Media Planner at MEC and Media Director at Fullsix Group before his strategic roles. This diverse experience has equipped him with a strong foundation in digital media, which will be instrumental as he leads PMU's e-commerce platform through its digital transformation.

Although Etievant's expertise primarily lies in the online gambling industry, his earlier role as Marketing Manager for Sajoo Sportsbook at Amaury Groupe demonstrates his adaptability and ability to apply his marketing and digital media skills across different sporting landscapes.

With his diverse experience in marketing, strategy, and digital media, Etievant is well-positioned to steer PMU's e-commerce platform. His appointment reflects PMU's confidence in his leadership abilities and his potential to guide the company towards achieving its 2025 objectives.

According to a market review by the National Gaming Authority of France (ANJ), the French gambling industry has bounced back from the COVID-19 slump, reaching new heights in 2023. Gross gaming revenue (GGR) hit a record €13.4 billion, marking the strongest year for the sector ever recorded. This growth comes after a period of stabilisation in 2022.

Remarkably, all segments of the French gambling market experienced growth in 2023. However, the increase varied considerably, ranging from a modest 0.9 percent to a substantial 14.1 percent. While France's overall growth rate sits at 3.5 percent, it falls slightly behind the European market's impressive 5.5 percent increase, which reached a total GGR of €134 billion.

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Japanese conglomerate Universal Entertainment Corp., the parent company of Okada Manila casino resort in the Philippines, plans to issue new notes to refinance its existing $760 million (€697.9 million) notes set to mature in December 2024. This move aims to improve the company's cash flow structure and secure liquidity.  

In the company's notice, Universal Entertainment said the board has approved the issuance of U.S. dollar-denominated overseas private placement notes, with CBRE Capital Advisors Inc. serving as the sole placement agent. Detailed terms and conditions will be announced soon. 

In May, Fitch Ratings placed Universal Entertainment on 'rating watch negative' due to the pending maturity of these notes. Fitch indicated that while the company was advancing its refinancing plan, no legally binding commitments had been made. Successful refinancing would resolve the negative rating watch, whereas delays could result in further negative actions. 

In addition to its financial restructuring, Universal Entertainment is addressing governance issues. In an earlier notice, the company announced it is scheduling an extraordinary general shareholders' meeting for September 2024 to vote on the dismissal of former CEO Jun Fujimoto from the Board of Directors. This follows a 2019 Tokyo High Court ruling that Fujimoto breached his fiduciary duty by authorizing an unauthorized transfer of nearly $43.5 million. 

The court found Fujimoto's actions to be a breach of his duty of loyalty, ordering him to compensate the company. Although Fujimoto stepped down from his executive roles, he remained on the Board. Universal Entertainment has taken steps to preserve its right to claim damages and formed a task force to implement these measures, working with outside directors and auditors. 

The shareholders' meeting in September 2024, with August 8 set as the record date for voting eligibility, will primarily focus on Fujimoto's dismissal. This move underscores Universal Entertainment's commitment to corporate governance and accountability, potentially impacting its future leadership and strategic direction. 

Universal Entertainment’s dual focus on refinancing and governance improvement reflects its broader strategy to stabilise its financial standing and uphold corporate integrity. 

Upcoming SiGMA event: Click here to find out all about SiGMA East Europe powered by Soft2Bet happening in Budapest, September 2024.

Operator of online gaming brands High Roller has appointed Tony Kjaldstrom as General Manager of its Malta office. With over 16 years experience in the online gaming industry, Kjaldstrom has held key roles at various reputable companies, including the positions of Chief Product Officer at Rootz LTD, Product Owner at Gaming Innovation Group (GiG), Head of Customer Operations at Guts Gaming Limited, and Customer Support Manager at Nordicbet.

In response to his appointment, Kjaldstrom expressed his excitement to join High Roller and work with the talented team in Malta where he will be responsible for driving innovation and growth. In a statement he said, “I am thrilled to join High Roller and collaborate with the talented team here in Malta to drive innovation and growth. I look forward to sharing my knowledge and experience to help High Roller reach new heights and expand its market presence.”

Ben Clemes, CEO of High Roller welcomed Kjaldstrom's appointment and said “It is great to collaborate with him again after our successful tenure at Gaming Innovation Group and NordicBet. He is a welcome addition to the experienced management team already in place at High Roller. Their collaborative expertise is key to taking the company to new heights,” He also referred to Kjaldstrom’s extensive experience and track record as valuable assets to the company.

High Roller Technologies is a global online gaming operator known for its comprehensive real-money online casino platform. The platform offers enhanced search engine optimisation, direct API integrations, faster load times, and better scalability. It features a set of gaming products referred to as iCasino. It offers players in select markets a wide range of games, including popular options found in land-based casinos such as video slots, blackjack, roulette, baccarat, craps, and video poker. Currently, more than 3000 games are available from over 50 providers.

The addition of Tony Kjaldstrom to High Roller's team reaffirms the company’s commitment to providing a top-tier online gaming experience for "high rollers" worldwide.

This week brought more exciting news from High Roller Technologies as the company announced in a LinkedIn post that Sven Kaltenegger, Chief Marketing Officer (CMO) at High Roller Technologies was recognised as the 2024 CMO of the Year - Malta.

Kaltenegger’s recognition highlights his achievements within the high-end gaming sector. This news spotlights both Kaltenegger’s marketing savvy and the stature of High Roller Technologies in the high-end gaming sector.

Stay in the loop with the latest updates and news for the upcoming SiGMA East Europe Summit powered by Soft2Bet. The summit will take place in Budapest from 2-4 September. 

Leading distributed gaming operator Accel Entertainment, Inc. (NYSE: NYSE:ACEL), has recently announced that it will acquire Fairmount Holdings, Inc. This acquisition includes Fairmount Park, Inc., the sole active horse racing venue in the greater St. Louis area. This acquisition is indeed a significant move that could reshape the U.S. gaming sector.

The transaction, estimated at around $35 million, will be settled through 3.45 million shares of Accel’s Class A-1 common stock. This strategic move allows Accel to broaden its local gaming presence by integrating the Fairmount property into its portfolio. The property currently hosts approximately 435 horse races over 65 race days annually.

Included in the deal is an Organization Gaming Licence, which permits casino gaming positions, and a partnership with FanDuel for sports wagering in Illinois. Accel is set to invest an additional $85 to $95 million beyond the purchase price for the development of casino facilities and enhancements to the horse racing experience. The company has enlisted RRC Gaming Management LLC for the development and operations of the casino, leveraging the expertise of industry veterans like Tony Rodio and Holly Gagnon.

The transaction is lined up to close in the fourth quarter of 2024, pending customary approvals from the Illinois Racing Board and the Illinois Gaming Board. Accel projects that the investment will generate an Adjusted EBITDA potential of $20 to $25 million with over 75 percent free cash flow conversion, indicating a strong return on capital.

Accel’s co-founder and CEO, Andy Rubenstein, (pictured above on the left with co-founder Gordon Rubenstein after going public under the ticker ACEL in 2019) expressed his excitement for the venture, underscoring the company’s dedication to preserving the rich history of Fairmount Park and supporting the Illinois horse racing industry. The acquisition, which marks nearly a century of Fairmount Park’s operations, aims to boost job creation and economic development in southern Illinois and the greater St. Louis community.

The sellers, William Stiritz and Robert Vitale, commended the agreement, expressing confidence in Accel’s capabilities to maximize the full potential of the sportsbook and racetrack. Mayor Jeff Stehman of Collinsville, IL, also welcomed the acquisition, anticipating positive economic impacts for the local community.

In other recent news, Accel Entertainment reported steady growth in the first quarter of 2024. The company’s Q1 2024 revenue rose to $302 million, marking a 2.9 percent increase year-over-year (YoY), and adjusted EBITDA saw a marginal increase of 0.3 percent YoY, reaching $46 million. Despite facing challenges such as unfavourable weather conditions that negatively impacted same-store sales growth, Accel’s expansion into Illinois and Nebraska and a robust growth pipeline have contributed to these positive results.

Accel Entertainment also announced a $200 million share repurchase program, which is backed by a strong balance sheet with $286 million in net debt and $553 million in liquidity. The company is actively exploring multiple opportunities for expansion across the country, with expectations to enter multiple markets by the end of the year.

In light of Accel Entertainment’s (NYSE: ACEL) recent move to acquire Fairmount Holdings, Inc., investors may find it beneficial to consider some key financial metrics and insights from InvestingPro. With a market capitalization of $875.15 million, Accel’s strategic investment in expanding its gaming footprint shows a commitment to growth in the gaming and entertainment sector. The company’s P/E ratio, which stands at 20.35, reflects investor sentiment about its earnings potential, particularly as it embarks on this new venture.

Accel’s robust financial position is reflected by a Price / Book multiple of 4.34, indicating that the market values the company’s assets favourably compared to its book value. This is particularly relevant as the company takes on a significant investment in developing casino facilities and improving the horse racing experience. Additionally, with a gross profit margin of 30.23 percent over the last twelve months as of Q1 2024, Accel appears to be effectively managing its costs, which could bode well for the profitability of the newly acquired operations.

While analysts have revised their earnings expectations downwards for the upcoming period, they predict the company will be profitable this year. Furthermore, Accel’s liquid assets exceed its short-term obligations, which may provide financial flexibility for the investments and developments planned. It’s noteworthy that Accel does not pay a dividend to shareholders, which could mean that the company is reinvesting its earnings back into growth initiatives like the Fairmount acquisition.

SiGMA East Europe Summit powered by Soft2Bet will take place in Budapest from 2-4 September.

The National Basketball Association (NBA) has secured a historic broadcast deal with ESPN, ABC, NBC, and Amazon, worth $76 billion (€69.7 billion) over 11 years. The partnership is scheduled to commence at the beginning of the 2025/26 season.

Andrew Marchand of The Athletic announced the finalisation of the contract through his post on the X platform, formerly Twitter. This 11-year deal retains ABC/ESPN as the league's current partner and brings NBC and Amazon Prime on board. However, this change may ultimately result in increased costs for fans.

The NBA is set to undergo a significant broadcasting shift. TNT Sports, a long-standing partner of the NBA, will be replaced by a new lineup featuring ESPN, NBC, and Amazon's Prime Video. This new deal will allow ESPN and NBC to expand their NBA coverage. At the same time, Amazon will become the league's first exclusive streaming partner. NBC and Amazon will also broadcast NBA games during the traditional NFL off-season, beginning in February.

Prime Video is expected to showcase most of its regular season games on Friday and Saturday nights. Additionally, NBC's Peacock will stream live games on Tuesdays, with NBC primarily airing games on Mondays.

Due to the addition of a new partner, ESPN is anticipated to broadcast fewer regular season games than its previous media rights deal with the league. During the NFL season, ESPN will broadcast regular season games on Wednesdays, Saturdays (on ABC), and Sundays.

ESPN will retain the valuable coverage of the NBA Finals as part of the 11-year deal, along with one Conference Finals. The other Conference Finals will be shared between NBC and Amazon on a game-to-game basis.

This monumental $76 billion (€69.7 billion) deal comes after ESPN agreed to pay $2.6 billion (€2.3 billion) annually, with NBC contributing $2.5 billion (€2.2 billion) and Amazon allocating $1.8 billion (€1.6 billion). As part of the new agreement, Amazon will exclusively hold the rights to the NBA's latest competition, the NBA In-Season Tournament.

The finalised deal spells the end of TNT's broadcasting of NBA games. The network had partnered with the league since 1989 and played a pivotal role in creating impactful shows like "Inside the NBA," featuring Hall of Famer Charles Barkley, who recently retired from the industry.

Stay in the loop with the latest updates and news for the upcoming SiGMA East Europe Summit powered by Soft2Bet. The summit will take place in Budapest from 2-4 September.

Manuel “Manny” Villar Jr., the richest man in the Philippines and a former Senator, is set to enter the gaming industry with the launch of his first casino resort in mid-2025. This initiative is part of a substantial $1 billion (€917 million) investment plan. According to a recent interview with local media The STAR, Villar confirmed that construction is progressing as scheduled, with the casino located in the revamped Vista Mall Global South along the C5 Extension in Las Piñas.   

The casino resort plan was finalised in August 2023 when the business tycoon sealed a partnership with a Korean group, which Villar declined to name. The new casino will be situated near the Brittany Hotel Global South, formerly known as the Mella Hotel Manila, also owned by the Villar Group. This proximity is expected to streamline the opening of the integrated resort. Villar mentioned that the structure is largely complete, and the plan is to convert the mall into a casino, aiming for a launch in the latter part of next year.  

In April, real estate mogul Villar emerged as the only Filipino in Forbes Magazine’s top 200 billionaires in 2024. Forbes ranked Villar at 190th in this year’s list, up from 232nd in 2023, as his wealth grew 28 percent to $11 billion (€10.08 billion). His political debut happened in 1992 when he won a seat in the House of Representatives, and he later run and win three terms in the Philippine Senate. 

While specific details like the casino's name, and the number of gaming tables and rooms are still being decided, Villar is confident about the project's potential. He indicated that the basic framework is ready, although the exact configuration of the gaming facilities remains to be finalised.  

Addressing potential competition from the established Entertainment City in Parañaque, Villar emphasised the strategic advantage of his casino's location. He noted that the new casino would be closer to Ninoy Aquino International Airport Terminal 1, the main international airport serving Metro Manila, providing easier access for visiting players, particularly those involved in casino junkets.   

Beyond the initial casino, Villar also talked about plans for a second property within Villar City, a vast 3,500-hectare mixed-use development that spans 15 towns and cities in Metro Manila and Cavite. Villar City is envisioned as a comprehensive urban hub, featuring an amusement park, an arena capable of hosting international concerts, schools, cultural centres, museums, hospitals, universities, churches, and nature parks.   

To enhance access to Villar City, the Villar Group, through Prime Asset Ventures Inc. (PAVI), recently acquired the four-kilometer Muntinlupa-Cavite Expressway (MCX). This acquisition, along with other major thoroughfares like Daang Hari, is expected to significantly improve connectivity to the development.  

The Villar Group secured its casino licence in 2018 just before then President Rodrigo Duterte issued a moratorium on new casino licences to prevent an oversupply. In 2021, Duterte lifted the moratorium, enabling the group to move forward with its casino projects.  

Villar’s entry into the gaming industry represents a significant diversification of his business portfolio. His ambitious vision for Villar City and the casino resorts is set to transform the area, potentially attracting both local and international visitors. As he steps into the gaming sector, Villar's strategic planning and substantial investment underscore his commitment to creating a major new hub for entertainment and leisure in the Philippines.  

Upcoming SiGMA event: Click here to find out all about SiGMA East Europe powered by Soft2Bet happening in Budapest, September 2024.

Boasting more than 30 years of experience in global gaming technologies, SiGMA News put the spotlight on Joe Pisano, Founder and CEO of Jade Entertainment and Gaming Technologies. Pisano shared his insights on the development of the gaming sector in Asia highlighting the Philippines, current trends and innovations, and the outlook for the industry. 

Asia has seen remarkable growth and diversification in the gaming industry over the past few decades. According to the data from Asian Gaming Market Reports of Niko Partners, a market research and consulting firm, the region is the most important for gaming in the world, representing a major opportunity for game developers and publishers, hardware and device makers, infrastructure providers, and investors. The report added that high consumer demand for games, esports, tournaments, and streaming, coupled with growing disposable income, improvements in infrastructure, and investment by multinational companies and country governments have set the stage for strong continued growth. 

According to Pisano, the most significant development in Asian gaming has been in the Philippines. He explained, "If we go back 30 years, there were only really three casinos in all of Asia — Lisboa, Genting, and some of the early PAGCOR (Philippine and Amusement Gaming Corporation) casinos here in the Philippines." Since then, Pisano said the industry has expanded dramatically. 

"In Manila, we've seen the rise of integrated resorts (IRs)," Pisano noted. "We've witnessed growth in Macau and Singapore. The Philippines, however, boasts the most diverse gaming market in Asia, with online gaming, remote slots, integrated resorts, VIP clubs, and specialty games spread across the country." 

When asked about current trends and innovations in the gaming sector, Pisano highlighted several key areas. "Anti-money laundering (AML) is going to take a very important role in the Philippines. We need to get out of the AML grey list to drive the industry further," he emphasised. 

Pisano also pointed out the shift towards cashless gaming, which enhances AML and Know Your Customer (KYC) processes. Additionally, he mentioned the rise of micro gaming, opinion betting, and the streaming of live slot machines. "We see some hubs here in the Philippines, and they appear to be very successful now," he added. 

Another critical issue Pisano highlighted is the need to eliminate illegal gambling because it "affects the country and the community, and we need to get rid of it," he asserted. 

Founded in 2009, Jade Entertainment and Gaming Technologies has experienced significant growth and evolution. Reflecting on the company's achievements, Pisano stated, "The biggest achievement has been the ability to employ people. Even though it's been 15 years, I feel we're still in startup mode because we're always evolving." 

Jade Entertainment and Gaming Technologies started as a land-based distributor and has since expanded into digital gaming, including sports betting and Random Number Generator (RNG) games. The company has also ventured into new markets, such as Sri Lanka, where it now operates fantasy cricket and a licenced sportsbook. "We've just been awarded a facility to be a slot machine remote hub by the Board of Investment of Sri Lanka," Pisano revealed. Moreover, Jade describes itself as a ‘one stop shop’ for Asian casino operators seeking the latest-generation gaming-floor products and services. 

In an update to SiGMA News, Pisano shared that Jade Sportsbest will be reactivated on July 22. The development comes after a brief pause which began in May when the company notified its customers that Jade Sportsbet was undergoing “system maintenance” and that player transactions were temporarily unavailable. Jade is one of 22 PAGCOR-listed companies that are licenced to operate sports betting in the Philippines. 

Addressing the temporary pause in operations of Jade Sportsbet, Pisano explained, "We were one of the early licensees. When we started, we had a security bond of PHP15 million (€2361,56). We need to update that to 25 million (€393,594), and now we're in the process of raising the other PHP10 million (€157,437) to update it. We should be back online very soon." 

Looking ahead, Pisano is optimistic about the future of gaming in Asia. He predicts significant growth in the Philippines, expecting it to become the second-largest market in Asia by mid-next year. "The current PAGCOR administration is very open, and it's been through PAGCOR's support that the industry has thrived over the past two years," he remarked. 

Pisano also sees potential in the Sri Lankan market, which he believes will grow tremendously in the coming years. "Sri Lanka is similar to Macau, being next to a very large population," he explained. 

SiGMA events have played a significant role in promoting the gaming industry in the Philippines. Pisano praised SiGMA's contributions, noting, "SiGMA has embraced the Philippines and helped the economy by hosting the event [SIGMA Asia] here." 

Pisano said that as the industry continues to evolve, platforms like SiGMA provide valuable opportunities for networking, innovation, and growth, ensuring that the gaming sector in Asia remains vibrant and competitive. 

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Summit Ascent Holdings Limited has reinforced its board by appointing Chang Heng Kit as a non-executive director, effective 10 July.

Mr. Chang brings over 13 years of experience in the gaming industry, which he has obtained from his previous roles across various Asian companies. He was the General Manager of a travel agency in Vietnam and served as the Director of Guest Services and Relations Development for a leading gaming promoter in Macau from 2011 to 2021. His extensive background and expertise in the gaming sector will be invaluable as Summit Ascent navigates its current challenges.

As Summit Ascent welcomes Mr. Chang to its board, the company plans to utilise his industry expertise to contribute to its strategic direction. Mr. Chang's deep understanding of gaming operations and regulatory environments in Asia is expected to be invaluable as Summit Ascent charts its course through these turbulent times. His appointment is part of a broader strategy to strengthen the board with seasoned professionals capable of guiding the company through its next development phase.

LET Group Holdings Ltd., the parent company of Summit Ascent Holdings, has further solidified its position in the Philippine gaming industry with a substantial $17 million (€15.5 million) loan to one of its subsidiaries, Suntrust Resort Holdings Inc. This latest financial injection will fuel the development of the highly anticipated Westside City Hotel, a $1 billion (€917.7 million) integrated resort project set to open its doors in Parañaque City by the first quarter of 2025.

The decision to provide additional funding shows LET Group's unwavering confidence in the Philippine gaming market and its belief in the long-term potential of the Westside City project. With this new capital, Suntrust can accelerate construction and bring the integrated resort to completion. This will no doubt further enhance Manila's Entertainment City.

The Westside City Hotel is expected to become a major tourist attraction and gaming destination, contributing significantly to the Philippine economy and generating employment opportunities for the locals.

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GambleAware, a leading charity for ambling harms prevention and treatment services in Great Britain, has appointed Professor Sian Griffiths CBE as its new Chair of Trustees.

The new appointment of Professor Griffiths comes with the transition of Baroness Lampard to another role. Baroness Lampard will now lead the Lampard Inquiry, a crucial investigation into mental health inpatient deaths in Essex.

Professor Griffiths CBE brings a wealth of experience and public health insight to the role. She served as the Deputy Chair of trustees at GambleAware and as Chair of the charity’s Performance and Delivery Committee for several years. Her background includes being President of the UK Faculty of Public Health, serving as an Associate Non-executive Director of Public Health England, chairing the Public Health England Global Health Committee, and currently being a non-executive director for Public Health Wales.

Professor Griffiths CBE stated, “I am delighted to accept this appointment and to continue working with GambleAware to ensure gambling harms are viewed as a serious public health issue.”

Upon her appointment, Professor Griffiths expressed her commitment to addressing gambling harms as a significant public health issue. She highlighted the importance of implementing a public health approach that acknowledges the broader societal influences and prioritises early intervention and prevention efforts. Additionally, she underscored the necessity of GambleAware’s independence from the industry in all aspects of the charity’s work.

During her tenure as Chair, Baroness Lampard led the charity’s transition to an entirely independent Board of Trustees. She advocated for a statutory levy on the gambling industry to replace the voluntary funding system. The UK government’s commitment to implementing a new statutory funding model, as outlined in its 2023 Gambling White Paper, has validated her advocacy.

Baroness Lampard conveyed her satisfaction with her successor, stating, “I am pleased to be succeeded by Sian and to be leaving the charity in such safe hands.”

She will conclude her term on 18 July, after which Professor Griffiths will immediately assume her role as Chair of Trustees.

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British investor Amanda Staveley will sell her stake in Newcastle United to the Public Investment Fund (PIF) of Saudi Arabia and the Reuben Brothers. This move will further consolidate the control of the top shareholders over the Premier League club.

Amanda Staveley has been a key figure in Newcastle United’s recent history. She played a pivotal role in the club’s acquisition from Mike Ashley in 2021. Her firm, PCP Capital Partners, held a minority shareholding in the club. However, it was announced on Friday that PIF and RB Sports & Media, owned by the British businessmen Reuben Brothers, would acquire these shares.

The acquisition is part of PIF’s long-term strategy to develop Newcastle United into a formidable competitor in both domestic and European competitions. Post-acquisition, PIF will hold approximately 85 of the club, with the Reuben Brothers owning the remaining 15 percent.

Staveley’s exit marks a significant moment for the club. Despite PIF leading the £305 million takeover of Newcastle in October 2021, Staveley was instrumental in facilitating the deal. She emerged as the face of the ownership group, and her departure shifts the day-to-day running of the club to Darren Eales, who took over as chief executive in July 2022.

Staveley and her husband, Mehrdad Ghodoussi, (photo above), were featured in an Amazon series about Newcastle, where they appeared alongside PIF governor Yasir Al-Rumayyan. Staveley’s PCP vehicle owned roughly 6 percent of the club. Despite her departure, sources close to Staveley suggest that she is likely to remain involved in football.

Staveley’s exit comes amidst a costly legal dispute with Greek shipping magnate Victor Restis. In March, she faced a bill of £3.5 million after losing a UK court case.

Al-Rumayyan, the chair of Newcastle, expressed his best wishes to the departing shareholders as they shift their focus to other business interests. He reaffirmed the ownership group’s commitment to building on the existing foundations for the long-term, sustainable success of the team.

PIF, with $925 billion in assets under management, has invested billions of dollars in sports businesses worldwide, from golf to motor racing. However, Newcastle United remains the fund’s only asset in European football. The regulatory environment for clubs has become stricter since the acquisitions of Chelsea by Russian billionaire Roman Abramovich in 2003 and Manchester City by Sheikh Mansour, a member of Abu Dhabi’s ruling family, in 2008. Clubs are now limited to £105 million of losses over three seasons, with exceptions for investment in infrastructure and other areas.

Following PIF’s acquisition of Newcastle, Premier League owners voted to tighten rules on sponsorship deals with related parties. This move was designed to prevent PIF-backed companies from funnelling money into the club. However, Newcastle has signed sponsorships with its Sela events organiser and Noon online retailer, and has flown to Saudi Arabia for training camps, thereby boosting the club’s finances.

On the pitch, Newcastle United has enjoyed quick success after the takeover, qualifying for the UEFA Champions League at the end of the 2022-23 season. The club’s revenue increased nearly 40 percent to £250 million that season.

In her parting statement, Staveley expressed gratitude for having played a part in setting up the club for future success. She affirmed that she and her husband would remain lifelong fans of the club. This development marks a new chapter in the history of Newcastle United, with the promise of exciting times ahead.

While the sale marks the end of an era with Staveley’s departure, it also heralds the beginning of a new chapter in Newcastle United’s history. The club is poised for growth and success, backed by the financial strength of its new owners and the strategic vision of its management. However, it will also need to navigate the challenges of a stricter regulatory environment and the expectations of its passionate fanbase. Only time will tell how these changes will shape the club’s future.

SiGMA East Europe Summit powered by Soft2Bet will take place in Budapest from 2-4 September.