FOX files lawsuit against Flutter to enforce right to acquire 18.6% interest in FanDuel
"Fox Corporation has filed suit against Flutter to enforce its rights to acquire an 18.6% ownership interest in FanDuel Group—an American sports betting brand—for the same price that Flutter paid for that interest in December 2020. The suit was filed as an arbitration before JAMS in New York, NY by consent of the parties," said the company on Tuesday.
Fox wants to pay the same price for the stake in FanDuel as Flutter had paid in December, while the latter has argued that Fox must pay a “fair market value” to exercise the option in July, CNBC reported.
But Flutter says Fox's legal filing “is without merit” and so it will “vigorously defend its position” in the arbitration process.
The price of Fox’s option could be determined by an initial public offering (IPO) for FanDuel, which the company said last month it is considering.
Paddy Power Betfair’s owner Flutter, which merged its U.S. business with FanDuel in 2018, had raised its FanDuel holding to 95% in December in a $4.18 billion deal.
Flutter had enlisted Fox’s help to get the deal through, giving it the option to buy 18.6% of FanDuel in July this year.
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