Entain confirms Ricky Sandler’s exit from board
The move comes as stakeholder Eminence Capital closes down.
UK.- Entain has announced that Ricky Sandler, the founder of investor Eminence Capital, has stepped down from his role as a non-executive director as his fund prepares to close down. Eminence is Entain’s third-largest shareholder, holding roughly 6.5 per cent of stock in FTSE-listed gambling operator. However, Eminence intends to close and return at least 75 per cent of funds to investors by mid-June.
Sandler joined Entain’s board in early 2024 and sometimes came into conflict with leadership. He criticised the operator’s acquisition of STS Group in Poland but had a constructive relationship with Chairman Pierre Bouchut and CEO Stella David.
Commenting on Sandler’s departure, Bouchut said: “On behalf of the board, I thank Ricky for his support over the past two years. Thanks to his contributions the company is in a stronger position and is well equipped to capitalise on the many opportunities in the global sports betting and gaming market.”
For Sandler’s part, he reaffirmed his confidence in Entain saying: “It has been a pleasure to have served on the Entain board for the last two years. During that time, Entain has seen significant operational transformation, and the business is well positioned to deliver continuing strong growth. I have the utmost confidence in Entain’s management and board to deliver enhanced shareholder value. Entain shares are held in accounts and funds managed by Eminence Capital, which will be liquidated in an orderly manner, without any pre-determined time constraints, with the intention of maximising value realisation.”
Eminence also held positions in DraftKings and Flutter Entertainment, though Sandler did not serve on the boards of those companies. Entain retains its place towards the bottom of the FTSE 100, but its share price has been under pressure over the past year. Group-wide revenue rose 3 per cent in Q1, but the company now faces the challenge of last month’s increase in Remote Gaming Duty in the UK.
Eminence has been running for 27 years. It cited weaker fund performance, the cost of retaining talent, and infrastructure demands as the reason for closure.
