Stan James buying BetDirect from 32Red
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32Red officially reported its previously delayed 6-month interim results and announced the contract to sell BetDirect to online bookmaker Stan James last week. Though industry rumor was that BetDirect was currently valued at 6 million pounds after being bought for 12.5 million only a year and a half ago, the sale is going through for a reported 5.75 million.
“Unconditional” completion of the sale will take place December 10, 2007, when Stan James will pay £4,675,000, with the final £500,000 following in June 2008. A £575,000 deposit was placed with the contracts were exchanged October 30.
32Red plans to follow up on the sale with a renewed dedication to their core offerings.
