Believe me when I tell you, the Billionaire, co founder of PartyGaming’s situation is no laughing matter. Although, with all due respect, his name may have its own curious implications to the contrary. It has been announced that Anurag Dikshit will be selling off his stake in the company. And, a rather substantial stake it is too. Around two thirds. That’s 28%, or 75million shares, to be a tad more specific. Even so, Dikshit will still hold a 39million shares. Comparatively, his stake will be far more discreet, standing at just 9.5%. Although, at the moment, he will still be the company’s second biggest share holder. However, further reports in EGR magazine have indicated that those shares would also be sold off, in due course. Shimon Cohen, Mr Dikshit’s spokesman, stating, “When the time is right, his remaining shares will be sold as well”.
The American magazine, “Forbes” estimates that Dikshit is worth a Billion dollars. According to Cohen, he is selling the shares to fund his charitable organisation, known as the “Kusuma Trust”. A charitable foundation, which Dikshit has been involved with for many years. The trust is based in South Asia, and focuses on various charitable work in the region. It was Dikshit’s spokesman that indicated he would, ultimately, be selling all his current shares in Partygaming. During an interview with eGaming. Anurag Dikshit was fined $300m by the US federal government, for breaking US, internet, gambling. Reforms put in place, in 2006, meant PartyGaming should not offer membership to players resident in the US.
Dikshit has since paid the fine, and awaits sentencing, due in December this year. It is not expected that he will face a prison sentence. Apparently, that has been secured via a plea bargain with prosecutors. Cohen also confirmed, the cash from the shares would be donated to the “Kusuma Trust”. According to Cohen, there will “be another announcement related to the sale of the rest of the shares”, although he is unwilling to “say when.” How much the shares sell for? Well, that is yet to be seen. However, the first ‘phase’ of sale is estimated to raise around £200million.
PartyGaming are a forerunner, within the online world of the UK gaming industry. This year, they secured second place in the eGaming “Power 50” review. Quite an achievement. For sure, it’s been all roses in the garden of PartyGaming of late. Especially since their acquirement of the Cashcade portfolio. It will be interesting to see how things pan out, for Dikshit and PartyGaming.
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