BUSINESS

Done left red faced; 888 looking at revolt; Paddy execs back the mums

TAGs: 888 Holdings, Betfred, Breon Corcoran, Fred Done, Ireland, Manchester City, Manchester United, Paddy Power, Premier League

betfred 888 paddy powerBetfred head honcho Fred Done will be ruing the decision to place his trust in Sir Alex Ferguson as the Premier League’s best ever manager again cost the bookie big – again. Done decided to pay out on a title win for the Red Devils back in April – the second time that he’s pulled off such an act. Like last time the substantial lead, this time eight points, was overhauled and the trophy ended up in a very different place to Old Trafford. We reached out to Betfred earlier today and, through tears, Done told CalvinAyre.com: “I can’t remember an afternoon like that and the blood pressure would not cope with another. I’m gutted but fair play to City they have been the best team over 38 games.”

The original stunt had cost Fred £500,000 with yesterday’s pay out on City taking in another £300,000 and he revealed that “the wife is not speaking to me”, before admitting: “No sour grapes from me though and I’ll be sending a case of champagne to both Roberto Mancini and Brian Kidd. Well done fellas.”

The decision to pay out on United could yet be a marketing masterstroke with punters likely to fancy their chances taking on Betfred in future. It will be scant consolation to the firm with red in the name and along with the rest of Salford and large swathes of the South East, he’ll be feeling a very different shade of blue this morning.

Worldwide gaming group 888 Holdings could be the next to feel the heat of the “shareholder spring” after the highest possible alert was issued. Bloomberg reports the British Association of Insurers (BAI) issued a “red top” alert ahead of the company’s annual shareholder meeting in two days time. It relates to former CEO Gigi Levy’s $500,000 bonus and $833,000 paid to CFO Aviad Kobrine after he helped lift the share price over the past year. William Hill chief Ralph Topping narrowly avoided a shareholder revolt linked to significant bonus that he was awarded just last week and it reflects the general mood of unrest in the market.

Paddy Power executives are heading up a group of investors backing the “mumtrepreneur” sisters. The Irish Independent report that founder Stewart Kenny along with Betfair boss Breon Corcoran and former chief executive John O’Reilly have all bought 3 per cent stakes in Clevamama – a baby products firm run by Suzanne Browne and Martina Delaney.

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