The cofounders of FanDuel are stepping up their efforts to recoup lost equity from the company’s 2018 acquisition by European bookmaker Paddy Power Betfair, which later rebranded to Flutter Entertainment.
In an amended complaint filed in New York state, cofounders Nigel Eccles, Lesley Eccles, Thomas Griffiths, Robat Jones, and Chris Stafford—along with dozens of early investors and employees—claim that board members controlled by private equity investors KKR and Shamrock “secured for themselves and other preferred shareholders 100% of FanDuel’s equity in the new merged company along with the massive return it represented.”
The 2018 sale of 61% of the company to Paddy Power valued FanDuel’s stake in the merged company at $559 million.
