Speculation links Honeysuckle owner Kenny Alexander to top job at 888 Holdings

Kenny Alexander has been tipped to make a return to the gambling industry spotlight as speculation continues about the investment group which has acquired a stake in William Hill owner 888.

It was revealed last week that Alexander, the former chief executive of GVC Holdings and prominent racehorse owner, was among a group of gambling industry heavyweights who had built up a 6.57 per cent stake in 888 through a vehicle called FS Gaming Investments.

Other industry figures involved in FS Gaming include former GVC chairman Lee Feldman, Shay Segev, who was Alexander's successor at what became Entain and is now chief executive of sports streaming service DAZN, and Stephen Morana, a former Entain board member and chief financial officer of Betfair.

888 has endured a difficult period since acquiring William Hill last summer, with long-standing chief executive Itai Pazner leaving the company abruptly in January. Chief financial officer Yariv Dafna was also due to step down from his position at the end of March, but has agreed to stay on until the end of 2023.

Lord Mendelsohn has taken on the role of executive chairman while the search for a successor to Pazner is carried out.

On Monday industry newsletter Earnings+More reported that FS Gaming was pushing to have Alexander appointed as 888's chief executive, with Morana becoming chief financial officer. Earnings+More claimed the move would be independent of any appointment of a new chief executive by the 888 board.

It has been reported that FS Gaming regard 888's stock as being undervalued following the recent events which have buffeted the group, including a record £19.2 million penalty for William Hill from the Gambling Commission over social responsibility and anti-money laundering failures. 888's share price had also been under pressure due to concerns about the debt it had taken on to buy Hills.

Asked about the latest speculation, a spokesperson for FS Gaming said of 888: "We think it is a really good business with great people and great assets and is hugely undervalued. We will see what we can do to help."

Alexander, best known in racing for his ownership of dual Champion Hurdle winner Honeysuckle, was chief executive of GVC for 13 years, building it into one of the giants of the gambling industry through deals including the acquisition of Ladbrokes Coral. He left the company in 2020, shortly before it was announced that HM Revenue & Customs (HMRC) had widened an investigation into GVC's former online gambling operation in Turkey.

David Brohan, gaming and leisure analyst at stockbroker Goodbody, said the potential appointments at 888 would be well received. He added in a note: "The one concern we would have with regards to Mr Alexander’s possible appointment would be whether there are any possible risks from the ongoing HMRC Turkish investigation that could impact him personally. However, there is no doubting the wealth of experience that both appointments would bring to 888."

888's share price rose sharply last week on the news of FS Gaming's involvement and was up again by 4.10p to close at 106.70p on Monday.

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