An arbitration claim has been filed by Fox Corporation over the value of its stake in FanDuel.
Around 95% of the stakes in FanDuel is being held by Flutter Entertainment. Out of this percent, a 37.2% stake was bought by Flutter from Fastball Holdings last year.
To this end, Fox had facilitated the deal and had bought Flutter’s shares. After this, Fox was given a deal by Flutter to to acquire 18.6% of shares.
The price for said shares was $11.2bn, which Flutter now claims has changed. And, this is the main dispute between the corporations.
Fox believes that it is not fair market value price.
In a statement to CNBC, a Fox spokesperson said: “Fox Corporation has filed suit against Flutter to enforce its rights to acquire an 18.6% ownership interest in FanDuel Group for the same price that Flutter paid for that interest in December 2020”, as reported by Gambling Insider.