Bwin new investor criticizes board

“Be it through personnel decisions which do not appear to take into account the needs of the business or compensation decisions which we don’t believe have been aligned with the success (or lack thereof) of the shareholders, it is unfortunate that this Board has overseen a path which has seen the shareholders bearing the economic burdens of their mistakes,” Spring Owl said in a statement to the press.

“We look forward to meeting with Mr. Yea to understand his views on an appropriate path forward and how to pursue an appropriately composed board for the challenges faced by Bwin,” the statement added.

The response from bwin.party came: “We have had several conversations with Jason, welcome his investment and look forward to holding more in-depth dialogue. We continue to urge him to use his right to nominate his representative to the Board as soon as possible so that we can take him through the full details of our plans.”

The boss of Spring owl believes that possibly breaking up the online gambling giant would be more profitable, and he also has brought into question the recent appointment of new Chairman Phillip Yea. He has called on CEO Norbert Teufelberger to replace the current senior management team with what he calls “a more competent team of managers”.