International edition
September 26, 2020

Spain

Victoria reorganizes before the inminent departure of William Hill

(Spain).- The Spanish sportsbook venue of Codere and William Hill has reduced to a half its administration council due to the inminent leaving of the UK firm of the joint venture. Each partner has lost two seats in the direction organ, that now has four members. Codere still values the sale of the 50% to its partner or to a third party.

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t was born as the star business, but just one year later, it has entered in a restructuration phase. Victoria –the joint venture in the sportsbooks sector of Codere and UK William Hill, has just reorganized its leadership. It has reduced the number of members of its administration council from eight to four.

The remodellation of the management organ has to do with the decisión of the British firm to abandon the business in Spain. Sources of Codere and William Hill assure that it has been a mutual agreement to facilitate the progressive departure of the British firm, that aims to focus in online gaming, which is much more profitable due to its less tax charge.

This way, it has left the management of Codere Apuestas (Victoria is just the commercial brand) to two Codere representatives: Jessica Ordovas and Ussia and Jaime Estalella; and two from William Hill, Julian Graham Rack and Simon Lane.

So far, the departure of William Hill is still just a statement of intent, because there are still no concrete plans. Two alternatives are being considered: that Codere should buy the 50% of the capital belonging to the UK sportsbook or that this participation should be sold to a third party. However, there are no dates planned for the change of shareholders. The sportsbooks business is a bit more than a year old. Victoria was the pioneer in inaugurating a center of this kind by mid 2008 in Madrid. Just to autonomous communities, Madrid and the Basque Country, have legislated this activity.  el País Vasco, han legislado esta actividad.

An autonomous regulation that, at first, was expected to be more active. While expecting the results of the second quarter of the year, Victoria did not achieve the profitability in the three first months of 2009. During that period, Codere venue increased the expenses reaching a million euros, while income just achieved 0.8 million.

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