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September 19, 2020

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FanDuel board restructures after failed merger deal

FanDuel board restructures after failed merger deal
DFS operator co-founder Lesley Eccles and Tom Griffiths, its chief product officer, have resigned their board positions along with representatives of investors Pentech and NBC Sports Group.
United States | 08/14/2017

DFS operator co-founder Lesley Eccles and Tom Griffiths, its chief product officer, have resigned their board positions along with representatives of investors Pentech and NBC Sports Group.

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s the result of the restructuring plan, FanDuel's board has been cut from ten members to five after the operator was forced to hand a larger chunk of equity to its backers when its planned merger with rival DraftKings fell apart last month.

Along FanDuel co-founders Lesley Eccles and Tom Griffiths, investors Pentech and NBC Sports Group has also resigned to their positions.

While Alan Resnikoff of Shamrock, which led a $70 million funding round for FanDuel in 2014, has also resigned, his colleague Michael LaSalle remains on the board. Ted Oberwager of KKR, which led the company’s $275m funding round two years ago, has also kept his board seat as has FanDuel chief executive and co-founder Nigel Eccles.

The other two places have been retained by representatives of early investors Piton Capital and Comcast Ventures, which respectively led a $4m round in 2011 and $11m round in 2013.

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