Company founders now account for only 20%

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.
2017-08-14
Reading time 42 seg
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.

As 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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