Football Index, the online gambling platform, has gone into receivership with the appointment of administrators from Begbies Traynor
Richard Toone, Adrian Hyde and Adrian Rabet from Begbies Traynor LLP have been appointed joint administrators of BetIndex Ltd, which trades as Football Index in the UK following a High Court order.
Football Index was a UK-licensed and regulated gambling product that allowed customers to gamble on both the future success of football players and when it went bust players were estimated to have up to £58m in plays at stake.
The firm came in for criticism as it was set up as more of an investment platform than a straight gambling site, although it had limited oversight from the Financial Conduct Authority.
Adrian Hyde, partner at Begbies Traynor said: ‘This appointment will mean progress can be made for the player community and the business as until now the BetIndex Ltd board has been unable to move forward after its initial application to the court in Jersey.
‘However, this is still a complex situation spanning the UK, Jersey and Gibraltar. As such we and the board will continue to work closely with all relevant authorities, including the Gambling Commissions in the UK and Jersey on this.
‘We believe we are now in a position from which we can progress restructuring proposals to achieve the best outcome for the player community and the business.
‘This is a complex and fast-moving situation, and we will endeavour to provide updates to the player community on an ongoing basis when appropriate.’
The Begbies Traynor team was advised by a legal team at Bird & Bird LLP led by partner Joss Hargrave.
Joss Hargrave at Bird & Bird said: ‘This was a highly challenging administration application involving UK and Jersey proceedings and Gibraltar and Isle of Man issues. Following the granting of the administration order, urgent work will be undertaken in relation to customer monies held in trust and to restructure the business.’