Victor Chandler International is changing hands as part of a £70 million deal with leisure group Enic Plc. A crimp in the due diligence efforts, however, has held up the deal, according to The Telegraph.
It's been rumored that consulting firm Arthur Anderson may have needed to rewrite up to three years worth of accounts after struggling to clarify the details the bookmaker's accounts.
The other major sticking point--the concern involving legalities involved with taking wagers from American bettors--has been eliminated. Enic has been apprehensive because VCI's Antigua-based business accepts bets from customers in the United States. Enic has a number of U.S.-based businesses, potentially landing the group in hot water should it accept bets from Americans. A patchwork of gambling laws among the 50 American states leaves many companies hesitant to have anything to do with Internet gambling, especially after watching the battle fought between American Wagering and the Nevada Gaming Control Board. American Wagering was forced to sell off its Australian-licensed MegaSports online bookmaking service after investigators managed to slip through the site's border control efforts.
To solve the hang-up, Victor Chandler himself has agreed to purchase the Antigua-based business. That deal is believed to be worth £15 million.