|Betfair, the online betting exchange, is rumoured to be investigating a £700m stock-market float that could spell huge windfalls for its co-founders and shareholders.|
According to a report published in the Sunday Times on March 27, 2005, Betfair’s two co-founders, Andrew Black, an ex-City trader, and Edward Wray, an ex-investment banker, stand to claim fortunes of more than £100m.
Rumours grew as the company appointed NM Rothschild, the investment bank, to advise on its strategic options, which will include advice on flotation, sale and refinancing. The Times report states that a float is the favoured option at this time.
In a further apparent move towards flotation, the Betfair board, chaired by former BP and Railtrack boss Sir Robert Horton, have also appointed Yahoo! executive Fru Hazlitt as a non-executive director.
If the float goes ahead, several hundred thousand pounds will be shared out amongst a series of individual Betfair investors, including Josh Hannah and Vince Monical, whose Flutter.com business was bought out by Betfair in 2001.