Ruth Parasol and Russ de Leon, two of the four historic founders of PartyPoker before it became part of the bwin party entity in 2011, have decided to sell the remaining 7.16% shareholding they hold in bwin party as the company applies for an igaming licence in New Jersey.
The news of their intention to sell comes as the couple divorce and is part of their wish to not be subjected to the licensing conditions in New Jersey, where gaming regulators require substantial shareholders to submit individual licence applications, which both de Leon and Parasol don’t wish to do for privacy reasons.
bwin party submitted its licence application to operate igaming products in the Garden State in July in partnership with the Borgata Casino, which is owned by MGM and Boyd Gaming, bwin party’s US partners signed in 2011.
Parasol and de Leon’s stake is worth £140m and will be sold “in one transaction or a series of transactions, over the 24 month period commencing on the date that the first online wagers are allowed to be taken in New Jersey under the new regulations” the company said in a statement.
