Former CEO Nigel Eccles, alongside three other founders of FanDuel, have filed a lawsuit against Paddy Power Betfair, regarding its acquisition of the fantasy sports business in July and the fact they did not make a dime from the deal.
Under the agreement, Paddy Power Betfair contributed its existing U.S. assets worth $612m along with $158m of cash to take a 61 percent stake in the combined business, with FanDuel investors owning 39 percent.
The London-based bookmaker can increase its ownership to 80 percent after three years and 100 percent after five years via call and put options at the prevailing market valuations.
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