Football Index goes into administration

Finance News

Football Index has entered administration and been suspended after a market crash at the weekend sparked fury and disgust from investors.

In a statement, the company said, the board has “consulted with external legal and financial advisors, and the UK and Jersey Gambling Commissions. The decision has been made to suspend the platform”.

The statement acknowledged that the dividend changes have “not been well received” and so the company is pursuing a “restructuring”.

As part of this process, the site’s trading platform will be suspended and no trading, deposits or withdrawals will be possible.

The statement added: “We are pursuing a restructuring arrangement to be agreed with our stakeholders including, most importantly, our community. We are preparing this through an administration with insolvency practitioners Begbies Traynor, to seek the best outcome for customers with the goal of continuing the platform in a restructured form.

The UK Gambling Commission said: It has decided to suspend the operating licence of BetIndex Limited (t/a Football Index) pursuant to section 118(2) of the Gambling Act 2005.

The suspension follows an ongoing section 116 review into the operator, as we had concerns activities may have been carried on in purported reliance on the licence, but not in accordance with a condition of the licence, and that Football Index may not be suitable to carry on with licensed activities.

We have made it clear to the operator that as the investigation progresses, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them. As part of our review we continue to work closely with colleagues from the Jersey Gambling Commission.

The Gambling Commission will not comment any further whilst this investigation is ongoing.

Administrators Begbies Traynor have now been appointed with Football Index claiming there is a hope that the site will be able to continue in a ‘restructured format’.

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