Flutter Entertainment has said the  proposed IPO of FanDuel will be delayed due to the departure of Matt King.

Matt King has resigned as chief executive officer of FanDuel. King, in post for the past four years, will remain while a search is made for his successor.

“As previously announced, the Flutter board has been assessing the potential merits of listing a small stake in FanDuel in the US. Whilst Matt’s departure will affect the timing of any potential US listing, the board will continue to keep this option under review,” Flutter said.

King helped transform FanDuel from a “online daily fantasy sports operator to the market leader in US online sports betting and gaming”, the company said.

“While we will be sorry to see him leave, he leaves the business in great shape,” Flutter CEO Peter Jackson. “We are starting the process of looking for a new CEO for FanDuel, and we remain focused on maintaining our leadership position in the US market.”