An investor sued architects of the blank-check merger between online gambling company Super Group and a shell entity, claiming they duped shareholders into approving a lousy deal that made insiders rich, Bloomberg reports.
The lawsuit targets the finance and sports industry veterans—including former senior executives at Goldman Sachs & Co. and the NFL — who sponsored Sports Entertainment Acquisition, the SPAC that combined with Super Group to take it public. Super Group operates the digital sports betting platform Betway and Spin, an online casino.
Approved by the SPAC’s shareholders in January 2022, the transaction was expected to generate approximately $202.4 million — less than half the amount originally anticipated when the deal was announced last year. Redemptions hit 55% of shres outstadning ahead of the merger vote. Read more.
