Joint administrators for the betting exchange, which collapsed last November, confirmed creditors will “not get anything” of the £1.8 million owed to them.
Unsecured creditors include founder Kevin Griffiths, who loaned £1.1 million to the company, banks, which will lose the £285,000 owed to them, inland revenue and customs & excise, which will have to write off £280,000, trade and expense creditors including landlords and computer-servicing firms, which will lose a further £100,000, and employees, which will lose £90,000 owed in redundancy pay.
Former Sporting Options customers were bailed out by Betfair which stepped in with a rescue package to maintain confidence in the betting exchange model.
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