Hello and welcome to the SBC News 90, here’s today’s top stories:
The Guardian has reported that the Department for Digital, Culture, Media & Sport will officially launch its review of the ‘2005 Gambling Act’ next week.
DCMS will publish its ‘terms of reference’ for the review, which will present key criteria that will be addressed, with submitted proposals referencing a ban on betting sponsorships and online casino stake limits that mirror the government’s 2019 FOBTs 2 pound reductions.
The Select Committee report urged the government to fix ‘system failures’ across the UK business’ landscape encompassing banking, loans and personal finance that had heightened the criminal effects of problem gambling.
Kindred Group has informed investors that corporate advisor Stefan Lundborg has resigned from all duties as a non-executive director with immediate effect.
The resignation is related to Lundborg being investigated for ‘insider crime’ by the Swedish Economic Crime Authority , for which Kindred has offered its full cooperation with the public prosecutor and SECA agencies.
Kindred stated that it would update investors on the investigation when further information is provided by authorities.
The EFL has negotiated a rescue package worth 250 million pounds with the Premier League.
Championship clubs will receive 200 million pounds and the remaining 50 million pounds grant will be split between League One and Two.
The Premier League will pay out 15 million pounds to secure a 200 million pounds loan which will be offered to Championship clubs on an interest-free basis.
Clubs will be given until June 2024 to repay the fees and loans will be capped, meaning no club will be entitled to borrow more than 8.33 million pounds.
That’s all for today, I’ll be back next for your next SBC News 90.