JKO finds backing from gambling tycoon ahead of possible Playtech bid

Eddie Jordan-fronted JKO Play Limited has received part financing from gaming tycoon Vikrant Bhargava, according to The Sunday Times. It is reported that the India-born co-founder of PartyGaming, the parent company of partypoker, which is now owned by Entain, has pledged to finance part of the newly registered firm, as it looks to raise the capital needed to complete its bid for gaming software giant Playtech. Bhargava left PartyGaming in 2006, the same year the company was forced to beat a hasty retreat from the US due to UIGEA, boasts a current wealth in the region of £500m. JKO was originally given a deadline of 5 January to make a firm bid, however, Playtech postponed its 12 January shareholder meeting, pushing the date back to 2 February, meaning JKO now has until 26 January to make its offer. The news throws a spanner in the works for Australia-based Aristocrat which agreed a cash acquisition deal with Playtech in October based on a share price of 680p per share. Aristocrat remains the only firm bid and Playtech has also admitted that it is not certain that a concrete offer will materialise from JKO. The supplier giant, however, did say last week that discussions were “progressing” between the two parties, hence the decision to extend the timeline. Playtech shares closed at 720p on Friday and were down slightly (717.2p) on Monday morning.