Weizer leaves Sportech board as Playtech halves stake
Playtech CEO leaves non-exec role after more than two years
Playtech CEO Mor Weizer has stepped down as a non-executive director of Sportech’s board following the Israeli supplier’s sale of half its 10% stake in the operator.
Weizer had held the position since Playtech acquired a strategic stake in Sportech in January 2010 for around £10m, and his resignation comes days after the firm sold half its stake in Sportech to reduce its shareholding to 4.99%. Sportech’s share price has more than doubled since Playtech’s initial investment.
The £10m stake helped Sportech fund its acquisition of Scientific Games Racing (‘SGR’), the US-based pari-mutuel and venue management business division of Scientific Games Corporation.
Sportech CEO Ian Penrose said the commercial relationship between the two companies, which has seen all of the operator’s egaming products migrated onto Playtech’s platform, is unaffected.
“I would like to thank Mor for his involvement over the last two years and he leaves us with our best wishes,” Penrose said.