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Row between shareholders and 888 chief emerges as reason for departure

first_img Tags: NULL KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Show Comments ▼ whatsapp Row between shareholders and 888 chief emerges as reason for departure whatsapp Share A RIFT between the founding shareholders of online gambling firm 888.com and its outgoing chief executive has been revealed as the reason for Gigi Levy’s dramatic weekend departure.Levy, who has been in charge at the firm since 2007, is stepping down to “pursue other interests”.Yet a disagreement between 888’s founders – the Israeli Shaked and Ben-Yitzak families – who own 61 per cent of the firm between them, emerged yesterday.Sources said there had been a souring of the relationship between the shareholders and Levy. The two sides are believed to have shared a difference in opinion over the future direction of the business.888 is currently in deal talks with high street bookmaker Ladbrokes over a takeover. Discussions between the two are ongoing, despite Levy’s departure.The online poker firm denied any link between Levy’s departure and the progress of the deal.Ladbrokes is said to be weighing an increased offer for 888, following five months of protracted talks.The bookmaker had initially offered 70p per share for the company, valuing it at around £240m. 888 reported a steep fall in 2010 profits earlier last month. Monday 11 April 2011 7:34 pmlast_img read more