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Sazka purchased by creditors

Czech investment groups KKCG and PPF are set to pay approximately $208 million to acquire lottery operator via Sazkova Kancelar joint-venture.

Thursday 29th September 2011

Embattled Czech lottery operator Sazka SA has been purchased by local investment groups and main creditors KKCG and PPF in a deal reportedly worth approximately $208 million. According to a report from the Reuters news agency, PPF, which is owned by Czech billionaire Petr Kellner, and KKCG won a tender over the weekend to assume control of Sazka and will now run the operator said to be in the red to the tune of $606 million via a new Sazkova Kancelar joint-venture. Sazka ran into financial trouble after constructing a 17,000-seat arena for the 2004 Men's Ice Hockey Championships and had its operating license temporarily suspended in May after failing to pay a total of $6.11 million to past winners. Prague’s Municipal Court declared Sazka insolvent in late-March and the bankrupt firm subsequently dismissed former Chief Executive Officer Ales Husak amid allegations of ‘incompetent management decisions’.

Source: OnlineCasinoNews

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