Addison Management Team Resigns Following Financial Turmoil

Home » Addison Management Team Resigns Following Financial Turmoil

MoPlay operator Addison Global, which has seen its licenses in the UK and Gibraltar suspended over financial crisis, is apparently without a management team after mass resignations, according to iGaming Business.

A source close to the sitch told iGaming Business that the whole executive team of Addison Global stepped down on Feb. 19, just before Gibraltar Gambling Commissioner Andrew Lyman’s stance was announced.

iGaming Business understands that the executive team is continuing to function voluntarily alongside the business’ as-yet unnamed major shareholder, its directors and reps as the operator works with regulators to figure out next steps for the company.
iGB additionally understands that despite significant unpaid debts, including an amount in excess of £500,000 (€597,000/$645,000) owed to one affiliate partner, the operator is not formally in liquidation.

A statement from the Gibraltar Licensing Authority suggested that the business had expected the shareholder to pump in new money, which ultimately never materialised. The business has not received the monetary support that had initially been projected when it was first issued with a license in the jurisdiction, the regulator confirmed.

Earlier today, legal advisor to the principal shareholder said the company would still process player withdrawals, notwithstanding being unable to take bets, register new customers or accept deposits.

The advisor vowed to issue further updates, adding that the firm’s issues would be handled

“in an orderly and correct manner by the entire team”.

Source: https://www.igamingbusiness.com/news/addison-management-team-resigns-amid-financial-turmoil

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