Czech tycoon taking over the National Lottery on course to scoop £600m US float windfall
A Czech tycoon’s hopes of taking over the National Lottery got a boost yesterday when a major legal challenge was dropped – edging him closer to a windfall of almost £600million.
Karel Komarek, pictured right with wife Stepanka, owns gambling giant Allwyn and will take home the bulk of the payout if a planned £8billion float in New York goes ahead.
The listing was cast into doubt when Camelot – which has run the National Lottery since it launched in 1994 – appealed after it lost the contract to Allwyn.
It could be him: Karel Komarek (pictured with wife Štěpánka), who owns Allwyn, will get the bulk of the payout if a planned £8bn float in New York goes ahead
Camelot withdrew its appeal on Monday night, paving the way for the Gambling Commission to formally award Allwyn the National Lottery licence.
The withdrawal will be a major boost ahead of a crunch vote today in which shareholders of Cohn Robbins, a specialist acquisition company, are being asked to approve a deal to buy Komarek’s firm.
If the deal is approved the firms will merge and Allwyn will join the stock exchange, with Komarek banking a payout of close to £600million.