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Modern incarnation of the historic ‘football pools’ could be sold off for £97m

The historic football pools are set to be sold off in a massive £97.25m deal after current owners Sportech embarked on a wholesale modernisation effort to bring the game into the 21st Century.

Announced to the London Stock Exchange this morning, the online gambling firm has entered into an exclusivity agreement to sell The Football Pools brand to investment firm Burlywood Capital.

The deal, which is dependent upon the necessary equity being raised, final agreement and the approval of London-based Sportech’s shareholders, would see the entertainment company cashing in on the game, which has a history stretching back to 1920s.

Sportech founded The Football Pools after acquiring the Littlewoods, Vernons and Zetters pool games and bringing them together under one brand in 2007.

However, its heritage stretches back all the way to 1923 when the retail group Littlewoods offered the game to fans outside Manchester United’s Old Trafford ground.

In a statement, the firm said: “The Board of Sportech believes that the Proposed Disposal represents an attractive opportunity to realise the value of The Football Pools following the implementation of its modernisation programme and as it continues to transition its business model.”

To facilitate the deal, the management team at Liverpool-based Burlywood have proposed the creation of a new company which would apply for admission to the AIM sub-market and would be incorporated for the sole purpose of acquiring The Football Pools.

If approval is obtained, the investment firm will look to finance the acquisition with equity from institutional investors and a new debt facility in the region of £30m.