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Saka bought by creditors

Sazka SA, an iGaming Embattled Czech lottery operator has recently been bought by KKCG and PPF, the main creditors as well as local investment groups for $208 million.

Reuters, an iGaming news agency reported that PPF which is owned by Petr Kellner, a Czech billionaire and KKCG won a tender that would ensure total control of Sazka and will be able to run it said to be in the red to the tune of $606 million through a new Sazkova Kancelar joint-venture.

The financial problems for Sazka started back in 2004 when they constructed 17,000-seat arena for the Men’s Ice Hockey Championships which led to a suspension of their operating license after they didn’t pay the fee of $6.11 million to the winners.

Near the end March, Sazka was declared bankrupt by the Prague’s Municipal Court which led to the firing of Ales Husak, their Chief Executive Officer at the time for doubtful management decisions.

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