Sportech CEO and CFO to exit streamlined business
Richard McGuire and Tom Hearne to be replaced with internal candidates following publication of September’s interim results
Sportech CEO Richard McGuire and CFO Tom Hearne will leave the business next month.
The duo will depart after Sportech publishes its interim financial results on 9 September amid cutbacks to reflect the smaller scale of the business following the £40m sale of its key assets to Australian technology provider BetMakers in June.
Sportech COO Andrew Lindley will step up to replace McGuire as CEO, while current group financial controller Nicola Rowlands will be promoted to the CFO position. Both will join the Sportech board.
The board changes have come during a period of reduction in scale at the London-headquartered gambling supplier.
As well as offloading the majority of its US, UK and European business to BetMakers, the firm sold its Bump 50:50 brand to Canadian Banknote in February 2021.
These disposals eventually saw approximately £35.5m returned to Sportech shareholders via tender offer.
The new-look Sportech business is now fully focused on its exclusive 10-year commercial arrangement with the Connecticut Lottery Corporation (CLC).
The deal was agreed after Sportech failed to obtain its own sports betting licence in Connecticut.
It will allow Sportech to operate retail betting on behalf of the CLC in the Constitution State, while Rush Street Interactive will serve as the lottery’s exclusive sports betting partner for online.
McGuire said: “After several years of restructuring the business and pursuing a clear goal of realising shareholder value where possible, that objective has been mostly achieved.
“Given the major changes in the company’s business and structure, I believe that now is the right time to hand over the leadership reins.
“It’s been my honour to work with so many dedicated company professionals, business partners and supportive shareholders and I look forward to supporting each, however required in the future.”
Sportech last month began trading on the AIM after shifting its shares from the London Stock Exchange to better reflect the scale of the business.