The global gaming and entertainment industry giant, Flutter Entertainment, confirmed recently that it identified the best strategy for delivering interest for its shareholders. At the time, FTSE 100-listed company confirmed its plans for an additional listing of stocks in the United States.
That plan comes at a time when the company’s entertainment and sports betting brand, FanDuel, continues to hold a significant market share in the US. Flutter’s Board identified that a US listing, in addition to the one in the UK, would help boost the presence of the company in the US and positively impact the retention and recruitment of employees.
Additionally, Flutter said that the US listing will give “the Group access to much deeper capital markets, and to new US domestic investors” and provide overall greater liquidity of its shares. Such a listing would also mark an important first step for the company considering it decides the US to remain a primary listing.
The Company Explores Opportunities for a New Chairman
Now, a new report suggests that the gambling company behind Paddy Power is in talks about hiring a new chairman. That strategic hire may also contribute to the plan for the US listing, announced by Flutter recently. According to Sky News, the company is in “advanced talks” with John Bryant, a proven expert in leading US-based companies, to appoint him to the role of chairman.
Reportedly, that strategic hire may also impact the company’s UK listing. If that happens, Flutter may consider abandoning its presence on the London stock market and strengthening its US-facing presence via a primary listing. Bryant will likely play a key role in the process and that’s no surprise, considering his extensive experience in leading US businesses.
Besides an Australian, Bryant also has American citizenship and spends a lot of his time in the US. What’s more, he is currently a part of the Board of multiple companies including Ball Corporation, Macy’s Inc, as well as Coca-Cola Europacific Partners. What makes his appointment even more plausible is that two of the companies where Bryant is part of the Board, Macy’s Inc. and Ball Corporation, currently trade in the US.
Still, it’s important to mention that Flutter is yet to officially confirm who its new chairman may be. At the same time, the company hasn’t yet revealed whether or not its US listing will impact its UK listing. Later this month, Flutter will hold its annual investor meeting. During the meeting, shareholders are likely to vote for the company’s proposal for a US listing but an announcement about the new chairman isn’t impossible.