Sportingbet Chair resigns

Last week the chairman of Sportingbet Peter Dicks was arrested at the John F Kennedy Airport in New York. The repercussions of his arrest has now led Dicks to announce that he has resigned from his non executive post a few minutes before a scheduled court hearing in New York City that approved his release from custody.Sportingbet, in a short statement that it has issued, confirmed that Dicks has indeed resigned and that it has accepted his immediate resignation with “great reluctance.” The statement also indicated that the office of Governor George E. Pataki has already withdrawn a governor’s warrant that requests the transfer of Mr. Dicks to the state of Louisiana. He is also expected to face charges in that particular state for “gambling by computer.”

Mr. Dicks was finally released from incarceration after the brief ten minute hearing and has been given permission by the courts to fly back home to Britain on the condition that he return to New York on September 28 in order to attend a hearing on his extradition to Louisiana.

Based on the Sportingbet statement, Mr. Dicks has left in order to pay more attention to certain personal matters and that a new independent non executive chairman is going to be appointed in the near future. Although Dicks refused to comment on this particular information, his move was seen as positive by investors as evidenced by the rise in Sportingbet’s shares by 25 per cent. The shares of Sportingbet closed at $3.60.

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