Betfair Founder Sells Shares

GBP 1.5 million of shares sold by Black to invest in cleaning company

The latest media headlines contain a report from betting exchange Betfair, whose co-founder Andrew Black has sold shares worth about GBP 1.5 million not a week after the company announced it has found a new chief executive.

It has been noted by the Guardian newspaper that "The sale is thought to have been triggered by Black subscribing to a share issue at Hyrodec Group, an Aim-listed cleantech company where he serves as a non-executive director and where he is investing a further GBP 1.7 million into the company."

However, even after the sale of shares, Black still owns 9.9 percent of the betting group, which keeps him the third largest shareholder in the firm after Softbank and Betfair co-founder Ed Wray.

As of recent, Black stepped down from the Betfair board, and Wray has made a similar announcement, stating that he will step down as chairman once a successor can be found.

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