FSG Services LLC v Flutter Entertainment plc - JAMS New York Arbitration No 1425034540 - Partial Final Award - 4 November 2022
Country
Year
2022
Summary
This Partial Final Award addresses certain claims and counterclaims asserted by Claimant and Counterclaim Respondent FSG Services LLC (FSG" or "FOX"), and Counterclaimant Flutter Entertainment plc ("Flutter"), arising from a Legal Binding Term Sheet (LBTS") signed on October 1, 2019, a copy of which is annexed to this Partial Final Award as Exhibit 1, and incorporated by reference into this Partial Final Award as if fully set forth herein.
FOX and Flutter entered into the LBTS in connection with a proposed merger between Flutter's online sports gaming company FanDuel Group Parent LLC ("FDG" or "FanDuel Group") and The Stars Group (TSG"), for which Flutter needed a waiver of contractual exclusivity rights from Fox Corporation, the ultimate owner ofFSG. On terms set forth in the LBTS that are discussed in detail infra, in exchange for the waiver of exclusivity, Flutter gave FOX an option to buy 18.6 % ofFanDuel and Flutter was required to provide certain resources to TSG's FOX-branded start up FOX Bet, a FanDuel competitor.
...