Horseracing tycoon Michael Tabor has bought the Gibraltar-based bookmaker BetVictor. Full details of the deal have not been released but it is known that current chairman Victor Chandler, and CEO Michael Carlton, will both step down from their jobs. Chandler is to remain with the company as a consultant while Carlton is likely to do the same during the transition period.Chandler said that he thinks the company “would be best served under new ownership and leadership”.
He has been in charge of BetVictor now for forty years after taking over from his father who founded the company in 1946.
Tabor has already received permission from Gibraltar gaming regulators to purchase the company. He was one of BetVictor’s founding shareholders and said that the brand has “enormous potential and is well placed to continue its expansion with further investment and strategic development.”
As well as operating across Europe, BetVictor also operates in Asia under the VC+ brand.
While full details of the deal have not been disclosed Tabor is certainly able to pay vast sums. He was recently ranked #170 on the Sunday Times rich list with a net worth of £600 million.