UK customers are watching with interest as a Jersey Court has sought to recognize a High Court ruling on the Football Index repayments. The high-profile betting company and its parent company BetIndex went into administration in March. The June 22 date set by the court is set to trigger repayments of £3.5 million ($4.95 million) in player account funds.
Court administrators for BetIndex view this ruling as the first step to assisting customers with recovering funds lost in the administration process.
A Jersey court has set a date of June 22 to recognize the High Court’s ruling on Football Index repaying its customers, setting in motion the repayment of £3.5m in player account funds.
A Stock Market for Football Players
Football Index is a unique iGaming platform that offered customers the opportunity to purchase shares in footballers. Like stocks, the value of players can rise and fall depending on the performance of the player, giving customers the opportunity to earn dividends.
The company rose to prominence in the mainstream UK media, with sponsorships of English Championship clubs like Queens Parks Rangers and Nottingham Forest.
Football Index Customer Portfolios Crash
In March, Football Index, through its parent company, BetIndex announced that dividends would be facing severe cuts to ensure the long-term viability of the platform. The new terms of the restructure were catastrophic for Football Index customers; the value of their portfolios plunged on the news that what was once a sustainable model has proven to come short of investors’ hopes and was, in fact, completely the opposite of what was originally promised.
Latest Court Ruling Set to Offer Hope to Customers
The Jersey court ruling is set to only deal with funds held on player’s accounts as opposed to outstanding dividends. The Viscount of Jersey is tipped to release the funds once the court ruling is officially recognized. BetIndex has advised players that they could access their funds after a potential wait of eight days from official recognition of the court ruling. Players will have a window to then request fund withdrawals through the same method they traded on the site.
UK Government Announces Inquiry into Football Index
The British government appointed Malcolm Sheehan QC to look into the collapse of the company and what could have been done to prevent the collapse. The UK Gambling Commission announced a separate inquiry to run alongside the government inquiry.