The founder of the world’s largest money broker ICAP and owner of spread-betting firm City Index is to invest several million pounds in an online business offering players of backgammon and other skill games the opportunity to compete against each other for money.
Ronnie Armist, Fund Services Director of IPGL Limited, an investment vehicle controlled by Michael Spencer, confirmed that negotiations were taking place for an investment of “single-digit millions” in an unnamed firm. A deal could be agreed within a month.
Spencer also made £27 million in 2002 when he sold the online bookmaker Blue Square to Rank Group.
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