Addison management team resigns amid financial turmoil
MoPlay operator Addison Global – which has seen its licences in Gibraltar and Great Britain suspended over financial issues – is currently without a management team following mass resignations, iGaming Business understands.
A source close to the situation informed iGaming Business that the entire executive team of the operator stepped down yesterday (19 February), just before Gibraltar Gambling Commissioner Andrew Lyman’s decision was announced.
iGB understands that the executive team is continuing to work voluntarily alongside the business' as-yet unnamed principal shareholder, its directors and representatives as the operator works with regulators to figure out the next steps for the business.
In addition, iGB understands that, despite significant unpaid debts including a sum upwards of £500,000 (€597,000/$645,000) owed to one affiliate partner, the operator is not officially in liquidation.
A statement from the Gibraltar Licensing Authority suggested that the business had expected to receive a new cash injection from the shareholder, which ultimately failed to materialise. The company had not received the financial support that had originally been projected when it was first awarded a licence in the jurisdiction, the regulator added.
Earlier today, a legal advisor to the principal shareholder said the business would still process player withdrawals, despite being unable to take bets, register new players or accept deposits.
The advisor promised to provide further updates, adding that the company's issues would be handled “in an orderly and correct manner by the entire team”.