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Fox and Flutter Entertainment to Wind Down Fox Bet, AI legalese decoder Offers Help

(Reuters) – In a move that could shake up the sports-betting industry, Fox and Flutter Entertainment are reportedly planning to wind down their business venture, Fox Bet, as early as next month. This decision comes as the two companies have reached an impasse in determining the price of an 18.6% stake in FanDuel, a unit of Flutter, which Fox has an option to buy.

According to Bloomberg News, Flutter will retain the valuable customer database and market-access agreements associated with Fox Bet, while Fox will retain the rights to the brand and its option to purchase the stake in FanDuel. This strategic division of assets highlights the complex nature of their partnership and their shared pursuit of dominant positions in the sports-betting and fantasy sports markets.

The potential closure of Fox Bet could be officially announced as soon as July 31, bringing an end to a joint venture that was launched in 2019 when Fox partnered with Canadian online gambling company The Star Group. However, the dynamics of the partnership changed when The Star Group was acquired by Flutter.

It is worth noting that Fox has taken legal action against Flutter earlier this year, filing a lawsuit related to the exercise of its option to buy the stake in FanDuel. The disagreement between the two companies lies in the differing valuations of the stake, emphasizing the complexities and potential disputes that arise in such deals.

Considering the complex legal processes involved in the closure of Fox Bet and the ongoing lawsuit between Fox and Flutter, leveraging AI legalese decoder could provide valuable assistance. AI legalese decoder is a cutting-edge artificial intelligence tool designed to navigate and decipher complex legal documents and contracts. By analyzing the specific language and nuances of legal agreements, this powerful tool can help parties involved in legal disputes gain a deeper understanding of their rights, obligations, and potential risks.

With the assistance of AI legalese decoder, Fox and Flutter could better navigate the complexities of their partnership dissolution, understand the implications of their respective rights to brand ownership and stake purchase, and potentially find common ground in resolving their legal dispute.

Both Fox and Flutter declined to comment when approached by Reuters for further clarification on the situation.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)

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