May 7, 2021
In Spain and the founding family behind local gaming operator Codere SA is reportedly demanding that a pair of American investors be required to pay at least €900 million ($1.09 billion) for its large stake in the Madrid-headquartered firm.
According to a Thursday report from SBCNews, the Madrid-listed entity was established by Jose Antonio Martinez Sampedro in the 1980s and is today responsible for land-based and online gaming operations in Spain, Mexico, Argentina, Italy, Uruguay, Colombia and Panama. However, the source detailed that the founder was ousted as the Chief Executive Officer for Codere SA in 2018 as part of a plan that restructured company debts worth an estimated €1 billion ($1.21 billion).
Codere founding family demands €900m compensation from US investors Share
Grupo Codere SA is caught up in a further investor dispute, after the company’s founding
Martinez Sampedro family demanded that their minority shareholding be acquired by the firm’s remaining US investors.
The Martinez Sampedro family have filed an appeal with Spain’s
National Securities Market Commission (
CNMV), urging the regulator to demand that US investors acquire the family’s 14% stake in Codere for a minimum purchase price of €900 million.
The dispute relates to Codere’s 2018 bankruptcy restructuring, which saw a group of US investors take control of the firm, having renegotiated the firm’s €1 billion debt arrangements.