(PRESS RELEASE) -- The Management Board of mybet Holding SE is preparing an application to open insolvency proceedings due to imminent insolvency. The company intends to file the application for all three German Group companies, including the company itself, with the competent district court on Friday of this week.
The background to the petition for opening insolvency proceedings is the failure of talks with potential investors. On this day, talks with a strategic investor announced on 13 June 2018 on a possible sale of the company's online business operated under the domain www.mybet.com were terminated. The talks failed due to unrealizable conditions on the part of investors.
The Board's decision to file for bankruptcy following the failure of the investor talks was also influenced by the Frankfurt Revenue Department having rejected an application for interim termination of the enforcement of withholding sports bills, which had become the Group company Associated Personal Exchange International Ltd. based in Malta. Altogether, according to the decision of the tax office, around €4 million in sports betting tax is backlog.