Tekkorp Capital doubles stake in FansUnite Entertainment to 15.9%

Las Vegas-based strategic investor Tekkorp Capital has doubled its stake in Vancouver-based FansUnite Entertainment, following a series of transactions.

Tekkorp now controls 15.91% of FansUnite’s outstanding shares, up from 7.61%.

Following a share purchase agreement dated 16 September 2024, Tekkorp Holdings acquired 63.9 million common shares of FansUnite at a nominal price of $0.0014 per share.

By 27 December 2024, 30.89 million of these shares had been effectively transferred to Tekkorp, bringing its total holdings to 46.7 million shares, along with 12.5 million warrants.

If fully exercised, Tekkorp’s ownership would reach 59.2 million shares.

This move builds on Tekkorp’s prior involvement with FansUnite, including a $1.1m private placement in 2023, where Tekkorp acquired 13.75 million units at $0.08 per unit.

At the time, Tekkorp founder and chairman Matt Davey (pictured) described FansUnite as “a great businesses with strong leadership”.

“The team at FansUnite tick all the boxes for us, and we are happy to support their journey to grow the company and shareholder value for all investors,” he added.

FansUnite asset sales

FansUnite has undergone significant restructuring in recent years, including its decision to delist from the Toronto Stock Exchange (TSX) last August.

In 2024, FansUnite sold its Betting Hero business to GeoComply Solutions and Betting Hero’s co-founders for $37.5m.

This transaction followed the sale of its US-based subsidiary FansUS and the divestiture of other assets, such as the Chameleon platform and McBookie, in 2023.

CEO Scott Burton described these sales as part of a “long and thorough strategic evaluation” to maximise shareholder returns.

Tekkorp stated that its purchase is for investment purposes.

However, the disclosure leaves open the possibility that Tekkorp may buy or sell additional shares in the future, depending on market conditions and business opportunities.

Share