Apollo Management, co-founded by New Jersey Devils owner Joshua Harris, is looking to make a move on William Hill Sportsbook.
William Hill Sportsbook is listening to offers from multiple groups about a takeover right now. Joshua Harris’ Apollo Management and Caesars Entertainment Inc. are two such groups that have made cash proposals to William Hill Sportsbook already according to Bloomberg.
“William Hill has received separate cash proposals from the two groups, it said in a statement Friday after Bloomberg News reported on the Apollo approach. Talks are ongoing and there is no certainty that a formal offer will be made, William Hill said.”
Apollo is said to have made a cash advance on Aug. 27 which means they have until Oct. 23 to make a “firm offer” to William Hill. Otherwise, they can back out of negotiations.
Apollo is already knee-deep into the sports betting market after acquiring Harrah’s Entertainment Inc. and turning it into Caesars Entertainment. William Hill Sportsbook and Caesars already have a partnership in which they are discussing combining U.S. operations.
This is Harris’ latest venture in the sports world. He is the principal owner in the Devils and the 76ers, plus he owns an 18% stake in Crystal Palace of the English Premier League and a 5% stake in the Pittsburgh Steelers.
Harris and his partner, David Blitzer, have also expressed interest in owning teams in other major professional sports leagues. They were in the running to buy the New York Mets but ultimately lost out to Steve Cohen.
Update: William Hill has responded to the recent speculation and confirmed the ongoing conversations with both parties:
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) September 25, 2020