By Adria Calatayud
Flutter Entertainment PLC said Wednesday that Fox Corp.'s filing of an arbitration process over a disputed stake in U.S. sports-betting business FanDuel is without merit.
Fox on Tuesday said it had filed a suit against Flutter to enforce its rights to acquire an 18.6% ownership interest in FanDuel Group for the same price that Flutter paid for that interest in December 2020.
Flutter said it will vigorously defend its position in the arbitration.
Fox's position that it has a right to acquire an 18.6% interest in FanDuel based on a $11.2 billion valuation being incorrect, Flutter said.
The FTSE 100 gambling group said an arbitration mechanism was put in place at the time of its merger with the Stars Group to be conducted in the event of a disagreement between Flutter and Fox relating to an option to acquire an 18.6% stake in FanDuel.
Fox and Dow Jones Newswires parent News Corp. share common ownership.
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