FOOTBALL INDEX ADMINISTRATORS ISSUE UPDATE ON MONEY OWED TO CUSTOMERS

Two months after Football Index collapsed, administrators have issued an update regarding proceedings. 

As previously reported, the football trading platform spiralled into a crisis when it faced a dramatic liquidity crisis. In an attempt to stay afloat, it slashed dividends on players from 14p to just 3p – causing an instant and brutal backlash that prompted an even bigger exodus of customers. 

Shortly afterwards,on 26 March, its operating company, Jersey-registered BetIndex Ltd, filed for bankruptcy. In the fallout that followed, serious questions have been asked about how much the UK Gambling Commission knew regarding concerns about Football Index’s business model. 

Richard Toone, Adrian Hyde and Adrian Rabet, from Begbies Traynor LLP, are acting as administrators for BetIndex Ltd, for the insolvency process. 

Football Index’s statement read as follows: “On 30 April 2021 the Administrators of BetIndex Limited issued an application for the determination of the appropriate distribution of the monies held in the Football Index Player Protection Account, and the identification of the customer classes who may be entitled to participate in those funds. This is the first step towards the distribution of cash balances to customers of the Football Index platform. The hearing will take place at 11:30am on Monday 10 May 2021.”