Shares in gaming company Sportech plc (LON:SPO) tumbled in early deals as hopes of selling off its football pools business were dashed.
The company said discussions with private equity firm Burlywood Capital regarding the proposed £97.25mln sale of The Football Pools have now terminated.
Shares in Sportech fell 7.2% to 63p, giving the company a market value of £133mln.
Before the advent of the National Lottery, the football pools were the “get rich quick” punt of choice for many working people, who would play on a weekly basis, paying money into a pool and then hoping to “win the pools” by successfully predicting which matches would end in draws.
"Burlywood was unable to conclude the transaction set out within their proposal which we announced in September. The Football Pools is a valuable asset which has been transformed following a lengthy modernisation programme. We will continue to focus on maximising opportunities for the business,” said Ian Penrose, chief executive of Sportech.