New owner of Pinnacle Sports identified

After weeks of reticence that sparked a storm of speculation, the identity of the new owner of Pinnacle Sports has been confirmed by the operations manager, Paris Smith, who revealed that Magnus Hedman is the head honcho.

Swedish entrepreneur Hedman is perhaps better known as the founder of Malta-based business-to-business sports betting risk management and sports betting odds supplier Touchbet Ltd.

Our readers will recall that Pinnacle Sports announced its acquisition by an unidentified entity back in February this year, and that it was switching to a regulated markets strategy. It has since acquired a Malta licence.

Hedman’s preference for staying out of the public eye has sparked speculation that he is the mystery buyer of spread betting firm Sporting Index, which previous owners HG Capital confirmed it had sold to an unidentified buyer for GBP 40 million in March this year .

Whilst there has been no official company confirmation that this is the case, Sky News recently reported the Hedman was the buyer.