Update: Fortuna Makes Offer for Sazka

Cash-strapped Czech state lottery attracts interest

Despite the fact that it has been forced to file for bankruptcy by its creditors, the Czech national lottery Sazka still seems to be attractive, as reports came this week that a bid has already been made for the cash-strapped company which now remains in the hands of bankruptcy administrator Josef Cupka.

Reportedly, the first bidder is the Czech Fortuna Entertainment Group, which has submitted its official offer for Sazka worth between CZK 2 billion and CZK 2.5 billion. It has also been specified that the sum depends on due diligence reviews of company assets, and that Fortuna is highly interested in any sale of Sazka's individual assets.

In addition, depending on the lottery revenues, the company will also pay annual contributions to sport associations in the amount of some CZK 300 million.

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