SportPesa gaming brand was sold for Sh14.7 million ($100,000) in June this year, triggering a fight among the founders of the sports betting platform.
Pevans’ chief executive Ronald Karauri signed the deed of assignment on behalf of the firm on June 2 to transfer the brand to UK-based Sportpesa Global Holdings Limited.
He would later emerge with a controlling 54.4 per cent stake in Milestone Games Limited, the company that was subsequently assigned the right to use the SportPesa trademark in Kenya by Sportpesa Global in the roundabout deals.
Kenyan entrepreneurs Paul Wanderi Ndung’u and Asenath Maina, who own a combined 38 per cent stake in Pevans, have accused Ronald Karauri and the foreign investors of locking them out of the firm’s management and strategic decisions since 2017.
“In consideration of the sum of £100,000, the assignor hereby assigns to the assignee absolutely with full title guarantee all its rights, title and interest in and to the trademarks,” the agreement says.
It was not immediately clear whether Pevans received payments in the deal or if its liabilities to Sportpesa Global were defrayed in the process.
SportPesa, which started operations in 2014, quickly became a popular brand in Kenya and globally thanks to heavy marketing, sophisticated gaming technology and record-breaking jackpots.
Pevans spent billions of shillings in partnerships and sponsorships of local and international sports teams, including Kenya’s Gor Mahia Football Club, UK’s Everton, Hull City, Arsenal and Formula One’s Racing Point.
By Christabel Airo