Thursday, Dec 21, 2006
Dublin, December 21, 2006: With effect from
January 1st, 2007, Trade Exchange Network, owner and operator of TradeSports and Intrade, has
agreed to divest its sports related business to a newly formed company, TradeSports Ltd., for an undisclosed sum.
The
companies will cooperate fully to make sure there is no inconvenience to members
and have agreed an initial two month timeframe to complete the
transaction.
Commenting on the transaction, John Delaney, CEO of Trade
Exchange Network said..."After growing
our combined sports and non-sports markets aggressively for five years, this
development represents a significant transaction for the company. We are very
thankful to our loyal sports traders and assure them that the transition will be
both painless and positive for them. We are certain that TradeSports Ltd. will build on our achievements and that
sports traders will receive a peerless service."
Trade Exchange Network, through its www.intrade.com platform, will continue to offer the broadest selection and deepest liquidity in real money prediction markets. Intrade will now look to aggressively extend the prediction markets and services it offers. The company will reorganize its trading and related services activities into two separate business units.
According to Delaney... "Non-sports prediction markets have amazing further
potential, where we have a leading position and where we offer maximum value. We
are convinced that traders and data users will see benefits very
soon."
TradeSports Ltd., through
the www.tradesports.com and www.tradebetx.com platforms, will continue
to offer all the sports markets currently available on TradeSports, and more besides. TradeSports will only offer sports related markets.
Non-sports markets will only be available on the www.intrade.com platform after 28th February
2007.
How will this change affect our members and
affiliates?
As TradeSports and Intrade will be
operated as separate independent platforms, members will need to have an account
on each platform in order to continue trading both sports and non-sports
contracts. Members will automatically get a second account if they have traded
on both categories on or before February 28th.
We will publish a special
edition of our customer newsletter during January, and it will include more
specific details but for now, it is business as
usual.