Thursday 20 July 2017

Paddy Power backers sell off shares

Nick Webb

Nick Webb

BOOSTED by marketing power of footballer mistress Imogen Thomas's bum, Paddy Power reported massive increases in profits last week.

Shares soared and two key backers of the €1.5bn-valued Paddy Power offloaded more than €7.5m worth of shares.

David Power, the largest individual shareholder, sold €2.4m worth of shares, while former operations head Jim Mangan offloaded 150,000 shares valued at around €5.1m. Power still has a near 8 per cent stake worth about €140m, with Mangan holding shares worth €15.3m.

Paddy Power signed up Thomas in a promotional deal after details of her tryst with Manchester United's Ryan Giggs emerged over the summer.

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