Allwyn has confirmed the ‘planned appointment’ of Justin King to serve as Chairman of its UK business, should the pan-European lottery conglomerate win the Fourth National Lottery Licence Competition.
The former long-term Chief Executive of Sainsbury’s Plc (2004-2015), King has served as a strategic advisor of Allwyn’s bid to become the next National Lottery steward – a decision that imminently beckons for the UK government.
King’s planned appointment is contingent on Allwyn’s selection by The UK Gambling Commission (UKGC) as the preferred operator and will see him take “immediate responsibilities for ensuring the seamless transition from the current operator of The National Lottery to Allwyn.”
“Justin has an impressive track record of delivering transformative change at large organisations, including his time at Sainsbury’s where he revitalised the supermarket giant,“ said Sir Keith Mills, Chair of Allwyn’s National Lottery bid.
“His knowledge of the British retail sector and a keen interest in rejuvenating the British high street will be of particular importance to The National Lottery’s retail network. Through his role on Allwyn’s Advisory Board, Justin has been pivotal over the course of our application; his appointment as Chair, should we be selected, is a natural evolution, playing to his strengths and further enhancing our credentials.”
The stakes are high on the outcome of the Fourth National Lottery Competition, as Allwyn announced this month that it had agreed terms on a merger with Cohn Robbins Holdings – the SPAC vehicle of former Goldman Sachs Global COO Gary Cohn and US activist investor Clifton S Robbins.
Deal-makers plan to list Allwyn on the New York Stock Exchange (NYSE), targeting a +$9 billion valuation for the lottery conglomerate that aims to aggressively expand its presence beyond European markets.
A successful National Lottery bid would turbocharge Allwyn’s planned NYSE listing, and help secure a platform for further mass-market lottery bids.
Justin King commented on Allwyn’s ambitions – “I have thoroughly enjoyed working with the team over the last two years, putting together a game-changing application and transition plan. Allwyn has an impressive track record of making lotteries better and we have a world-class team of sector specialists, backed by Allwyn’s extensive network of European lottery expertise.”
“It would be an honour to lead Allwyn as operator of the National Lottery, playing our part in guiding this treasured institution into a new era.”