Due to pre-arranged trial commitments taking place next week, a final ruling on the distribution of the Player Protection Fund monies in the Football Index case cannot be administered until Judge Robin Vos is available.
The High Court has concluded the hearing of the Administrators’ application regarding the distribution of the funds. The judge has reserved his decision and as soon as the judgement is released, further details of the payment process will be provided to ensure timely payments.
The hearing was initially called to determine how to distribute the £4.5m remaining in Football Index’s player protection account. This money is intended for player account funds, which amounted to £3.2m when the operator entered administration. However, administrators seek further clarity on dividends to be paid based on events after 11 March, which may put the player protection account into default.
Administrators have asked the court to determine whether 11 March, 26 March, or a date after 26 March should be considered as the cut-off date for active bets. Judge Vos acknowledged that his decision may not please everyone, as there will always be winners and losers.
Representatives for the administrators argued for different cut-off dates, admitting that it would be unfair to someone regardless of the chosen date. If an early cut-off date leaves a surplus in the player protection account, those funds will not be taken from players, as the majority of remaining creditors are those with active bets.
Football Index also announced plans for customer reimbursement through a Company Voluntary Arrangement (CVA) outside of the High Court decision. Documents revealed that the operator planned to go into administration on 5 March and changed its dividend model on 8 March. Additionally, proposals for a platform relaunch have been drafted, with the aim to include creditors, including customers, as stakeholders in the new business.
