The decision by Party Gaming founders to sell a total of 190 million shares in the online poker company raised eyebrows in the gaming industry last week. No less than four of the firm’s original founders and major players have sold substantial numbers of personal shares.
Investor concern was further fuelled by the departure of founders Anurag Dikshit and Vikrant Bhargarva, who both resigned from Party Gaming’s board of directors. Bhargava offered no reason behind his decision to resign from his positi8on of marketing director, while Dikshit announced he was stepping down from the board to focus on product development.
Dikshit has parted with 57 million shares, reducing his stake in Party Gaming to 28.95 percent, while Vikrant Bhargava has sold 67 million, leaving him with 6.96 percent. A further 33 million shares were also sold by founders Ruth Parasol and her husband, Russell DeLeon, leaving the couple with a 14.87 percent shareholding in the company each.
While the four founders still own 65.7 percent of Party Gaming, the surprise share sale has concerned major investors, prompting the firm to issue a statement reassuring the public that directors will not sell any more shares in 2006 without obtaining prior consent from investment brokers Dresdner Kleinwort Wasserstein.
Party Gaming has also moved to counter rumors of further share sales by stating that it intends to remain in Gibraltar with its founders holding a majority of shares until at least 2010. If founders intend to reduce their combined ownership in the firm to less than 50 percent, investor’s will be given one year’s notice.

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