For the third time in almost 20 years, Sir Richard Branson has failed to wrest control of the National Lottery from Camelot after he withdrew his interest from bidding in order to stabilise his other financial assets which include Virgin Atlantic airways.
The Virgin founder’s withdrawal likely comes as a result of the continued financial impact felt by the rapid global spread of the COVID-19 outbreak which has seen travel bans impact the revenues of many airlines including Branson’s.
As a result, the Virgin Group boss is said to be looking for a buyer with his company reportedly in advanced talks with the private sector regarding possible funding.
As reported by the BBC, the Branson owned airline company confirmed its need for additional funding: “Because of significant costs to our business caused by unprecedented market conditions which the Covid-19 crisis has brought with it, we are exploring all available options to obtain additional external funding.”
Branson’s withdrawal from the National Lottery bidding process narrows the field of potential buyers to a small number of interested parties and places Camelot, which has run the lottery since its inception, in the driving seat to retain the licence.
Others believed to be interested in claiming the Lottery prize from Camelot include the Czech lottery group Sazka and Richard Desmond, owner of the Health Lottery and former Daily Express owner.
The news marks the third time that Branson has failed in his efforts to acquire the National Lottery, following on from his first attempt in 1994 which saw authorities decide against his bid, and his second attempt in 2000 which saw Camelot retained due to its disqualification being overturned by the High Court.
The final selection regarding the National Lotteries operator is expected to be made in 2021, with a potential new operator scheduled to take control in 2023.