PARIS – Paris Saint-Germain (PSG), one of the world’s leading football clubs, has filed for the bankruptcy of AK Global N.V., a Curaçao-based company tied to the island’s gambling sector. The move stems from PSG’s previous partnership with Cbet, an online gambling platform owned by AK Global N.V., which served as the club’s regional partner in Latin America in 2022.
The partnership, announced as a lucrative deal, has since been overshadowed by financial and legal troubles. AK Global N.V. was fined €5 million by Spain’s gambling authority, Dirección General de Ordenación del Juego (DGOJ), for operating without a valid license. PSG’s bankruptcy filing appears to be an effort to recover unpaid sponsorship fees from the agreement.
Licensing Issues and Expired Permits
Cbet operated under a sublicensing agreement linked to Curaçao’s Gaming Services Provider, one of the island’s master license holders. However, the master license expired on August 18, 2024, effectively leaving Cbet without a valid gambling license.
This regulatory lapse has added to the controversy, raising questions about compliance within Curaçao’s gambling industry. The bankruptcy case is scheduled to be heard on January 22, 2025, at the Joint Court of Justice in Curaçao.
Curaçao’s Gambling Sector Under Scrutiny
This dispute not only highlights the risks for sports organizations partnering with gambling firms but also reignites concerns over Curaçao’s reputation as a hub for the gambling industry. Known for its master license system, the island has faced increasing pressure to reform its regulatory framework and address issues of transparency and oversight.
Details about the specific financial claims PSG is pursuing have not been disclosed. However, the case underscores the broader challenges facing Curaçao’s gambling sector, which is already under international scrutiny for compliance and governance.
Implications for the Future
PSG’s legal action against AK Global N.V. casts a spotlight on the fragility of partnerships between high-profile sports entities and gambling operators. The outcome could influence not only the future of such sponsorships but also the direction of regulatory reforms in Curaçao’s gambling industry.
As the case progresses, its implications will likely resonate far beyond Curaçao, affecting both the global sports sponsorship landscape and the credibility of online gambling operators.