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how exactly do you send a lottery company broke?

I haven't followed this whole story, but this really is bizarre. A proper lotteries company with a local monopoly should be a licence to print money....

Sazka board declares insolvency

Prague, March 22 (CTK) - The board of Czech lottery operator Sazka said the company is in insolvency and asked its chairman Ales Husak to file an insolvency petition on the firm or join the previous one filed by deputy chairman Roman Jecminek, server iHNed.cz said yesterday.


Surely there's more to this than meets the eye...
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Comments

  1. nt28 March 2011 at 15:44

    quite complicated story, which would be very good inspiration for michael-lewis-style novel :). basically, sazka has invested to build multifunctional stadium in prague, which was highly needed for ice hockey WC 2004. under time pressure and czech cleptomania hands, direct expenses grow approx. 4times and this debt is killing "licence to print money".

    ReplyDelete
  2. Scott28 March 2011 at 16:01

    Ah, many thanks for that. I knew the reasons had to be more than just a bad business plan. Hopefully enough of that story is available in English for me to find it later.

    ReplyDelete

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