United Kingdom

Ministers launch probe into Football Index collapse

Collapse: 'Football stock market’Football Index sponsored  Championship club Queens Park Rangers

Ministers have launched an investigation into Football Index after it collapsed into administration last month.

The self-styled ‘football stock market’ was likened to a Ponzi scheme, and is believed to be the biggest failure of a gambling business in British history.

Fans lost £58million of open bets, with some claiming they had gambled their ‘life savings’ on the site.

The Gambling Commission was accused of being asleep at the wheel after it failed to take action for over a year, despite being warned that Football Index was ‘an exceptionally dangerous pyramid scheme’.

More than 10,000 victims have added their names to a potential group claim against the firm and its directors, who include founder Adam Cole, a former pornographer.

Football news:

Griezmann spoke with Hamilton and visited the Mercedes boxes at the Spanish Grand Prix
Barcelona feels that Neymar used it. He said that he wanted to return, but extended his contract with PSG (RAC1)
Aubameyang to the Arsenal fans: We wanted to give you something good. I am sorry that we could not
Atletico did not lose at the Camp Nou. Busquets' injury is the turning point of the match (and the championship race?)
Verratti injured his knee ligaments in PSG training. Participation in the Euro is still in question
Neymar's contract in one picture. Mbappe wants the same one
Manchester United would like to sign Bellingham in the summer, not Sancho. Borussia do not intend to sell Jude