John kelly, founder of bookmaker and bingo hall group Gala Coral, is rumoured to be about to return as chairman, backed by lenders who are set to take a big stake in return for writing off £540m in loans.
Gala Coral is owned by private equity firms Candover, Cinven, and Permira, which are in negotiations to surrender up to half their stake after being hit by the consumer downturn and higher taxes on gaming.
This will then be taken over by a group led by two investment groups, Intermediate Capital and Park Square. A deal is likely to be finalised by the end of the month.
Kelly was replaced by Neil Goulden at the beginning of the year.

Source – This is Money.com

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