For close to six years now, Sportpesa betting firm has revolutionalised Kenya's betting industry, fetching millions of dollars annually.
Recently, the firm whose international headquarters are located in Liverpool, announced Sh1.3 billion sponsorship to Everton, a move that has seen the EPL side play with East African teams.
Besides the huge sponsorship to the Merseyside club, SportPesa also supports Kenya Premier League and a host of clubs such as AFC Leopards.
On Friday, the firm, which has sued government for refusal to renew their licence, denied claims that it's closing business in Kenya. They have since moved to court.
“SportPesa wishes to refute claims that our business is closing down. We are in discussions with the government and relevant stakeholders and are positive that we will be back to full operation soon. Note that any update regarding our business is communicated through our channels,” they posted on Facebook.
“The action of the respondents are not unreasonable, irrational and high- handed but also clearly amount to deliberately abuse of office and state power to achieve ulterior ends,” the suit seen by GameYetu read.
But behind the firm is a group of foreign billionaires who struck gold in Kenya. The most recent shareholder records seen by the Saturday Nation show that Guerassim Nikolov, a Bulgarian, owns a 21 per cent stake in the company, making him one of the three biggest owners.
Mr Nikolov is understood to have started out with a Bulgarian casino in 1989. He came to Kenya several years later where he started as a casino manager. He was the brains behind Toto 6/49, which went under.
The other two largest shareholders are Gene Grand and Asenath Wacera Maina, who own a 21 per cent stake each. Grand is a foreigner while Ms Wacera is a Kenyan.
In total, the three own 63 per cent. Ms Wacera, the widow of former Nairobi mayor Dickson Wathika, has successfully kept a low profile.Billionaire Paul Wanderi Ndung’u owns a 17 per cent stake in the firm.
Mr Ndung’u, who built his fortune as a Safaricom distributor, has been the firm’s board chairman.
Other shareholders are Mr Ronald Karauri, who is the firm’s chief executive officer.
The other shareholders are Mr Peter Kihanya Muiruri (one per cent), Cellini Holdings Limited (three per cent), Valentina Nikolaeva Mineva (three per cent), Ivan Stoyanov Kalpakchiev (two per cent), Mr Francis Waweru Kiarie (one per cent) and Mr Robert Kenneth Wanyoike Macharia (three per cent).