Posted on: January 2, 2025, 01:33h.
Last updated on: January 2, 2025, 01:33h.
Alastair Campbell, a former influential figure in UK politics, reportedly invested £300,000 (US$370,000) into his son’s failed soccer-betting syndicate before its collapse, as per The Daily Mail.
Campbell, aged 67, is among more than 50 investors who collectively contributed at least £5 million (US$6.1 million) to the endeavor, managed by his 37-year-old son, Rory Campbell.
The operation supposedly utilized mathematical models to gain an advantage in the betting markets, but investors were informed two weeks ago that the syndicate had failed due to non-payment of winnings by sportsbooks in Asia, sources told the Mail.
Rory Campbell had previously assured investors that there was no financial shortfall in the fund and that they would receive their funds in full by the end of July, as one source revealed. However, in mid-July, Campbell revised the expected return to around 50%-65%, as reported by the source.
‘Low Risk’ Claim
According to a investor who spoke to the Mail, Campbell portrayed the betting scheme as “extremely low risk,” and individuals had invested a significant portion of their net worth into the fund.
“Rory assured us that he could not lose more than 5% of the total betting fund to a single bookmaker at any point and that his responsibility was to manage that risk,” the investor stated to the Mail.
Then suddenly all the money has just disappeared,” they added. “He has provided absolutely zero evidence of where it has gone, and we want a proper explanation of where all the millions of pounds have gone.”
Investors are currently in talks with the Campbell family to reach a resolution and believe they may only recover 15% of their losses, as per the Mail.
Some investors have compiled a collection of evidence, including contracts, bank statements, spreadsheets, and communications with Campbell, that they intend to present to the authorities.
‘Confidences Broken’
A spokesperson for the Campbell family informed the Mail that the reporter had been provided with an incomplete and, in several aspects, inaccurate representation of a complex situation that is currently under confidential negotiations for resolution.
It is a matter of concern and very disappointing to learn from you that these confidences have been broken,” the spokesperson continued. “Given the confidential nature of the discussions, we are not at liberty to make any further comment at this stage.”
Alastair Campbell served as the director of communications for the Blair administration from 1997 to 2003. Known as Blair’s speechwriter and chief strategist, he was sometimes referred to as “the real deputy prime minister.”