Jenner & Block Team Secures Win on Behalf of Fox in Flutter Arbitration

A cross-practice, cross-office team secured a multibillion-dollar arbitration win for client Fox Corporation in its litigation against Flutter Entertainment, the parent company of sports betting company, FanDuel. The firm secured this win alongside co-counsel Joseph Hage & Aaronson.

In a deal negotiated for Fox by Partner Carissa Coze, Flutter granted to Fox a ten-year option to acquire an 18.6% interest in FanDuel beginning in July 2021. In December 2020, Flutter attempted to unilaterally “cancel” that option, which resulted in the litigation.

The New York-based Judicial Arbitration and Mediation Services confirmed that Flutter's maneuvering did not cancel the option and ruled that Fox has 10 years to exercise its option to acquire its share of FanDuel for $3.72 billion, with a 5% annual escalator, which is approximately 50% of what Flutter wanted Fox to pay for the shares.

The arbitrator also issued an order formalizing a stipulation between the two parties to the effect that Flutter will not pursue an initial public offering of FanDuel, one of the leading sports betting platforms in the US, without consent from Fox or approval from the arbitrator.

The Jenner & Block core trial team included Partners Terri Mascherin, Brandon D. Fox, and Jason M. Bradford, and Associates David J. Clark, Andrew C. Elliot, and Margaret M. Hlousek.

The Arbitration team also included Partners Brian J. Fischer, Ian Heath Gershengorn, Elin I. Park, Michael W. Ross, and Lee Wolosky; Department Counsel Marek H. Badyna and Edward P. McKenna; Special Counsel Lucy Blake; Associates Jenna L.  Conwisar, Andrew P. Csoros, Breana K. Drozd, Brian B. Druchniak, Maria del Carmen Gonzalez, Karam Jardaneh, and Elizabeth B. Scott; Senior Paralegals Cheryl Kras and Nebojsa Rebic; Paralegals Shiva Khansari and Sam Rosen; and former associates Matt Worby and Amanda Azarian

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

Jenner & Block Team Secures Win on Behalf of Fox in Flutter Arbitration

A cross-practice, cross-office team secured a multibillion-dollar arbitration win for client Fox Corporation in its litigation against Flutter Entertainment, the parent company of sports betting company, FanDuel. The firm secured this win alongside co-counsel Joseph Hage & Aaronson.

In a deal negotiated for Fox by Partner Carissa Coze, Flutter granted to Fox a ten-year option to acquire an 18.6% interest in FanDuel beginning in July 2021. In December 2020, Flutter attempted to unilaterally “cancel” that option, which resulted in the litigation.

The New York-based Judicial Arbitration and Mediation Services confirmed that Flutter's maneuvering did not cancel the option and ruled that Fox has 10 years to exercise its option to acquire its share of FanDuel for $3.72 billion, with a 5% annual escalator, which is approximately 50% of what Flutter wanted Fox to pay for the shares.

The arbitrator also issued an order formalizing a stipulation between the two parties to the effect that Flutter will not pursue an initial public offering of FanDuel, one of the leading sports betting platforms in the US, without consent from Fox or approval from the arbitrator.

The Jenner & Block core trial team included Partners Terri Mascherin, Brandon D. Fox, and Jason M. Bradford, and Associates David J. Clark, Andrew C. Elliot, and Margaret M. Hlousek.

The Arbitration team also included Partners Brian J. Fischer, Ian Heath Gershengorn, Elin I. Park, Michael W. Ross, and Lee Wolosky; Department Counsel Marek H. Badyna and Edward P. McKenna; Special Counsel Lucy Blake; Associates Jenna L.  Conwisar, Andrew P. Csoros, Breana K. Drozd, Brian B. Druchniak, Maria del Carmen Gonzalez, Karam Jardaneh, and Elizabeth B. Scott; Senior Paralegals Cheryl Kras and Nebojsa Rebic; Paralegals Shiva Khansari and Sam Rosen; and former associates Matt Worby and Amanda Azarian

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

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