Latest news with #RaviBhusari
Wamda
3 days ago
- Business
- Wamda
Lottery.com acquires majority stake of Nook Holdings, rebrand as Sports.com hub
has signed a $2.5 million agreement to acquire a 90% stake in Nook Holdings, a sports and wellness incubator based in Dubai, founded by Ravi Bhusari. The deal will see Nook rebranded as part of the platform, serving as MENA base. The acquisition is part of modular global expansion model focused on acquiring high-potential, cash-generating businesses in the sports, health, and entertainment sectors. Press release: has announced it has signed an amended stock purchase agreement to acquire 90% of Nook Holdings, a UAE-based sports and wellness incubator, for $2.5 million in cash. The deal is expected to close by 30 June 2025. Founded by Ravi Bhusari, Nook operates from One JLT in Dubai and offers co-working, licensing, and business support services tailored to startups in the sports, wellness, and fitness industries. Following the acquisition, Nook will be rebranded under the platform, forming a regional hub for international expansion into the Middle East. The acquisition forms a key part of broader global growth strategy, aimed at building a network of incubators to serve as launchpads for early-stage businesses across sports, health, and entertainment sectors. Nook reported a net profit of $354,000 in FY2024, with internal projections indicating 38% year-on-year growth to $490,000 in 2025. The next hub is set to open in Q4 2025 in Al Quoz, a growing business district in Dubai near DIFC and Burj Khalifa, with additional locations planned in Riyadh, Jeddah, Abu Dhabi, and Greater Miami. Matthew McGahan, Chairman and CEO of and commented: 'This is not a one-off transaction – this is a scalable blueprint. We operate a modular model that enables us to bolt on high-potential, cash-generative businesses that expand both brands quickly and globally.' Mark Bircham, Director of and Head of Acquisitions at added: 'We're creating a repeatable model that connects high-growth markets to a shared infrastructure. With the right businesses in place, the potential to scale across multiple verticals is enormous.' The announcement follows the recent dismissal of a lawsuit against in Texas, allowing the company to refocus on strategic execution. It also builds on the momentum of an $18 million investment secured in late 2023 and a series of brand activations earlier this year.
Yahoo
4 days ago
- Business
- Yahoo
Lottery.com To Increase Ownership Stake in Nook Holdings, UAE-Based Sports Incubator
DUBAI, United Arab Emirates, June 11, 2025 (GLOBE NEWSWIRE) -- Inc. (NASDAQ: LTRY, LTRYW) (' or 'the Company'), a leading technology company transforming the intersection of gaming, sports and entertainment, announces the signing of an amended Stock Purchase Agreement ('SPA') for its planned acquisition of Nook Holdings Limited ('Nook'), a pioneering sports, health and wellness incubator based in Dubai, United Arab Emirates. The acquisition, valued at approximately $2.5 million USD, is an all-cash deal, underscoring strategic commitment to global growth and innovation in sports and wellness. Upon completion, the Company will control ninety percent (90%) of Nook. The deal is expected to close on or before June 30, 2025. Inside the Nook Co-Working Space Founded by Ravi Bhusari, Nook has become a cornerstone of the UAE's sports and wellness ecosystem. Over the past five years, it has fulfilled its ongoing mission to support startups and small businesses establish operations, obtain licenses, register for VAT and gain community support. Its exclusive partnership with Dubai's DMCC Free Zone and its high-visibility location at One JLT have made it the go-to destination for sports entrepreneurs in the region. Nook is located at One JLT in Dubai'This will be a defining moment for Nook. We have worked hard over the past few years to build a space that truly serves the needs of the sports and wellness community. Partnering with a visionary brand with global ambitions, unlocks tremendous opportunities for our members' A Global Launchpad for Sports Startups Upon completion of the acquisition, the Company will operate segments of its international sports business from within the Nook premises at One JLT, transforming the space into a gateway for sports innovation, investment and integration. The site will continue to function as both a premium co-working space and a business incubator, connecting early-stage sports businesses with the broader ecosystem.'Nook is not just a workspace — it's a thriving community of sports and wellness entrepreneurs. It aligns perfectly with our vision for as a global platform for innovation and impact. With a successful track record of generating profitable revenue and a stellar reputation, it is the ideal location to continue the global presence of the brand. We're excited to work closely with the businesses already operating inside Nook and help them scale faster, smarter and embrace a global mindset.''I've had the privilege of working closely with the Nook team over the past six months to bring this deal to completion. The quality of the businesses operating at Nook and the energy of the ecosystem they've built made it absolutely worth the wait. We are ready to roll up our sleeves and begin supporting these companies with everything has to offer — from networking and licensing to potential investment and acquisition. This is just the beginning.' About The Inc. (NASDAQ: LTRY, LTRYW) family of brands — including Tinbu and WinTogether, comprise a unified ecosystem that integrates gaming, entertainment, and sports. Follow the Company on X, Instagram and Facebook. Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company's strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' 'initiatives,' 'continue,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, expectations related to the investigation of short selling or potential naked short selling, including the Company's analysis, its ability to take appropriate corrective action, or any potential investigations by regulators; any future findings from ongoing review of the Company's internal accounting controls; additional examination of the preliminary conclusions of such review; the Company's ability to secure additional capital resources; the Company's ability to continue as a going concern; the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq; the Company's ability to regain compliance with the Bid Price Requirement; the Company's ability to regain compliance with Nasdaq Listing Rules; the Company's ability to become current with its SEC reports; and those additional risks and uncertainties discussed under the heading 'Risk Factors' in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC's website at Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Photos accompanying this announcement are available at This press release was published by a CLEAR® Verified individual. 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