Ontario-headquartered firm Rivalry has announced the departure of four directors in a shareholder update today.
Two of those board executives have also vacated their CTO and COO positions, and interim CFO Demi Abidogun-Benson has likewise resigned from the company, following a February statement that it was implementing a “major cut in operational activity”.
This, the firm stated, was attributed to a phase of “recent performance fluctuations”. Rivalry informed shareholders at that point it was reviewing strategic options regarding its assets and operations.
The initiative involved substantially downsizing its staff and drastically cutting operational costs.
It stated then: “The company has suspended user engagement on its platform and is handling player cashouts in the regular process.”
The four directors who have stepped down this week are: Stephen Rigby, Steven Isenberg, Ryan White, and Kevin Wimer.
Rivalry offered no additional details on the modifications, including whether it would fill their positions in the near or distant future.
In February, when it started its ongoing strategic evaluation, Rivalry stated it was in talks with external entities about possible deals.
“However, given recent performance instability, the board has decided to significantly decrease the scope of activities while evaluating whether a strategic deal or another option can be pursued,” it added.
“Considering the firm’s diminished operational size and the continuous assessment process, there is no guarantee that any strategic option will be finalized or that operations will persist in their present state,” the operator concluded.
Earlier strategic assessment for Rivalry
The reduction in operations came after an earlier strategic review in 2025, which aimed to “support its long-term growth and expansion plans”. At that time, Rivalry hired XST Capital Group, a niche investment bank specializing in the digital gaming industry, to investigate potential sales.
“This assessment is a logical move in evaluating how we can optimally generate enduring value for our stakeholders while further improving our top-tier gaming platform,” CEO Steven Salz stated then.
Rivalry had also obtained a $650,000 principal senior unsecured loan at that time from an existing senior lender.