Sportingbet Australia directors in line for £15m retention bonus The retention bonuses for Michael Sullivan, head of Sportingbet Australia, and three other key members of management are outlined in the scheme document for the takeover, distributed to shareholders on Friday. The Australian division generated a net revenue of £87.4m in Sportingbet's last full financial year and earnings before interest, tax, depreciation and amortisation of £34.8m. GVC will acquire the remainder of Sportingbet, which employs nearly 500 people, including 175 in London, and manages websites targeting punters in 24 countries. In the document, GVC warns the integration of the Sportingbet business will "likely lead to redundancies where the businesses have overlapping functions or where this would otherwise improve efficiency." Andrew McIver, chief executive of Sportingbet, will leave the company with £2m, equivalent to two years' salary, car allowance, pension contributions and other benefits. Finance director Jim Wilkinson will receive a similar package worth almost £1.2m.