Firm retained to vet possible Pa. Lottery bidders
Gov. Tom Corbett's administration has retained a firm to vet prospective bidders as part of its process to potentially privatize management of the Pennsylvania Lottery.
Kroll Advisory Solutions will ensure the state’s team is provided sufficient preliminary background information to complete due diligence, according to a news release.
The process is under way as the administration looks at how to best leverage the asset, which generates hundreds of millions of dollars for programs benefitting older Pennsylvanians.
There is no set timetable for due-diligence discussions, including data sharing, conversations and policy considerations, but the administration expects they could extend at least three to four months.
It is the first phase of a sealed bidding process known as Invitation for Bid, according to the release.
If the state decides to keep pursuing the idea and eventually seeks bids, Kroll also would conduct a full investigation into the winning bidder and its executives. It would be used to evaluate the bidder’s suitability before officials executed a private management contract, the release stated.
Kroll has been retained through DLA Piper, legal counsel assisting with the process, and investigation fees will be borne by qualified bidders.