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According to the arrest warrant affidavit, law enforcement began investigating Pietras after an employee with a third-party company that assists funeral homes in managing and administering funeral contracts notified police about possible discrepancies at Pietras Family Funeral Homes in Coventry. Such funeral trust administrators partner with funeral homes to provide various programs, including trust funds, insurance policies, and escrow account management.
Law enforcement investigators uncovered a mountain of alleged theft. As the news spread, clients began requesting escrow statements, only to find that their funds were never deposited.
Prosecutors alleged that Pietras was stealing the funeral money to fund his gambling addiction. Law enforcement found that Pietras made more than 800 casino trips over a 14-year period.
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Announced on Wednesday, the all-share deal is expected to close in Q2 2027, forming a combined group with a pro forma adjusted EBITDA of around €2 billion ($2.3 billion).
Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.
According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.
What is Speed Cash?
Gill, who joined from the market research company Savanta, is leading Spotlight’s technology and engineering across the group with a focus on engaging new audiences.
“As Racing Post enters its 40th year, there is a real opportunity to use technology to engage new audiences, deepen the value we deliver to operators and make AI a practical capability across the business,” Gill commented.
In January, Spotlight outlined its 2026 Racing Innovation strategy, featuring two product releases.
