Former Formula One team boss Eddie Jordan has pulled a potential bid for Playtech, the gambling company, because of concerns that a group of Asian investors that recently bought into the company would block the deal.

Jordan’s acquisition vehicle, JKO Play, had been set to propose an offer of 750 [pence] per share for Playtech, which provides back-end technology to gambling companies such as Entain. JKO planned to publish a statement on Friday morning announcing its intention to pull out, said three people involved in the process.

Its bid would have put it in competition with Australia’s Aristocrat Leisure, whose offer had been recommended to shareholders by Playtech’s board.