According to sources in the letter, the company is in talks to sell a stake of less than 20 percent to the San Francisco-based Architect Capital fund. The deal should be closed next month, although it may still run into final hurdles, according to three people familiar with the situation.
The sale would leave majority control of OnlyFans to the family trust, which now owns Radvinský shares. The trust is run by the founder’s widow, Katie, who oversees the entire sales process.
According to the Financial Times, the deal will provide greater stability for the business, which remains highly profitable.
Ukrainian-American businessman Radvinsky created one of the most successful British start-ups from the company. OnlyFans works on a subscription basis, users pay creators of mostly erotic and pornographic content.
Last year, the platform earned 7.2 billion dollars, or about 149 billion crowns, and paid out a record 701 million dollars in dividends.
The Architect fund entered into exclusive negotiations with OnlyFans at the end of last year, initially about the purchase of a majority stake, as previously reported by The Wall Street Journal. The decision to sell only a small part without a controlling share reduced the overall valuation of the company – it originally sought a value of over five billion dollars, i.e. more than 103 billion crowns.
The transaction also opens the way to further sales of shares in the future. Other interested parties are also seeking entry to OnlyFans, including the investment firm Forest Road Company from Los Angeles, which is backed by British billionaires David and Simon Reuben.
