Super Group’s Blank-Check Backers Hit With SPAC Deal Challenge

An investor sued architects of the blank-check merger between online gambling company Super Group (SGHC) Ltd. and a shell entity, claiming they duped shareholders into approving a lousy deal that made insiders rich.

The lawsuit targets the finance and sports industry veterans—including former senior executives at Goldman Sachs & Co. and the NFL—who sponsored Sports Entertainment Acquisition Corp., the special purpose acquisition company that combined with Super Group to take it public. Super Group operates the digital sports betting platform Betway and Spin, an online casino.

The proposed class action in Delaware’s Chancery Court is the latest in a steady ...