Fox has until 2030 to buy into FanDuel at a $20 billion valuation, according to arbitration order issued on Friday. The figure is higher than the valuation proposed by the Rupert Murdoch-owned media corporation of $11.2 billion and closer to the estimate from Flutter, the majority owner of the sports-betting company, which said that Fox should have to pay market price.

Flutter also cannot pursue an initial public offering for FanDuel without Fox’s consent or approval from the arbitrator.

Both sides declared victory in the arbitration.

“FOX is pleased with the fair and favorable outcome of the Flutter arbitration,” the company said in a statement. It stressed that it has no obligation to commit capital towards its 10-year option to acquire 18.6 percent of FanDuel for $3.7 billion with a five percent annual escalator “unless and until” it chooses to do so.

Flutter, meanwhile, said that the price tag for Fox to buy its stake in FanDuel represents fair market value as of December 2020. “Today’s ruling vindicates the confidence we had in our position on this matter and provides certainty on what it would cost FOX to buy into this business, should they wish to do so,” said CEO Peter Jackson in a statement.

Fox in April 2021 filed an arbitration claim against Flutter, among the largest gambling companies in the world, over the value of its stake in FanDuel. It argued it should pay the same price to buy into FanDuel that Flutter paid in December when it increased its share in the company to 95 percent in a $4.2 billion deal.

Flutter, in turn, pushed for a higher price. It said in a statement issued at the time that Fox must pay “fair market value” to exercise the option in July.

Fox secured its option to buy into FanDuel for helping Flutter fund its merger with The Stars Group, which operated a sports betting platform with Fox.

FanDuel didn’t immediately respond to requests for comment.