Intrade in talks with possible investment partner

Intrade, an online betting website that halted trading last month amid an investigation into suspected financial irregularities, said it is in talks with at least one firm that may invest in or partner with the company.

Any deal would have to at least match the benefits of Intrade's own proposal to repay members at least 50 per cent of their currently frozen funds, the Dublin-based company said yesterday in a statement on its website.

"At this time, we are very close to achieving the required acceptance" from clients for the payments, Intrade said.

"In the very near future" the company hopes to announce that it either has enough support to make the payments or a deal that would boost benefits to members, it said. It didn't identify the investment firm in negotiations.

Intrade, which lets members bet on outcomes of events, including US presidential and Catholic papal elections, stopped taking wagers and froze member accounts on March 10th.