Almost always, the pyramids included at least one bank with a licence to take deposits, and several publicly listed subsidiaries that could issue shares in the open market.

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It said that the process with Nevada should take up to 18 months, after which it can apply for a gaming licence.

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He has since refused to expand on his decision, but it is believed that he had become unhappy with the SPL's decision not to take legal action to prevent Celtic broadcasting matches without a licence or to inform the other clubs of its reasons.

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