Marshall Assumes Official Control of Youbet.com

David Marshall is officially in charge of Youbet.com, a California online horse racing and wagering service that he co-founded. After leaving the company as vice chairman in 1999, Marshall is back and has officially assumed the titles of chairman and chief executive officer on Friday.

''I am excited to be back at Youbet.com,'' Marshall said. ''The company has made a significant investment into the horse racing industry, and as the market leader, we are now beginning to realize the benefits of this investment. We have an excellent team who possesses the largest amount of proprietary knowledge and experience of any online gaming company worldwide. With the support of this talented group, my objective is to steer Youbet.com in directions that can unlock our potential.''

Marshall brings with him a capital infusion of $750,000, a transaction that the company has closed, and he said raising more money is the company's immediate challenge.

As Marshall steps back in, two officers and two directors are exiting. Chairman and former CEO Robert Fell and directors Caesar Kimmel and William Roedy have resigned. Ron Luniewski, who shared CEO duties with Phillip Hermann since November, also is leaving the company and reportedly has been hired by Magna Entertainment to run its XpressBet interactive wagering business.

Hermann was named president and chief operating officer and will remain as chief financial officer of the wagering company.

The company said it is in talks with several individuals about joining the board.