Fox Corporation CEO Lachlan Murdoch confirmed the company would try to activate an 18.6% stake option in betting giant FanDuel—and he said the deal could be secured at $2.2 billion below open market value.

Speaking at the Goldman Sachs Communacopia and Technology Conference on Tuesday, Murdoch said Goldman Sachs analysts value FanDuel, owned by Flutter, at $35 billion. That implies Fox’s potential piece of FanDuel is worth about $6.5 billion on the open market compared to the $4.3 billion Fox estimated it will need to pay in a financial report filed last month.

Flutter’s purchase of The Stars Group in 2020 established a connection between Fox and FanDuel, as Fox’s purchase option for part of The Stars Group translated to a purchase option for FanDuel. The latter option’s exact price point, which rises 5% every year, became the subject of a legal battle culminating in an arbitrator’s 2022 ruling.

Fox must become licensed as a gaming operator before it can complete the transaction, and Murdoch said the company is actively working with state legislators to do that. Clearing state hurdles can be onerous, requiring companies to provide extensive private information, but Murdoch seemed determined.

“We’re not going to leave $2 billion on the table,” Murdoch told the Goldman Sachs conference attendees.

Last year, Fox and Flutter agreed to close the failing sports betting platform Fox Bet, which Fox had partnered with and Flutter bought from The Stars Group.

Now, Fox hopes to make FanDuel its strategic focal point in sports betting. Murdoch said Fox’s imminent FanDuel stake will bolster its television broadcast approach, presenting “an opportunity to further engage with our viewers.”

Fox has six more years to activate its FanDuel option, but it appears eager to trigger the clause long before the deadline.

In 2022, an arbitrator determined Fox’s stake would cost $3.7 billion with a 5% annual escalator—a middle ground between what Fox and Flutter wanted that was celebrated by both as a victory.

Fox did not respond to emailed requests for comment. Flutter declined to comment on the record.