Three co-workers in Connecticut won the $254 million Powerball jackpot but opted for a one-time cash payout of $103.5 million.

Story highlights

The three winners didn't represent a secretive client, a spokesman says in a statement

Winners set up a trust fund mainly to benefit veterans causes, spokesman says

$1 million will be distributed to selected groups in the next 10 days, says Gary Lewi

The $254 million Powerball jackpot was the largest ever to be won in Connecticut

CNN  — 

A day after three Connecticut asset managers claimed the largest Powerball jackpot in the state’s history, a public relations executive acting on their behalf issued a statement denying there was a fourth participant who wanted to remain anonymous.

Throughout the day Monday there had been published reports that the three men who appeared with the winning check were only collecting on behalf of a client of their investment firm.

“While there has been much speculation and quite a bit of misinformation over the last 24 hours, this Trust, with its three trustees, has been established to manage the winnings in the most practical and expedient way possible so that we can achieve our strategic goal of helping those who can best benefit from these funds,” said public relations executive Gary Lewi. “And to be clear, there are a total of three trustees and there is no anonymous fourth participant.”

The statement goes on to say that the financial advisers will set up a trust that will have as its focus – among other things – care for U.S. veterans and those returning home from deployment.

Within 10 days the trust will distribute $1 million to selected veterans relief organizations within the tri-state region, Lewi said.

Co-workers Tim Davidson, Brandon Lacoff and Greg Skidmore claimed the prize from the November 2 drawing, which netted them more than $100 million, at a presentation by the Connecticut Lottery Corp.

Ranjit Singh, the manager of the Stamford BP gas station where the winning ticket was purchased, told CNN’s Mary Snow that he is sure it was Tim Davidson who purchased the ticket. “I do recognize him, I cannot forget the face.” Singh also said he remembers that he pushed Davidson to buy a ticket.

The jackpot was $254 million, had the winners taken a multiyear payout. They opted instead for a one-time cash payout that totaled $103.6 million after taxes, according to Connecticut Lottery spokeswoman Linda Tarnowski.

It was the 12th-largest jackpot in Powerball history, according to Anne Noble, president of the Connecticut Lottery.

“Everybody is extremely excited – these numbers are huge,” said the trio’s attorney, Jason Kurland. “This is going to benefit many people.”

Kurland spoke on behalf of three winners, all asset managers at start-up firm Belpointe Asset Management in Greenwich, Connecticut. He said that the men will donate “a significant amount” of the winnings to charities in the state.

Davidson bought the $1 ticket at a gas station in Stamford, Kurland said.

After realizing they had a winning ticket the following morning, the three co-workers formed the Putnam Avenue Family Trust, each becoming a trustee.

“They have become their dream client,” Kurland said.

Skidmore was the only one of the three winners to speak at Monday’s press conference.

“It feels good,” he said.

CNN’s Mary Snow and Leigh Remizowski contributed to this report.