In a stunning release, Full Tilt Poker has announced an agreement with Groupe Bernard Tapie which includes the sale of the company and all assets.
Laurent Tapie announced this morning that the long-rumored purchase by the investment group has finally been signed, but is predicated upon numerous conditions, which most notably includes a promising disposition with the United States Department of Justice. It is the hope of the investment group that this situation is resolved immediately.
The most notable piece of the agreement is one that is bound to shake the poker world: all US players will have funds reimbursed, in full. Between the fines due to the DoJ and the net amounts owed to US players, the rumored number has floated around in the $1 Billion area. While this is an incredibly large number, this group is definitely one with the capital to do so.
Keep in mind that this is a purchase agreement but it is by far a done deal. Next up the Groupe must meet with the US DoJ to get things in motion.
Stay tuned as more information is bound to break on this story.
Should also make it known that this same group has been tied to fixing soccer matches, bankruptcy, fraud and tax evasion.
Personally, I don’t think the DoJ is going to give them as much of a discount like DoJ did with PS. The Dept of Justice should use FT as an example of how not to run a company.
I’m all for FT coming back online as much you, I have money tied up but at the same time I seriously do not want to be going through this every other year or two.