Full Tilt Reportedly Sold to European Investors

On Wednesday, the Alderney Gambling Control Commission suspended Full Tilt Poker’s license to run their online poker.  Now, a report out of the Los Angeles Times claims that the company is set to be purchased a group of European investors. 

Ivey's suit will also be dropped as a result of the reported sale.

Attorneys for the online site said that Full Tilt has an agreement in place with a group of investors and the money put forth by said investors would be enough to pay back U.S. players who have yet to be paid in the wake of Black Friday.  The amount currently owed to players is around $150 Million.  In exchange for these funds, the group will gain a majority stake in Full Tilt’s parent company Pocket Kings. 

In addition, the money being fronted by the investors may allow the company to settle the civil lawsuit brought forth by the U.S. attorney’s office on April 15th at the same time as the Black Friday indictments.  At present, the U.S. DOJ is trying to recover $3 Billion between PokerStars, Full Tilt, and Absolute Poker.

In addition, according to David Chesnoff, the attorney for Phil Ivey, the lawsuit brought against Full Tilt is on the verge of being dismissed.  According to Chesnoff,  ”Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid.”

According to the attorneys spoken to, the deal was reached as part of negotiations to clear up the company’s problems with both the AGCC and the U.S. Government.  At present, a hearing is set for July 26th with the AGCC to determine whether Full Tilt should retain their license. 

Earlier in the week, there were rumors that Full Tilt was in talks with Jack Binion about potential investment opportunities.  At present, there are no indications whether the group is involved with Binion in any way.  The lawyers that spoke with the Times spoke did so anonymously due to the sensitive nature of negotiations with the U.S. Government.

If this group does indeed purchase Full Tilt, it may mean the beginning of the end for a long, dark chapter in the companies history.  How long it would take for players to be repaid was not discussed and will likely be released in the days and weeks following any sale.

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