Full Tilt Poker SOLD For $80,000,000: Update
Full Tilt Poker has OFFICIALLY been sold to Groupe Bernard Tapie for a reported $80 million.
The French investment firm purchased Full Tilt from the US. Department of Justice, sources close to the matter say. The brand new contract states that Full Tilt Poker forfeited its assets to the US Federal government, and those assets now belongs to Groupe Bernard Tapie.
The $390 million owed to players across the globe by Full Tilt Poker will either be sorted by GBT or the DOJ, depending on where the players live. Apparently, GBT will issue paybacks to international players while the DOJ will cough up the $150 million owed to players in the US.
When Groupe Bernard Tapie is in full control of Full Tilt, it will have to be relicensed. Before Black Friday, Full Tilt Poker held an online gaming license with the Alderney Gambling Control Commission (AGCC), but that was first suspended in June and permanently revoked in September.
Once Full Tilt has a new license, Groupe Bernard Tapie could potentially reactivate the site. It remains unknown if the actual brand will still be promoted under the same moniker or an entirely new one.
Part of the new deal does not allow current Full Tilt directors to hold shares in the company. Full Tilt Poker CEO Ray Bitar was quoted as saying yesterday that he is extremely pleased with the agreement.
Want to hear what former PokerStars manager Scott Yeates thinks about Full Tilt Poker? Check it out here.