Breaking news: Today’s hearing in which the license (and larger fate) of Full Tilt Poker was to be decided has been pushed back to September 15 to give the brand more time to find buyers, eGaming Review is reporting.
The hearing, held by the Alderney Gambling Control Commission (AGCC), had been much anticipated within the online gambling industry (and the general business community, too).
Before the AGCC revoked Full Tilt Poker’s license and effectively shut it down a month ago, the site was the world’s second-largest online poker room in terms of player traffic.
Now, the brand is faltering, and trying to find a last-minute buyer who can remedy the company’s financial obligations while also capitalizing on the thousands of presumably still-loyal Full Tilt Poker players.
Today’s hearing was adjourned and rescheduled for September 15 “at the latest.”
“After a series of day-long public and private deliberations lead commissioner Isabel Picornel told a small audience its decision was taken in the ‘best interests of the customers of Full Tilt to give the company more time to finalise the investment’,” the EGR report continues.
“The decision was not taken lightly,” Picornel told the approximately 20 people at the hearing.
“The decision was taken in the best interests of Full Tilt’s customers and to allow FTP to further resume negotiations with potential investors. This would lead to more a beneficial outcome for the players’ interests. We will reconvene as soon as possible and no later than 15 September this year.”
The “public” hearing turned out to be mostly private, too. After an hour of public hearings, commissioners and lawyers spent approximately six hours meeting “in camera”.
Sale under cloud
The recent reports that a potential buyer had emerged for Full Tilt seem to have reached a dead end.
That buyer (still unknown) was said to be interested only in buying the brand’s “UK and Irish companies and European-facing licences,” EGR again reports. That refusal to deal with the company’s U.S.-facing operations caused the deal to fall through completely, some sites have reported.
Gordon gets out
In other Full Tilt news, poker pro Phil Gordon successfully removed himself from the brand’s lawsuit last week. He’s the only Team Full Tilt member to do so.
“I have always held myself to the highest standards of conduct,” Gordon said in a prepared statement. “As part of that, I have repeatedly emphasized that Full Tilt should repay the U.S. players as quickly as possible.”