Easiest Poker Sites Poker News Full Tilt Poker Deal Rumored To Be Finalized Next Week

Full Tilt Poker Deal Rumored To Be Finalized Next Week

Posted by dwayne on March 15, 2012 at 12:39 GMT+0000

Full Tilt PokerUnsubstantiated rumors in the poker industry have alluded to the acquisition of Full Tilt Poker by Group Bernard Tapie to be completed sometime next week, with another investor secured by Tapie reportedly involved in the purchase.

Although a deadline for the deal had previously been set by the parties for March 16, it is believed that the deadline has been extended a few more days to allow for the nearly-completed negotiations to continue, it was reported by eGamingReview.

With the U.S. Department of Justice (DoJ) serving as a middleman due to the forfeiture proceedings and assets being sold through the court in light of the Black Friday indictments, the negotiations have dragged on for months, with Full Tilt players owed money by the dormant site becoming further exasperated with each passing day.

Indications are that Tapie has been communicating with both the Alderney Gambling Control Commission (AGCC) and the Kahnawake Gaming Commission to secure the reinstatement of its revoked operating license with the former, and to solidify its licensure status with the latter, which provided FTP with a secondary license to operate a poker site. Upon revocation of the FTP license in September, the AGCC allowed for possible reinstatement under new management at a future date.

There is currently no timetable as to when the site would be up and running again, but industry insiders believe that Tapie will attempt to be online as soon as possible. The FTP acquisition scuttlebutt includes unnamed sources saying that Tapie is actively recruiting personnel to re-launch the site and believes a four-week timeframe following acquisition is doable. Likewise, there are no confirmed dates as to the scheduled repayment of players, with Black Friday’s 1-year anniversary date fast approaching next month.

Just last week, after nearly 11 months of deadening silence by Full Tilt’s board of directors, FTP honcho Ray Bitar spoke out and apologized to poker players for the silence and the lack of repayment. “My love for the sport and the poker community has made it very difficult to keep silent, particularly in light of the many angry sentiments directed at FTP, myself, and others in newspapers and blogs,” Bitar told Poker Strategy. “Given the lack of information that has been made public, I can certainly understand these sentiments.

Bitar went on to say that his efforts since Black Friday have always been on finding a way to reimburse players. Online poker forums and critics who had been ridiculing Bitar, Howard Lederer, and Chris Feguson for months due to their silence were overwhelmingly dissatisfied with the statement, claiming that it had no substance and was extremely tardy–in effect, being a case of too little, too late.

The Full Tilt sale has been riddled with a number of problems, including the DoJ calling the poker room a “global Ponzi scheme,” millions of dollars reportedly owed to the site by pro players, and Tapie’s integrity as an owner questioned due to a somewhat shady past. We will keep you updated with the latest developments in the sale and continuing saga of Full Tilt Poker.

Before Black Friday Full Tilt was considered to be one of the best poker sites, let’s hope that moment will come back soon again!