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  • Full Tilt Poker Purchased by Group of French Investors

    Sunday, October 2nd, 2011 by Ryan

In some incredibly shocking news, it seems that the inactive online poker site, Full Tilt Poker, has found a group of investors who are interested in attempting to get the site back to the promised land. This news comes just after Full Tilt lost their gaming license, after the Alderney Gambling Control Commission revoked it this past Thursday. The purchase is made up of a group of French investors, who are lead by Laurent Tapie, who is the managing director of the Groupe Bernard Tapie.

According to the new deal, this group will now acquire the company and its assets as well. While it is definitely great news that the site has been purchased, especially for any players who still have money locked up on the site; there are still many hurdles that the new investors will have to face before everything is cleared. While the new investors plan to pay back the money that is owed to players all around the world (which has been said to be around $300 million), they will still need to figure out the legal situation in the United States, which would include negotiations with the US Department of Justice. On top of that, there would most likely be a fine that was attached to the company, regardless of who the owners become.

Laurent Tapie feels confident in the task at hand, and said that he wouldn’t have made this move if he didn’t feel that it had an incredible amount of potential. He also went on to state that he has the “tools necessary to once again make the site one of the leaders in the industry”, which is essentially talking about the software that Full Tilt Poker had before it was shut down. It is also unknown as to when the site could be ready to go again if everything gets all sorted out, and Tapie answered that question also; stating that it could be ready as early as January of 2012. The biggest hurdle that Tapie and the group of investors could run into, would be getting a gaming license to get everything up and running.

The Groupe Bernard Tapie is named after Lauren’s father, who had quite the interesting past between sports and politics in France. He was sentenced to two years in jail back in 1995 as he was proven to have fixed a soccer game that involved a team that he owned. On top of that, he was forced to file for bankruptcy, and he was prosecuted for tax fraud and tax evasion in 1993 as a part owner of Adidas.

Lauren fortunately has been able to get around all of these issues, but may have to answer quite a few questions about his father’s past. On top of that, there will be many questions as to if the company has the total funds available that will be needed to bring Full Tilt back from the dead; as these funds could potentially be in the upwards of $750 million. All in all, Full Tilt Poker, regardless of who owns it, has a long road to go before they are back in business.




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