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  • Reported Deal Between Full Tilt Poker and Groupe Bernard Tapie

    Friday, November 18th, 2011 by Ryan

The reported sale of the massive online poker site Full Tilt Poker has gone back and forth for months now, and things have continually gotten worse for the online poker site since back on Black Friday. It seems that there is some good news for everyone involved now though, whether it be the current owners of Full Tilt, Groupe Bernard Tapie, fans of online poker, and the current players on the site. The deal between the site and the investment group from France, the Groupe Bernard Tapie, has ended with a deal that has been struck, with the last thing pending an agreement from the US Department of Justice.

The deal is said to be for $80 million, and this would give the Groupe Bernard Tapie the entire online poker site. Of course, there is still the deal with the Department of Justice that needs to be handled before anything is finalized, which could potentially cause a few problems. Finalizing this deal was the most important thing though, because the rest is currently out of their hands.

The $80 million total was reported by the GBT attorney Benham Dayanim, and this would mean that the Groupe Bernard Tapie would release claims to any assets which were originally seized by the US Department of Justice. Before anything is done with the site though, this group would have to get it relicensed in order for it to work. Before any of this happened, FTP was originally the holder of a gaming license with the Alderney Gambling Control Commission, and they also had a second license through the Kahnawake Gaming Commission. The issue with this situation is that the AGCC has revoked the original license, and this secondary license with the KGC requires that the site have a primary license as well.

While the news that the online poker site could be running in the near future is excellent for current players on the site, the news isn’t as exciting for American players, who could potentially have some issues getting paid back. The reason for this is that with the new deal, any repayment to players will come from the US DOJ. The players would have to apply for their funds through the DOJ, and we are unsure as to the chances of them getting repaid.

One issue that remains for the Groupe Bernard Tapie? The question of how international players will be repaid. There has been no statement about this, and there seems to be no real answer for this question as well. It has been said that Full Tilt owes players in the upwards of $390 million, and that around $150 million will be handled in this Department of Justice deal. The problem is, the Groupe Bernard Tapie would have to cover around $240 million in that situation.

Just like everything else with this situation, only time well tell what the outcome will be. It seems that they are heading in the right direction, but we will have to wait and see if it is going to all work out for the best in the end.

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