Full Tilt Poker sold
Full Tilt Poker has finally been sold to a French company
The company specializes in “reviving” dying brands
Not earlier than yesterday we were hoping that we’ve heard the last of the Full Tilt Poker scandal. Well, we were wrong. The internet is filled with pokernews to the most recent announcement from the AGCC that the company’s license is being permanently revoked – former players are understandably upset, and many online publications have dragged the Full Tilt company name through layers of dirt.
Well, today comes with yet another shocker, and the closeness between the two dates leads me to believe that this was Full Tilt’s backup plan, making their big announcement right after the AGCC’s, in order to do some damage control.
Long story short, Full Tilt Poker have signed an acquisition agreement with Groupe Bernard Tapie. So, rumors were right all along, and it was, indeed, all about finishing touches with a French group of investors. The announcement released today states that an exclusive agreement between the two companies has been signed, and Full Tilt is now fully owned by Groupe Bernard Tapie.
This agreement includes one part that will make poker players extremely happy: it includes the repayment of the owed amounts world-wide. What this means, basically, is that people will finally get their money back, if the deal is to go according to the contract (and frankly, Full Tilt hasn’t been the one to respect the contract to the letter so far).
In addition to this contract being signed by both parties, negotiations will now begin with the US Department of Justice. These discussions will try to get the company out of the hole it’s dug for itself.
But, all in all, Full Tilt now seems to be in good hands. Groupe Bernard Tapie is a company with over 30 years of experience in saving financially distressed businesses. They have a portfolio of over 40 companies that they have acquired and managed until a huge profit had been achieved. The most well known company in this list is the sporting equipment giant Adidas.
It’s not yet known how this will affect the company’s return to good standing, or if the Alderney Gambling Control Commission will now reinstate their license. However, it is a step in the right direction. Had it been made months earlier, the company’s odds would have been much higher, but now the whole announcement has been met with a lot of skepticism.
