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    FullTilt Poker was sold out

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    Scorillo
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    Message number : 5336
    Date of join : 2009-06-30
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    FullTilt Poker was sold out

    Post by Scorillo on 5th October 2011, 10:02 am

    Half a year later ago the Poker Black Friday changed the online poker market. Soon thereafter Full Tilt Poker shattered our trust in large poker sites by practically going under with player funds. Since then countless updates have taken player hope away and given it back. Now it seems that the story has come close to its end.

    Last Friday, just one day after the AGCC announced that Full Tilt's license was revoked, Full Tilt Poker announced that an acquisition agreement was signed with the Bernard Tapie Group. The announcement was made by Laurent Tapie, managing director of the Bernard Tapie Group.

    Laurent Tapie is the son of Bernard Tapie, a French businessman and politician. Bernard Tapie is credited with rebuilding a number of bankrupt companies and making them profitable. The most famous example is Adidas, which he owned from 1990 to 1993 and managed to turn around. He also owned a cycling team that won the Tour de France twice and a soccer club that won the French Championship five times in a row, as well as the Champions League in 1993.

    You can find the full press release below:

    "Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement
    Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

    This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

    Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.
    Updated 9:45 a.m. PDT: Laurent Tapie granted an exclusive interview with iGaming France to discuss the acquisition of Full Tilt Poker. According to iGaming France, the agreement includes "repayment of Full Tilt Poker's world-wide players in full, and is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice."
    Tapie didn't disclose how much money the acquisition would cost his company, but did say he "wouldn't have undertaken such a project if he didn't believe in its potential."


    The new owner comfirmed to iGaming France that they have the funds necessary to repay player debts. One major predicament for that is ensuring that the US department of Justice releases funds seized from Full Tilt Poker. Laurent Tapie believes in the power of Full Tilt brand, but the management has proven themselves incompetent and will probably be replaced.

    According to iGaming France, the new owners are hoping to reopen Full Tilt Poker by Jan. 2012.

      Current date/time is 21st June 2018, 2:30 am