Tuesday, Jul 31, 2012 Breaking News: PokerStars, DOJ Finalize Full Tilt Sale
After a long and arduous negotiation process, PokerStars and the US Department of Justice have finalized terms to complete the sale of Full Tilt Poker.
Announced via press releases from both PokerStars and the DOJ this morning, the total dollar value of the deal comes in at $731 million once the final transfer is complete.
Among the key terms of the agreement:
- PokerStars will pay out $547 million ot the US Department of Justice over the next three years
- A $225 million payment from PokerStars to the US government within six days is required to complete the deal
- All non-US players will be paid out the full $184 million owing, with no restrictions on withdrawals, within the next 90 days
- All civil forfeiture and money laundering charges against PokerStars and Full Tilt Poker reps will be dropped
- No one associated with PokerStars or Full Tilt Poker agrees to any wrongdoing
- American players owed money by Full Tilt Poker will be required to remit their claim through the DOJ
- PokerStars' founder Isai Scheinberg must step down from PokerStars management and no criminal charges against him will be dropped
- PokerStars will be allowed to apply for U.S. gaming licenses when real-money online poker is regulated
- Full Tilt Poker will be relaunched in most markets as a separate brand with a new independent management team
- Ray Bitar, Nelson Burtnick, Chris Ferguson, Howard Lederer and Rafe Furst are forbidden from being involved in any way
- Full Tilt Poker's headquarters will stay in Dublin but licensing will be transferred to the Isle of Man
Find the full press release from PokerStars here.