Full Tilt Poker In Negotiations to Sell Controlling Interests to European Investors
Remember how a couple of days ago I said that the Full Tilt license revocation could be the first steps to players getting their money back?
Now it appears that Full Tilt Poker is in negotiations to sell controlling interest in the company to a European investment group.
According to an article in the LA Times,Â lawyers from Full Tilt told the newspaper that a group of European investors will front the money to pay back U.S. players and in exchange they would get a majority stake in Pocket Kings, Full Tilt's parent company.
In addition, Phil Ivey has dismissed his lawsuit against Full Tilt. His lawyer said that Ivey was doing so because he felt that sufficient progress was being made to pay back players.
Right after the reports broke that the sale was in negotiations, rumors started about who might be putting up the money. Jack Binion's name was mentioned and others speculate that Phil Ivey himself may be part of the investment team.
One of the more interesting rumors was that bwin.Party are the European investors.
A couple of people actually contacted me directly to see if I have any knowledge. I can tell you that as of this morning, my sources with bwin deny that the company is purchasing Full Tilt.
According to aÂ Calvinayre.com article, bwin had an offer of $185 million on the table to buy the company, but pulled the plug once Alderney pulled Full Tilt's license.
Honestly, that seems the more likely bwin scenario. Of course, bwin has surprised me in the past.
What does this mean? It means:
1. Full Tilt is busting their collective asses to save their business.
2. Unless they truly are as incompetent as people claim they are, they will get this deal done as early as Monday.
3. If Phil Ivey emerges as part of the investment group or has had a major part to play in this outside of his lawsuit, his street cred will go through the roof.
It is important that people reading this realize that the deal is NOT FINALIZED.Â Yet.
There is still a chance it could fall through. Hopefully it will not as the sale will start the process to players getting their funds back.
Also, if this does indeed go down, I fully expect Alderney to reinstate the license, and possibly before the July hearing.
Time will tell.