European Investors to Purchase Full Tilt Poker and Return Player Funds

The face-off between Phil Ivey and Full Tilt Poker appears to have been averted with news printed by the LA Times late Thursday that indicated that unnamed European investors are in late negotiations to purchase a majority interest in Full Tilt Poker. As a condition of the sale, all U.S. players would see their funds returned and Phil Ivey would drop his $150 million suit against Full Tilt Poker.

According to the LA Times article, "attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings."

"The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. attorney's office at the same time as the criminal indictment, the attorneys said."

The deal has not been consummated, as it was originally planned to be announced next week but was fast-tracked due to the AGCC suspending Full Tilt Poker's license and the resulting backlash.

"Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid," Phil Ivey's lawyer David Chesnoff said.

Zimba analysis:
The news seems to have been leaked in advance of the actual conclusion of the purchase in an effort to ameliorate the affect the AGCC suspension of FTP's gaming license caused earlier this week.

Questions still remain:

Will the DOJ sign off on this deal?
How will this purchase affect the FTP indictments and $3 billion that the DOJ is seeking from Full Tilt, Poker Stars and Absolute Poker.
Who are the new owners and what are their plans for FTP will be once they assume control?
Why was Jack Binion's name floated as a buyer and why isn't he now involved?
What this deal means to FTP's AGCC license as rumors had already circulated that FTP was trying to move their license to the Kahnawake Gaming Commission in Canada.
Will the true details of what mismanagement and mishandling of financial affairs at Full Tilt Poker ever come to light?

With the removal of the Phil Ivey $150 million lawsuit and seeming assurance of U.S. players being paid, Phil Ivey will certainly be attributed considerable credit for pressuring and helping arrange things. He should come out smelling like a true poker hero and fans would welcome his jumping back into the WSOP proceedings just in time for the prestigious $50k Poker Player's Championship that starts July 2nd and the Main Event on July 7th.

Author