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Buyer For Fulltilt Poker
9/30/2011 : The rumours were right – mystery purchaser is Group Bernard Tapie
The rumours rampant over a week ago were right – the French business turnaround specialist Groupe Bernard Tapie is the mystery buyer with whom Full Tilt Poker management has been negotiating.
In a press release to the Pokerstrategy.com information site Friday the company advised:
"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."
Although the initial reaction of players on the message boards was one of relief, it was tinged with caution, as the obstacles remaining before the Tapie conditions are met are considerable, not the least being the cooperation of the US Department of Justice.
The statement comes on the heels of the Alderney Gaming Contol Commission’s revocation of Full Tilt Poker’s licence yesterday. Retaining the licence was at one time punted as a prerequisite for the agreement to purchase.
Apparently this is less of a concern than was thought, although Alderney has been at pains to point out that there is nothing to stop a new owner and management reactivating the licence under the right conditions.
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