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PokerTribe to Buy Universal Entertainment Group

POKERTRIBE.COM TRIBE TO BUY CONTROLLING INTEREST IN SOFTWARE COMPANY
 
Fereidoun "Fred" Khalilian reveals details of a $10 million, 51 percent acquisition of his Universal Entertainment Group.
 
The Iowa Tribe of Oklahoma is to acquire a controlling 51 percent interest in its Pokertribe.com software partner, Fred Khalilian's Universal Entertainment Group, for $10 million according to a report in the Oklahoman newspaper, quoting the notorious entrepreneur.
 
Approached by the newspaper, the tribe's chairman, Billy Walkup, confirmed the $10 million price tag for a majority stake in the company, but declined to disclose further details.
 
Our readers will recall that the tribe originally hired UEG to assist it in developing an on-reservation online poker operation targeting players outside the USA.
 
After initial opposition from state officials and a court case, the tribe was given the go ahead for Pokertribe.com in 2015, but real-money implementation has been repeatedly delayed due to international licensing and payment problems and is now not expected to take place until next year.
 
UEG and the tribe are currently seeking licensing from the Isle of Man, and claim that the "complexities of the process have slowed the launch of the website".
 
UEG and Khalilian was previously involved in a similar $9.5 million Pokertribe project with the Cheyenne and Arapaho Tribes, which ran into technical and legal problems with the US Department of the Interior and was abandoned in 2014 by the tribe.
 
Khalilian, who has a colorful and varied business history, was involved earlier this year in a $8.9 million move on social gaming company World Poker Fund Holdings. In September the company filed an advisory noting that it had decided "not to move forward on the funding or to close the transaction due to further due diligence."
 
The Oklahoman reports that Khalilian has run afoul of the Federal Trade Commission twice in past business ventures involving a questionable vehicle warranty scheme and a travel marketing scam.
 
Both failures involved millions of dollars in losses for consumers but eventual FTC-mandated refunds were made. Khalilian was banned from telemarketing or from "making any misrepresentations or omissions when selling any goods or services" as part of the final court order in the latter case.
 
Khalilian was also banned by a court order from telemarketing vacation travel packages following another FTC action involving questionable travel marketing.
 
He was also involved in a failed nightclub venture with socialite Paris Hilton, the newspaper reports.



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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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