Epic poker league busts out of funds

03/01/2012 : EPIC POKER LEAGUE IN FINANCIAL STRAITS
 
Professional poker league busts out of funds
 
Still in the middle of its inaugural season of operations and barely a year after launch, the Epic Poker League announced Wednesday that it has filed for Chapter 11 bankruptcy.
 
The League's owner, Los Angeles-based Federated Sports + Gaming, issued a statement confirming the filing, with executive chairman Jeffrey Pollack advising:
 
"There is no easy way to say this, but, at the end of the day yesterday, Federated Sports + Gaming filed for Chapter 11 bankruptcy.
 
"Our company needs a new start.
 
"This reorganization filing is an important first step in that direction and our goal is to keep the Epic Poker League and all of our key initiatives – including the Global Poker Index, epicpoker.com, the Epic Poker game on Facebook, and the Heartland Poker Tour – moving forward with a continued spirit of innovation. We will most likely accomplish this by entering into an agreement with another firm that shares our passion and vision – a process we had been working toward prior to the filing.
 
"Everyone on our talented team – employees, contractors, and partners, alike – have put their hearts into this business and have worked tirelessly to help bring Epic Poker to life. The effort to reorganize under Chapter 11 is, in part, about honoring their work, honoring the generous support and participation of our league members, and fulfilling our collective vision to help elevate and further celebrate the game of poker.
 
"As Annie stated in a letter she sent to our league members today, it is our full intention to complete, as planned, Season One of the Epic Poker League.  However, we do not yet know when Event 4 and the Season One Championship will be staged.
 
"When we have specific details regarding the event schedule – and about what comes next for Epic Poker and Federated Sports + Gaming – we will share what we can, as soon as we can.
 
"In the interim, please know that we appreciate the support so many of you have shown us, and we thank you, in advance, for your patience as we work through this reorganization process.
 
"On behalf of everyone at Federated Sports + Gaming,
 
"Jeffrey Pollack
Executive Chairman"