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With news that a European investment group was about to assume ownership of Full Tilt Poker (technically the deal is not complete, but it appears to be well on its way to happening), everyone is asking: Who owns Full Tilt Poker now?
Late Thursday night, the LA Times first broke the story of this mysterious investment group set to take control of FTP and assume the player liabilities, over $100 million. US players have yet to be paid by Full Tilt Poker following an indictment on April 15 handed down by the US Justice Department. Two executives of FTP were charged with bank fraud and money laundering. The company was forced to exit the US market.
On Wednesday,The Alderney Gambling Control Commission pulled Full Tilt Poker’s license. As a result, Full Tilt Poker has been unable to find a way to pay its European players and those around the world.
There has been plenty of speculation surrounding this sale.
SubjectPoker.com has been on the case since last week, reporting that Las Vegas icon Jack Binion was in talks with Full Tilt Poker to invest in the company. Likewise, they noted that poker pro and Full Tilt team player Phil Ivey was also involved in the discussions. Ivey had filed a lawsuit against his employer. The LA Times reports that Ivey decided to drop his suit this week.
Some have also speculated that another industry firm might be in the process of taking over Full Tilt Poker.
In any case, most industry observers tend to agree that current high ranking executives in the company, specifically Raymond Bitar, will no longer have an active role should the deal come to fruition.
And Wicked Chops Poker was quick to acknowledge it has not.
They also attempted to defuse the notion that Binion has any involvement in this current deal.
Like Jason Biggs hopping in the sack with Shannon Elizabeth, the story jumped the gun a bit. According to our sources, the deal is almost done, but it’s not there yet. However, the Times did get it right in that Jack Binion is not involved in this purchase, as has been widely circulated.
Players will still be biting their fingernails over the next month or so as attorneys for the site told the LA Times that full integration would not take place for another three weeks and presumably players will not be paid until that time.
- Chris Costigan, Gambling911.com Publisher
