Will Full Tilt Poker Be Saved?

Published on September 30th, 2011 12:00 pm EST

The rollercoaster ride continues.

Just one day after the AGCC announced the termination of three Full Tilt Poker licenses, the besieged online poker company announced that they had signed an "acquisition agreement" with Groupe Bernard Tapie.

According to a press release that was posted to Pokerstrategy.com (link below), the agreement would "include the repayment of Full Tilt Poker's world-wide players in full."

Now, before you start jumping for joy, the agreement is reportedly subject to "several conditions". The biggest condition? "A favourable resolution with the United States Department of Justice". According to the press release, discussions between Groupe Bernard Tapie and the US DoJ will begin immediately.

Who is Groupe Bernard Tapie? From the release:

"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."

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It will be interesting to see how the negotiations between the DoJ and Groupe Bernard Tapie go, especially given the fact that Full Tilt Poker is obviously close to going under if this deal doesn't close.

More waiting, more press releases, more up's and down's - the Full Tilt Poker saga continues..

Edit: Few new pieces of information, courtesy of this article:

-the site would continue on as Full Tilt Poker (no rebranding) if this deal closes

-"long way to go" before any deal is done

-Groupe Bernard Tapie hoping for January 2012 reopen date if things go as planned

Source: Pokerstrategy.com - Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

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Filed Under: Online Poker Rooms