Full Tilt

Agreement struck with Bernard Tapie Group

In a week where Full Tilt Poker has been at the centre of investment rumours, had its operator’s licence revoked and been labelled a ‘ponzi scheme’, reportedly the site has struck and acquisition agreement with French investors the Bernard Tapie Group.

A statement released to pokerstrategy.com says the French group, led by Bernard Tapie’s son Laurent, has now signed an exclusive agreement to acquire Full Tilt Poker and its associated assets.

Under the terms, all outstanding player balances will be returned, but don’t celebrate just yet. The deal is still subject to several conditions, most important of which is a ‘favorable resolution’ with the US DoJ.

Meetings between the site, Bernard Tapie Group and the DoJ will begin immediately.

The full statement released to pokerstrategy.com reads as follows:

Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of ‘Groupe Bernard Tapie’ announced today that the group has signed an exclusive agreement with the Board of Directors of FullTilt 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.”

As always, PokerPlayer will bring you more on this story as it develops.