Following on the regrettable news that the proposed deal between Full Tilt Poker and Groupe Bernard Tapie had fallen through after six months of negotiations, it came as a pleasant surprise when it was revealed that Full Tilt Poker’s biggest competitor, Poker Stars, had finalized a deal with the United States Department of Justice to acquire the beleaguered online poker room.
It is understood that $330 million of the amount of $750 million that Poker Stars paid to the United States Department of Justice in order to close the deal will go to repay Full Tilt account holders. The balance of the purchase price is to be retained by the US Department of Justice in lieu of the entire settlement of outstanding charges against Poker Stars.
Groupe Bernard Tapie is not happy about the fact that after seven months of intensive work, the US Department of Justice suddenly decided that payment had to be made to Full Tilt players in full within ninety days of the sale. The French investor was not prepared to do this and the deal, therefore, fell through.
Poker Stars has accepted the legal and financial underlying risks in the Department of Justice’s conditions. It is hoped that Full Tilt Poker players will be paid immediately as that has been the primary consideration for everyone.
It has been rumored that Poker Stars will not be merging Full Tilt Poker with its operations but intends to run it separately under the Full Tilt banner.
An official statement from Poker Stars is now anxiously awaited.
