Full Tilt Poker Rising

Full Tilt Poker: A Phoenix Rising From the Ashes

Players may see funds returned

There seems to be a new acquisition of Full Tilt Poker on the horizon, but can the beleaguered poker site rise from the ashes like a Phoenix and get back their player base?

It was recently announced on PokerStrategy.com that the Bernard Tapie Group has signed papers to acquire Full Tilt. This tidbit comes on the heels of the news that Full Tilt Poker's license was revoked by the Alderney Gambling Control Commission.

The managing director of the Bernard Tapie Group, Laurent Tapie, son of French businessman and politician Bernard Tapie, made this announcement:

Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

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 Full Tilt 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.

Tapie junior discussed the acquisition of Full Tilt Poker in an exclusive interview with iGaming France where he said the agreement includes, "repayment of Full Tilt Poker's world-wide players in full, and is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice."

According to Tapie, "We have shown that we have the funds necessary to repay player debts. We want to find ways where we don’t have to put in all the money and will be talking to the US Department of Justice next week." As far as the Full Tilt name being tarnished, he said, "The brand is not in question, it’s a well-known brand and the technology is widely recognized as being possibly the best in the industry. The management of the company is being questioned and it will be changed (should the takeover be concluded). I believe we have the tools necessary to once again make the site one of the leaders in the online poker sector." Plans are for Full Tilt to be back up and running by the first of the year.

While Tapie Senior is well known for rebuilding and turning around bankrupt companies like Adidas, his resume also includes a seven-month prison sentence. He was convicted for fixing a match in 1993 which involved his own soccer club and sued for repayment of a $240M loan by his banker which resulted in a conviction for tax fraud.

Whether Tapie’s prison record will have any bearing on player trust issues when Full Tilt Poker re-opens is yet to be seen. It is safe to say after the last several months, it doesn’t matter who owns Full Tilt, they have a lot of work ahead of them to regain the old player base and build confidence in the brand name.

Stay tuned…

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