Groupe Bernard Tapie has finalized an agreement with the U.S. Department of Justice that clears the way for a takeover of Full Tilt Poker for $80 million. The investor group is looking to restart the site.
French investment group Groupe Bernard Tapie has finalized its deal with the U.S. Department of Justice, paving the way for the group to take over Full Tilt Poker and the company's assets for $80 million.
Groupe Bernard Tapie will be seeking to restart the business when and if a final deal goes through.
According to reports, the acquisition will facilitate paying out non-U.S. costumers, which are believed to be owed $390 million.
The payouts will be undertaken by Groupe Bernard Tapie, while the DoJ will be in charge of paying back U.S. players, who are believed to be owed $150 million.
Some of that money has already been collected by the DoJ in seized funds over the years, but still, U.S. players would have to seek compensation from the DoJ.
A final sale is further contingent on approval from the Full Tilt Board of directors, as well as Full Tilt Poker settling its civil case with the DoJ.
The deal comes following intense industry rumors which began earlier this month, but so far the DoJ has repeatedly said that it cannot deny or confirm the reports.
However, according to statement from Full Tilt Poker's Ray Bitar this morning given to the Subject: Poker blog
, the sale is now ready to be finalized so that payout processes can commence.
"I am extremely pleased with the efforts of the Department of Justice, and the Groupe Bernard Tapie corporation, and appreciate their continued dedication in working towards a mutually beneficial agreement that will facilitate repayment of the players," Bitar said.
"Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible,"
"Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process."
Poker.org will be monitoring the case as it develops.