FTP Sold to European Investors?

June 30, 2011 - 10:10 PM EDT

Updated 7/1/2011, 3:40 PM EDT.

An article written by the Los Angeles Times is quoting lawyers from Full Tilt Poker, saying that European investors have agreed to take over a majority share in the troubled poker site.

The article mentions that the investors would invest enough money in FTP to pay back players, thereby acquiring a majority stake:

Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt’s Irish parent company, Pocket Kings. The attorneys spoke anonymously because of the sensitivity of ongoing negotiations with the federal prosecutors in Manhattan who brought the charges.

It goes on to discuss the dismissal of the lawsuit that Phil Ivey brought against the company on May 30th:

Ivey was set to withdraw his lawsuit in Nevada state court Thursday, according to his attorney David Chesnoff.

“Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,” Chesnoff said

Subject: Poker has been unable to confirm the contents of the Los Angeles Times article thus far, but we reported earlier this week of ongoing negotiations between Full Tilt Poker and Jack Binion in search of an agreement that would help them become solvent again. It is unknown at this time whether this group of European investors is in any way linked to Jack Binion.

It is unknown at this point whether this supposed agreement would have an impact on the dispute between FTP and the Alderney Gaming Control Commission, which came to a head yesterday when the AGCC suspended FTP’s gaming license.

Update 7/1/2011, 3:40 PM EDT:
In spite of much effort, Subject: Poker is still unable to confirm much of the detail of the Los Angeles Times article. We have heard from numerous sources that there is in fact a European investor who has at least considered purchasing Full Tilt Poker, but we cannot independently verify that the deal is done.

We again caution our readers to be skeptical of what they read, both on S:P and elsewhere.

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5 Responses to FTP Sold to European Investors?

  1. eric gonzalez
    July 1, 2011 at 12:05 PM EDT

    I am very upset that we can no longer play at the site.I looked foward to playing everyday.FTP is the best poker site that ive ever played met alot of ppl there and they also agree.We have been playing other poker sites and none of them compare.FROM the avatars to the high stakes and graphics and it was simple to play.I just dont think its fair for it to be closed

  2. bhan
    July 1, 2011 at 2:33 PM EDT

    I have been fascinated by Subject Poker ever since I’ve come across the site. I admire the site’s founding philosophy and wholeheartedly appreciate its original, fresh, and objective reporting.

    But a post like this, that says nothing new and original about the issue, whose only additional content starts with “unable to confirm” and “it is unknown” makes me wonder if I want to come back to the site.

    I’m sure it took a lot of effort even to make these statements about what’s unconfirmed and what’s unknown, and that’s truly praiseworthy. But a reader would rather appreciate statements about what’s confirmed and what’s known. After all, anything that has not been reported as confirmed or known is probably unconfirmed or unknown.

    Thank you Subject Poker for all the hard work!!! :)

    • Gary
      July 1, 2011 at 3:22 PM EDT

      But it does bring to light the LA Times article, which I would not have known about otherwise.

    • Noah Stephens-Davidowitz
      July 8, 2011 at 7:14 AM EDT

      Hi Bhan,
      We agree. It was a mistake to report on someone else’s story with no independent confirmation. We’d avoided doing so in the past, but this story was so big and the LA Times is so reputable, that we decided to publish it. Of course, it turned out to be quite a misleading article, and we learned our lesson.

      We appreciate you pointing it out. This won’t be the last time that we screw up, and we’re happy to be held accountable.

  3. Ryan
    July 1, 2011 at 7:51 PM EDT

    bhan, you have to remember that many readers will not have seen the LAT article, which is quite significant because the sources for that article appear to have been FTP’s own lawyers.

    SP doesn’t flood us with stories, so if one or two stories end up being irrelevant in hindsight, I think that’s OK, it’s only been a few stories a week, it’s not as if they are flooding us with a dozen stories a day (plus I do think that this story is pretty big, even if unverified/unknown, it was all anybody was talking about last night and today).

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