Subject: Poker has learned that there is indeed a French investment group that is seriously considering purchasing Full Tilt Poker.
In an exclusive interview with Jeff Ifrah, a lawyer associated with Full Tilt, Ifrah told Subject: Poker that French investors have, in fact, been working on a potential deal with FTP for weeks. Their first visit to Dublin was on August 24, eight days after the exclusivity period with a previous interested party had expired.
Here is what we now know:
- There is an executed term sheet/letter of intent in place.
- Ifrah says the funds of the potential investor have been vetted by Full Tilt and the US Department of Justice.
- The terms say that any purchase agreement would provide funds to allow the repayment of account balances to all Full Tilt Poker players worldwide.
- The DOJ is aware of this letter of intent and its terms and, in fact, has already received a copy.
- The investor hopes to include in any deal the settlement of pending DOJ fines, which would, in effect, satisfy the civil complaint now facing Full Tilt Poker and its various companies.
- The Alderney Gaming Control Commission is aware of the pending deal. They have received specific information about the deal from both Full Tilt and the prospective investors.
While the investors wish to remain anonymous until there is a concrete agreement in place with the AGCC and the DOJ, this Subject: Poker author has personally seen the executed letter of intent between Full Tilt Poker and the investor, as well as the letter from the investor to the AGCC outlining their plans.
There are still many obstacles to overcome, such as formal acceptance of the investor from the AGCC and a settlement agreement between the DOJ and the investor, but Full Tilt and the investor appear hopeful.
The AGCC has just concluded a hearing about Full Tilt Poker in London and is considering revoking Full Tilt’s suspended license. Ifrah and the investor have argued that it would be especially helpful to the cause if the AGCC agreed to a small additional extension of FTP’s license to give the investors more time. As of this time, we believe that the AGCC has made no final ruling, but that is expected to happen tomorrow in London.
Fixed a typo in the headline and changed “any purchase agreement would allow the repayment…” to “any purchase agreement would provide funds to allow the repayment…”