French Investors Consider Purchasing FTP

September 21, 2011 - 9:34 PM EDT

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…”

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46 Responses to French Investors Consider Purchasing FTP

  1. sajeffe
    September 21, 2011 at 9:49 PM EDT

    Thanks for this.

  2. Damn Ringer
    September 21, 2011 at 9:55 PM EDT


    September 21, 2011 at 10:09 PM EDT

    ONE TIME!!!

  4. exoendo
    September 21, 2011 at 10:12 PM EDT

    For anybody following these comments, I urge everyone to take 10 seconds to sign this petition:

    In which we ask that the AGCC does not revoke FTP’s license for the time being. It’s important to demonstrate the numbers behind our voice.


    • chikir
      September 22, 2011 at 7:55 AM EDT

      Is it obligatory to donate after signing?

  5. thasquirrel
    September 21, 2011 at 10:47 PM EDT

    ^+ 1
    people please sign,.. do everything to give this deal a chance..

  6. SleepyLaBeef
    September 22, 2011 at 12:18 AM EDT

    Can anyone comment on the identity of the author, Diamond Flush?

    • Nofx Fan
      September 22, 2011 at 9:29 AM EDT

      A friend and 2p2 poster. DF goes by the name of Diamond_Flush on 2p2.

    • Diamond Flush
      September 22, 2011 at 9:38 AM EDT

      What exactly would you like to know?

  7. gnvsnnkv
    September 22, 2011 at 1:20 AM EDT

    As usual, great work. Best news since forever. DiamondFlush is a poster on 2p2, I think.

  8. ManInBlack
    September 22, 2011 at 1:55 AM EDT

    Why hide behind a fake name? If Diamond Flush wants to be taken serious as a journalist then he should do so under his real name. That way the online comunity can say if he is trustworthy or not. Big difference between respectable journalist and what if this is Howard Lederer or someone like like given false info? WE WANT A REAL NAME HERE

    • Diamond Flush
      September 22, 2011 at 9:44 AM EDT

      I can tell you I am not Howard Lederer or anyone else with some secret agenda re FTP. I did not join S:P yesterday simply to write this article, and a little reading on this site can point you to other pieces I have published.
      My history at this site and other forums can speak for itself, and my given name is not important, but thanks for posting Mr. Black.

    • i crunch numbers
      September 22, 2011 at 7:44 PM EDT

      you sir fail

      • i crunch numbers
        September 22, 2011 at 7:45 PM EDT

        (that was directed at ManInBlack obv)

  9. rui carriça
    September 22, 2011 at 1:56 AM EDT

    Une fois!

  10. Joe Blow
    September 22, 2011 at 2:02 AM EDT

    all you FTP players shouldn’t get shit you supported criminals worse then the ub/ap scandals i hope you all don’t get shit!!!! you deserve it for supporting that piece of shit company!!!!!!!!bunch of friggin hyprocrites!!!!!!!!!!!

    • Gankstar
      September 22, 2011 at 1:55 PM EDT

      Obviously the DOJ already testified in front of Congress no players broke any law by playing online poker at any site.

      Obviously you lost money when you played, to us, and now want us to lose now. You’re pathetic sadistic human being, and I hope you never say anything like this in a live poker room, for your own sake.

      • FML
        September 22, 2011 at 4:14 PM EDT


    • Philip Speicher
      September 23, 2011 at 3:44 PM EDT

      lol, worst comment ever btw, worse THAN you donk lol

    • phasp89
      September 23, 2011 at 3:47 PM EDT

      worse THAN

  11. Part Douche
    September 22, 2011 at 2:33 AM EDT

    What is the point of posting this? All it does is once again raise the expectations of FTP players with significant rolls on the line. Also posting this in itself could scupper a deal when the realise there us an informant in the camp, not to mention putting off any other potential investors. You’re helping nobody except yourselves and your egos.

  12. John Mcenroe
    September 22, 2011 at 2:58 AM EDT

    @exoendo nice to see one more idiotic online petition

  13. Andy01010
    September 22, 2011 at 3:39 AM EDT

    Makes no sense, y wud investors even want to buy the company anymore?you’d hav 2 b mental to chuck 300$m into a site with such a damaged reputation. Fulltilt stalling again…

    • Gankstar
      September 22, 2011 at 1:58 PM EDT

      Best softeware out there, huge players lists, and possibility of rebranding and simply segregating funds from here on out to restart.

      I’d buy it if I was a millionaire. Plus, whoever buys it instantly gets to be Robin Hood to the entire poker world, and will engender a ton of positive publicity…the kind of publicity $ can’t buy.

      Also, the site couldn’t be worth less than right now, so it’s going to be a steal (nearly at cost of liabilities).

  14. Rob C
    September 22, 2011 at 4:22 AM EDT

    Good news for those of us with money on the site. However,,,, could someone please explain how Partouche could possibly recoup this kind of investment in a legitimate length of time?

    • woty87
      September 22, 2011 at 6:18 PM EDT

      Don’t know how much the new investor is willing to spend, but I think it’s been reported that at one point, FTP was grossing over $1m per day on rake. If this is true, it could justify a pretty large investment.

  15. snowman88
    September 22, 2011 at 7:37 AM EDT

    Why would you sign a petition to bring back FTP? They screwed users out of millions, how can you deem the company to be trustworthy if they are bought by someone else. They still haven’t paid back 440m in user’s funds and I wouldn’t deposit there again. How can you trust that your bankroll is ever safe on that site?

    • Gankstar
      September 22, 2011 at 2:01 PM EDT

      It isn’t to bring it back, it’s tyo give it 30 days to allow the sale to complete…why would you not want it back if they sold it to new owners and segregated funds?

      Bars get sold and remanaged all the time…doesn’t ruin the bar to have one bad owner afterall.

      Besides, nothing says you have to (or can if in America) play there again…it’s a world market.

      Why do you want so many people NOT to get a significant amount of their networth back? Sadist?

      • phasp89
        September 23, 2011 at 3:55 PM EDT

        we share the same exact opinion on each front regarding this situation!

        if i would have 500mio laying around somewhere i’d insta-snap buy FTP and make millions off of it. no illegal activities needed.

        gl with your potential relocation, see you at the virtual tables.

  16. Pokerprinzessin
    September 22, 2011 at 8:27 AM EDT

    Ok we hope

    September 22, 2011 at 9:31 AM EDT

    Ya right……..

    What will happen to Bitar, Lederer, Fergusan et al who pocketed (stole) millions? FT will have to sever ties with it’s criminal owners/management. I suspect that the moment players have access to their accounts there will be a run. What about all the players who took advantage of FT’s ineptitude and managed to lodge value to their account before their payment cleared (these payments will never clear now). What about the millions stolen by the payment processors?

    If you get a chance, grab your money and run. I doubt online poker will ever recover after this but if it does FT will not be there to benefit. Why anyone would buy a business with such a tarnished (poisoned) image and hundreds of millions in liabilities is beyond me. Even if you thought their technology was good (which it is) you would be mad to persevere with the Full Tilt brand. Anyone with that amount to invest would be better of starting from scratch (you could buy/build the technology and infrastructure for a quarter of FT’s liabilities).

    FT = Lying theiving bastards.

    • Harmonica
      September 22, 2011 at 10:20 AM EDT

      Stop it ffs, so stupid to say there will be a ran at FT, no there wont, did you read the article…NEW OWNERS…..maybe people would run at it if the current management was left in place.

      • woty87
        September 22, 2011 at 6:23 PM EDT

        The difference between the new investors and the original crooked owners is that the new owner will have invested some serious cash in the business. That makes it very unlikely and that there will be a repeat of what has happened. As far as refunding player’s cash, it would probably be a serious error in judgment to alienate players, whether in the US or not, when you are trying to rebuild a brand.

        • Jonemann
          September 24, 2011 at 1:56 AM EDT

          Whether or not any investor is indeed seriously involved in the process of purchasing FTP, is based upon whether or not the FTP brand has value, and I dont think we have enough information to have an educated opinion about that. First and foremost because FTP has never been audited, secondly because its difficut to predict what kind of effect a scandal like this has on any brand value that potentially was there before.

  18. sumun
    September 22, 2011 at 10:03 AM EDT

    my money is over there and i wont lose hope yet, and personally if ftp recovers i would keep playing but keeping my br lower than i used to

    • Nico
      September 22, 2011 at 1:16 PM EDT

      +1 sir

    • Gankstar
      September 22, 2011 at 2:04 PM EDT

      Ditto, after I withdraw and leave this country I’m in that seems to ban my job! Only thing stopping my relocation is getting access to this money…maybe I’ll go to France!…lol.

  19. butitswronggggggg
    September 22, 2011 at 12:11 PM EDT

    Yippie. This master piece is there on two plus two too

  20. fuckedup
    September 22, 2011 at 2:21 PM EDT

    pay up my 35k and i will sign every petition you want!

    but i will not believe a fuckin word of full tilt and their lawyer unless they start paying out what they have left including the money on their “personal” acounts in switzerland and elsewhere.

    these investors are as real as our money is safe and secure!

    – edited: removed death wish –

  21. Jonemann
    September 22, 2011 at 5:52 PM EDT

    Can you say anything about the investors (without indulging their identity)? Like, what kind of investment group is it? And how much capital do they have invested currently?

  22. robkert
    September 22, 2011 at 6:38 PM EDT

    one time too right

  23. SoLongAndThanks
    September 23, 2011 at 6:12 AM EDT

    Seriously, this is way too good to be true. We all wanted to hear it. Some evil genius decided to time it shortly after the hearing and BANG! we are all supposed to get a new sense of hope. Bullshit.

  24. franco bastardo
    September 23, 2011 at 7:03 AM EDT

    I really hope this happens. There is possible upside in offering sportsbetting and casino services to the non us player base. I am sure they are looking at that.

    Also, I really hope they will honour affiliate contracts as they are.

  25. Steve
    September 23, 2011 at 8:16 AM EDT

    So if my reading comprehension is right: Jeff Ifrah met with and spoke to DiamondFlush and personally showed him documents between Full Tilt poker and the unnamed group of investors (which WickedChops says is Laurent Tapie)?

    I’m having a hard time wrapping my head around the reason for the leaking of this information by Ifrah, other than to slightly appease the poker community after the new allegations have surfaced. Are the FT guys really selling, or are they stalling the players and the authorites while they make arrangements to move to Zimbabwe??? No offense, but a sale has been “imminent” for months, and every time some damning evidence is produced suddenly Full Tilt becomes very vocal and claims the final stages of a deal are in the offing.

    • Random Shill
      September 23, 2011 at 12:54 PM EDT

      +1. This is the same Jeff Ifrah who petitioned the US District Court to allow his firm to be relieved as attorneys for the defense in the Segal class action suit. (S:P has the story here – So, this story is either another FT head fake or, perhaps, a ray of hope and a brilliant PR move. Not to be cynical, but reality hasn’t been kind to the ‘ray of hope’ stories FT has pushed out since April.

      One thing missing from all this analysis: a reconstituted FT (even if rebranded) will not be able to reclaim its US player base. For any online poker site, what does a post-Black Friday balance sheet look like without US players? Certainly, it’s profitable… but is it profitable enough to do what these French investors are purporting to do?

  26. Hold
    September 13, 2012 at 8:47 AM EDT

    I hope this news is true because a line needs to be drawn under this sorry saga. Internet gaming, particularly poker, has suffered a massive blow to its credibility and I hope, if rumours are true, that this French investment group are able to restore some trust. I also hope that full tilt users are reimbursed soon.

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