Full Tilt Poker has just been sold to a group of European Investors according to the LA Times. This deal will now pave the way for USA players to get their bankrolls back. It has been rumored that Jack Binion was looking to invest and as of this writing we are not able to verify who in fact the european investors are. However according to a report on QuadJacks yesterday they were claiming Jack Binion was in fact the investor. If Jack Binion is now the majority owner of Full Tilt Poker this is great news for Full Tilt Poker to hopefully get a US Gaming License once the legalization and regulation is in place. It will be interesting to see if Full Tilt Rakeback will continue to be offered under the new owners.
From the LA Times:
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.
The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. attorney’s office at the same time as the criminal indictment, the attorneys said.
The government is seeking to recover $3 billion from Full Tilt, Poker Stars and Absolute Poker.