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Epic Poker League Incurred Heavy Debts During Short Existence

Apr 6, 2012
Author: Steven Lock
Epic Poker League Incurred Heavy Debts During Short Existence

New financial data from the Epic Poker League shows that the organization was in even more trouble than originally revealed. According to bankruptcy filings, the EPL and its parent company, Federated Sports and Gaming, have nearly $8 million in liabilities, more than the $5 million initially reported in debt to creditors.

In total, Federated Sports and Gaming only brought in a little over $37,000 in income over the first 14 months of the company’s existence. During that time, they managed to compile almost $7.9 million in total liabilities, ranging from the costs of advertising their tournaments, contributes to prize pools, and paying employees and officers.

From November 29, 2011 to February 29, 2012 alone, the company paid out $2.4 million to vendors. Another major expense came from the payment of five officers, who made, in total, more than $1.1 million. The highest paid of these officers was Annie Duke, who made just under $300,000, though Jeffery Pollack, Daniel Goldberg, Jeffrey Grosman and Michael Brodsky each made six-figure salaries as well.

However, despite those gaudy numbers, even the officers were owed money by the time Federated Sports and Gaming filed for bankruptcy. The statements issued by the company show that another $662,801 in unpaid wagers and expenses were owed to the officers.

The biggest liabilities held by FS+G include over $2 million owed to a subsidiary of Pinnacle Entertainment, and nearly another $2 million owed to All In Productions, which sold the Heartland Poker Tour to FS+G last year.

Despite the issues afflicting FS+G and the Epic Poker League, though, the Heartland Poker Tour has continued to be a success. Since FS+G purchased the tour, it generated around $800,000 in income, and has continued to host successful events throughout the United States.  

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