Federated Sports and Gaming Files for Bankruptcy

The Epic Poker League’s rocky first season continued to run into roadblocks on Wednesday, when Federated Sports and Gaming – the parent company of the EPL – filed for Chapter 11 bankruptcy in the United States.

While the news doesn’t necessarily mean that the Epic Poker League or FS+G are out of business – Executive Chairman Jeffrey Pollack referred to the move as a “reorganization filing” – it certainly isn’t a strong sign for the league. Many, including poker pro Daniel Negreanu, had long questioned the potential profitability of the league, especially without the ability of the EPL to run a companion online poker site or sell programming to television outlets. While the EPL did make arrangements to have tournament coverage televised, those deals did not generate income for the league.

The idea behind the Epic Poker League was simple: bring together top professional players in closed tournaments, creating a format similar to that of the PGA Tour in golf. Players were granted tour cards based on their previous live tournament results, and non-members could earn seats in tournaments through Pro-Am events.

However, the league was struck by controversy throughout its first season. The first event in league history was won by Chino Rheem, who then drew a probation due to his debts to other players. This was followed by another controversial incident in which Michael DiVita qualified for an EPL main event by finishing 8^th in an EPL Pro-Am, only to be stripped of his seat after it was discovered that DiVita was a registered sex offender. DiVita was ultimately awarded $20,000 in compensation.

While it is unclear if or when they would be held, Pollack said that the EPL planned to hold its final two events of the first season in a timely fashion, though he admitted that the league might not be able to survive on its own.

“We will most likely accomplish [moving forward] by entering into an agreement with another firm that shares our passion and vision – a process we had been working toward prior to the filing.”