French Group Agrees to Acquisition of Full Tilt Poker

The Bernard Tapie Group has agreed to acquire Full Tilt Poker, contingent on a positive outcome to the legal issues currently plaguing the site among other conditions. However, the purchase seems likely to go forward.

Perhaps most importantly to players with current Full Tilt Poker accounts, the Bernard Tapie Group appears to be committed to repaying all players worldwide who wish to cash out their account balances. The group was expected to participate in discussions with the Department of Justice in an effort to expedite matters, including possible repayments to players.

The news comes just one day after the revocation of Full Tilt Poker’s operating licenses by the Alderney Gambling Control Commission. However, the AGCC made sure to state that the revocation did not preclude the possibility of reinstating the licenses if new management were in place to operate the site.

The news was the latest piece of good news for Full Tilt Poker players looking to recover funds from the floundering site. Earlier in the week, the US Department of Justice noted that money recovered from the indictments of several of FTP’s directors might be used to help repay those who had money on the site. It is unclear whether the Bernard Tapie Groupe’s promise to repay players would supersede this idea, or whether the two might work in concert to ensure the return of player funds.

The acquisition announcement was made by Laurent Tapie, son of Bernard Tapie and managing director of the Groupe Bernard Tapie. Bernard Tapie is the former owner of Adidas, and has also owned cycling teams and football clubs in France.

The statement announcing the deal was as follows:

Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.