The U.S. Department of Justice finally signed off on a deal that will see the Bernard Tapie Group takeover Full Tilt Poker yesterday.
According to a leaked Yahoo Finance story the Bernard Tapie Group has agreed to acquire FTP for $80 million in a deal brokered by the DOJ.
As part of the deal FTP has agreed to forfeit its assets to the U.S. government, which then sold the assets to the Tapie Group.
The French firm will take responsibility for the players outside of the U.S. who never got their deposits back from the site while the DOJ will return funds to American players.
It was also revealed that Full Tilt shareholders will face no further prosecution.
Full Tilt Co-Founder Ray Bitar has since released the following press release to PokerStrategy.com on the matter:
Full Tilt Poker is pleased that the terms of the agreement between Groupe Bernard Tapie (GBT) and the Department of Justice have been finalized, and that the agreement provides for GBT to repay or make whole players outside of the United States and for the Department of Justice to permit United States players to request compensation out of the forfeited funds. Since Black Friday, repaying customers has been FTP’s number one priority.
“I am extremely pleased with the efforts of the Department of Justice, and the Groupe Bernard Tapie corporation, and appreciate their continued dedication in working towards a mutually beneficial agreement that will facilitate repayment of the players ."
Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible.
Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process.
For continuing updates on the status of US online poker and Full Tilt, keep an eye on our Black Friday Bulletin Board.