Federated Sports + Gaming Files for Bankruptcy
The company behind the Epic Poker League, the Heartland Poker Tour and the Global Poker Index, has filed for Chapter 11 bankruptcy.
Federated Sports + Gaming executive chairman Jeffrey Pollack announced the decision on the company’s website yesterday.
“There is no easy way to say this, but, at the end of the day yesterday, Federated Sports + Gaming filed for Chapter 11 bankruptcy,” said Epic Poker executive chairman Jeffrey Pollack. “Our company needs a new start.”
Pollack went on to say they intend to complete Season 1 but they are unsure when Event 4 and the Season 1 Championship will be held. The Championship was scheduled to be a 27-player freeroll for $1 million.
The Epic Poker League was one of the few poker tours that had membership requirements, which limited entrants to some of the best and most well-known poker players in the world. The League also added a significant amount of cash to each event that it held.
Since starting last year the Epic Poker League has awarded over $7 million and crowned champions in Chino Rheem, Mike “Timex” McDonald and most recently Chris Klodnicki.
Epic Poker commissioner Annie Duke is convinced the bankruptcy is not the end of Epic Poker.
“This is not a liquidation thing and it is not the end of the Epic Poker League,” she said in a letter to all Epic members.
Epic Poker is not without critics and Daniel Negreanu went on record several times saying he didn’t think the EPL model was sustainable without support from an online poker room.
You can read the complete statement from Pollack on FS+G filing for bankruptcy here.
The Professional Poker League failed (PPL under Chip Reese and Mike Minor) when poker was about to be banned in the USA. The fact that Epic launched in such a climate was somewhat arrogant and failed to take account of the market. Everything about it was wrong, target market, entry requirements, sordid tales of the early winners, connections to FTP etc ....long term had no viability at all. EPIC was a correct name however - Epic Failure. Comments by Annie Duke that all is not over will not wash well with people who see her as close enough to the FTP saga.
Daniel Negreadamus wins again.