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Full Tilt Poker Sign Acquisition Agreement with Bernard Tapie Group
In a surprising turn of events after yesterday's license revocation by the AGCC, Full Tilt Poker announced today that it has signed an acquisition agreement with the Bernard Tapie Group.
In a release sent out to pokerstrategy.com, the company says the French group, led by Bernard Tapie's son Laurent, has now signed an exclusive agreement to acquire Full Tilt Poker and its associated assets.
The agreement includes the repayment of all Full Tilt Poker player accounts around the world in full.
It is, however, still subject to several conditions with the primary condition being a "favorable resolution" with the US Department of Justice.
Meetings with the DOJ are set to begin immediately.
Full press release below:
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 FullTilt 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."
Tapie Not Scandal-Free Either
While the Tapie family has had its successes in both business and sports, including owning a cycling team that won the Tour de France twice and running a soccer team, Olympique de Marseilles, that won the Champions League title, it's not without its own scandals.
In 1993, Bernard Tapie was accused of fixing a match between Marseilles and a minor club so he could save his players for more important matches.
His club was stripped of its French league title and Tapie ultimately ended up spending six months in jail for "complicity of corruption."
Tapie has also been convicted of tax fraud, sued by his banker for repayment of a $240 million loan and been declared bankrupt by a French Court of Appeal.
More recently, after being appointed Minister of the Republic for Urban Affairs in the French government, Tapie was forced to leave his post after less than six weeks due to accusations of fraud.
He was later exonerated.