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Laurent Tapie: FTP Could Be Back Up By January 2012
The Bernard Tapie Group has the funds to help Full Tilt Poker repay its players and hopes to have the site back up and running by January 2012, according to the Managing Director of the group Laurent Tapie.
Earlier today Full Tilt Poker and the Bernard Tapie Group released a statement saying they had signed an exclusive agreement to sell the company and all of its assets.
According to an interview with iGaming France, Tapie says he “wouldn’t have undertaken such a project if he didn’t believe in its potential.”
Tapie went on to say the investment group has shown they have the funds necessary to repay the debt incurred by Full Tilt Poker’s owners and repay players who currently have their bankrolls frozen.
Tapie also confirmed they plan to keep the Full Tilt Poker brand alive.
“The brand is not in question, it’s a well-known brand and the technology is widely recognized as being possibly the best in the industry. The management of the company is being questioned and it will be changed (should the takeover be concluded).
"I believe we have the tools necessary to once again make the site one of the leaders in the online poker sector.”
Tapie did advise caution, however, as he said there was "still a long way to go" before the site is up and running again. One of the key obstacles is negotiation with the Department of Justice, who allegedly hold $331 million of FTP’s funds.
Despite the challenges ahead, Tapie remained optimistic that the online poker site could be up and running again by this January.
The "Groupe Bernard Tapie" has a history of salvaging financially distressed companies and famously purchased Adidas in 1989, although it was later forced to sell the company.