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Full Tilt Poker Conditionally Sold to Convicted French Tycoon Bernard Tapie

By Josh Thomas, Rakeback.com

Full Tilt PokerIn another crazy twist for Full Tilt Poker (FTP) and just 24 hours after the Alderney Gaming Control Commission (AGCC) decided to keep FTP's gaming license suspended indefinitely, the company has signed an acquisition agreement with Groupe Bernard Tapie.

While this should be good news for the future of Full Tilt Poker and their players, it should also be noted that Bernard Tapie has had more than his fair share of scandal too. He spent seven months (of a two year sentence) in jail after being convicted of match fixing while chairman of French Ligue 1 soccer side Olympique Marseille. He was also prosecuted in French court for tax fraud and was sued by his banker for repayment of a $240 million loan.

Despite these issues, Groupe Bernard Tapie has a very good record of saving companies from the brink of bankruptcy, most notably turning around the fortunes of sportswear giant Adidas back in the early 1990s.

Before players with money stuck on FTP get too enthusiastic, be aware that there are several conditions that must be met prior to any potential sale - the main one being “an agreeable resolution” with the U.S. Department of Justice.

The full statement released today reads as follows:

"Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

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."

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