Epic Poker League Parent Company Files for Bankruptcy
By Matt Kaufman, Rakeback.com Poker News Editor
The Epic Poker League (EPL) is a poker tournament series where only qualifying professional players can take part in events. The league charged no rake to participants in its events, and in fact added value for players in the form of free accommodations and a planned $1 million freeroll.
Season One of the league’s events have been airing on CBS and the Velocity Network, but reports have stated that the EPL itself had actually spent money on those timeslots.
With no apparent source of income, and while hemorrhaging money in all of its ventures, many onlookers were left wondering – how on earth could the Epic Poker League possibly survive?
The answer, as it turns out, is that they couldn’t (without making some major changes, anyway). On Tuesday, Federated Sports + Gaming, the parent company of the league and of the Heartland Poker Tour, filed for Chapter 11 bankruptcy. Chapter 11 is a reorganization filing, NOT a liquidation. This means that if the company can find a partner, business may be able to continue as usual.
Jeffrey Pollack, Executive Chairman of Federated Sports + Gaming, told PokerNews that “we’re going to focus on a transition and move forward, and our goal is to stage Event 4 and our Championship as we originally planned. We’re just not sure yet when that will happen.”
Several of the EPL’s biggest doubters, including Daniel Negreanu, have already begun to gloat on Twitter that they had accurately predicted the league’s downfall:
@RealKidPoker – “Next week’s Vlog will be EPIC!”
For the sake of those who were employed by the EPL and the players who participated in it purely because of the promise of a $1 million freeroll, we hope the league can manage to survive. That said, we’re still anxious for Negreanu’s future video tirade, and we’ll certainly post it on Rakeback.com as soon as it is available.