Full Tilt set for investment
US newspaper claims unnamed European investors looking to acquire majority stake in parent company Pocket Kings.
Two days after having its operating licences suspended by the Alderney Gambling Control Commission (AGCC), Full Tilt is reportedly on the verge of selling a majority stake in parent company Pocket Kings to unnamed European investors.
According to the Los Angeles Times, the company has reached an agreement with “a group of European investors” and the deal “could allow US players to recover as much as US$150m.”
On 27 May, eGaming Review exclusively reported that the indicted operator was looking for the $150m sum, and had been in discussions with individuals outside the financial services sector.
The LA Times also suggests that the money involved in the takeover would be used to help settle the civil suit which has been hanging over Full Tilt since the indictment of Bitar and co-founder Nelson Burtnick in April. Lawyers close to the company could not be reached for comment at the time of writing.
Full Tilt yesterday sent an email to players through its customer support system, stating that it “is in ongoing discussions with the AGCC with the aim of rectifying the situation as soon as possible, therefore re-enabling real money play on the site.”
With the date of 26 July set for a hearing concerning the suspension of Full Tilt’s licence, affiliate site Pokerstrategy.com has suggested the operator may move its primary licence to the Canadian Jurisdiction of Kahnawake, where it holds a ‘Secondary Client Provider Authorisation’ (CPA).
An advisory notice from the Kahnawake Gaming Commission, published yesterday, explained that the licensing body is “reviewing all available information to determine whether the Secondary CPA presently held by Kolyma [doing business as Full Tilt Poker] will be continued,” adding that “a further announcement will be made shortly.”
The licensing regulations of the Kahnawake Gaming Commission “ which also licenses Absolute Poker and Bodog.eu “ state that “In the event the license from the primary jurisdiction is suspended, revoked or allowed to lapse, the holder of a Secondary Client Provider Authorization must, within 30 days, apply for a Client Provider Authorization under these Regulations, failing which the Commission may suspend or revoke the Secondary Client Provider Authorization.”
The 30-day period stated will elapse on 29 July, three days after the AGCC hearing in London.
Meanwhile, France’s regulatory body ARJEL is reportedly set to issue a statement this afternoon regarding Full Tilt’s French operations, according to iGaming France.