Groupe Bernard Tapie has reached a deal with the U.S. Department of Justice about the acquisition of Full Tilt Poker. The deal will remove a major obstacle for a completed sale and means that players will be repaid.
Groupe Bernard Tapie and the U.S. Department of Justice have come to terms about a deal, which will allow the French investor group to complete its takeover of Full Tilt Poker, Subject: Poker reports.
According to the site, "multiple sources" have confirmed that an email was sent out to Full Tilt shareholders this morning from Ray Bitar, saying that all players worldwide stand to be repaid if Tiltware's shareholders agree to the deal.
"I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of companies comprising Full Tilt Poker," the email reads.
According to the cited email, the deal includes a two-way split of the repayment responsibilities; Groupe Bernard Tapie will assume the responsibility of paying all non-U.S. players, while American players will be repaid by the DoJ.
"My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time," the email adds.
It is reported that the DoJ will set up a fund in order to facilitate the reimbursement of U.S. players, although there is no indications of how long this process will take either.
The deal is a massive breakthrough in the negotiations between the parts, and will allow GBT to move on to applying for a new license in order to relaunch the site.
One pending condition still to be solved, however, is the approval by the FTP shareholders of the detailed deal.
In order for the the approval to go through, two thirds of shareholders must vote in favor of the proposed deal.
If this happens, payment of players worldwide will be initiated and GBT will be free to take over and relaunch the site under new ownership and management.