Full Tilt Poker to Finalise on GBT Deal Imminently
Recent news reports claim that the deal between Full Tilt Poker and GBT is soon to be finalised – possibly even within the week. If this should take place, it will mean very good news for Full Tilt Poker players in the UK waiting to get their money back.
The entire poker industry has been following the Full Tilt Poker saga simply because there are scores of ex FTP players who are waiting to be paid both in the United Kingdom and the US. And, since the site has no money with which to pay its players, it has been taken for granted that the only way players can expect any money at all from their accounts is if Full Tilt Poker makes the agreement with GBT.
Poker news sites like Gaming Intelligence and the eGaming Review have set dates for the deal to be finalised, claiming that it should be finished with the close of the weekend. However, many poker players still remain sceptical over any prospect of any deal or resolution.
A report from Gaming Intelligence stated that “Tapie and the owners of Full Tilt…extended their deadline for completion of the deal to this Friday (March 16)…sources on both sides are confident that the deadline will be met.”
The deal between GBT and Full Tilt is worth $80 million and was inked in February but has not been finalised as of yet. The new injection of GBT funds may help the site get back on its feet and pay back its players.
Ray Bitar, the man behind Full Tilt Poker had also commented, “I have been cooperating fully with the DOJ so they can complete their investigation. Beyond that, I spend a good deal of my time making sure that FTP survives and that the players get repaid.”
Some of the obstacles that held up the deal between FTP and GBT involved the $20 million loss of funds which the FTP site claimed its poker professionals had taken in portions. The FTP company claimed that players like Phil Ivey, Barry Greenstein, Mike Matusow, David Benyamine and several others had borrowed several million each.
Behnam Dayanim, the attorney of the GBT enterprise had quoted March 16th as the day of resolution for the deal and it is quite likely that the FTP company has pressured and convinced the players to either give up the money or has reached some kind of agreement suitable to all parties involved.
However, there is also news of a second deal waiting in the wings just in case GBT does not pull through for Full Tilt. This deal is worth less than half of what GBT has been offering Full Tilt, but seems to be the only other offer on the table.
According to a statement from a news report by the iGaming site, “The deal would centre on offering in the region of $30 to $35 million for the software alone, while the FTP name, brand and all associated with it would be then wound up. The funds for the software would be deposited in a neutral account for Administrators of the company to distribute to creditors of FTP.”
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