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Copyright © 2016. All Rights Reserved. Poker History. Editor: Erik Smith.

FULL TILT POKER TAKEN OVER BY POKERSTARS

PokerStars has purchased their all time competitor Full Tilt Poker around 11 days ago. The deal took place this Thursday and the United States Government received around $225 Million from PokerStars for the Full Tilt assets.

The main attorney was Cozen O’Connor and he was the one who sat down to discuss the deal with the Full Tilt Poker owners. After working many deals over the past months the people were happy to have Full Tilt on their side.

It was first decided that the players would have to deal with the DOJ fund which the US Government had demanded. There were many discussions that took place between DOJ and Tapie in which the decision was that Tapie would not be able to get the assets after facing fines.

PokerStars has been given credit for purchasing all the assets for its launching and they also have all the operating assets in their hands. Individuals named Howard Lederer and Ray Bitar had big roles in the decision process with PokerStars. They were doing their best to get the deal to be promoted forward. They were really encouraging this deal and did not want to lose the opportunity of getting Full Tilt Poker on their side.

If the deal with PokerStars would not have taken place then they would still be looking for a good buyer. They were sure that there would be other people that would be willing to purchase from them so they were not that worried. In the end the decision was to negotiate with a buyer and face the fines which were a lot of money. Without someone to purchase there would be quite a lot of problems with the DOJ.

The motivation for this deal was greatly based on the assets that FTP had to give which were obviously a great deal. Now Full Tilt Poker is under the control of PokerStars and they own it totally.

For around sixteen months Full Tilt workers worked extremely hard to keep the value of Full Tilt poker. That is why they still had some good values from the potential buyers.

It took a lot of time to negotiate with PokerStars. They first had to talk to many possible buyers, and around 2011 they had to talk to an investment banker to gather around fifty equity funds and operators.

The first time that they discussed the deal with PokerStars was around April. It took some time to get the deal straight and work out all the things that need to be in the right place.

Ever since the deal has been put forth the Full Tilt Poker owners are not allowed to take place in any events of Full Tilt. They are still considered as owners but they do not get any revenue from the online poker site. In the documents it has been mentioned that none of the members of the Full Tilt Poker will have anything to do with the new site.

Source: Pocketfives.com