Full Tilt Poker issues statement on potential investors

Posted by Steve Ruddock on Aug 23, 2011 Posted in Poker News | No Comments »

Monday evening, PokerNews.com was able to procure an exclusive statement from Full Tilt Poker regarding the potential investors the site has been in talks with. Right away, when I saw this was an exclusive, I knew the news would not be good for Full Tilt’s players –since good news is often disseminated as widely as possible in the form of a mass press release.

Immediately upon reading the few short paragraphs, my initial instincts were proven correct, as the press release was nothing more than Full Tilt poker throwing its “out in the cold” players a bone.

In the statement Full Tilt Poker explained that no deal has been reached with the rumored investors, and that the “exclusivity period of negotiations” has come to an end, which they spun as allowing them to talk to other potential investors. But what this likely really means is that the talks have broken down, and a sale to the first group of investors is unlikely.

There have been other rumors of competitors like William Hill and bWin showing interest in Full Tilt poker, but every day that goes by with Full Tilt Poker closed for business is less money that the site is worth and more of a hit to the site’s ailing reputation. If a deal is not finalized soon, we could very well be looking at the death throes of the site –that was formally the second largest online poker room in the world!

Furthermore, Full Tilt Poker stated that “Full Tilt Poker’s number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.” Which I take as meaning that nobody can expect their money back until the site is sold –or perhaps it would be more accurate to say IF the site is sold.

Towards the end of the exclusive Press Release (which is a bit of an oxymoron) Full Tilt apologized for not communicating with their player base, citing confidentiality agreements as the cause. Although, any former Full Tilt poker players know the company has never had a crack customer service department, and since Black Friday has issued as many press releases on Phil Ivey as they have on any other more serious matter.

All-in-all, the press release will likely not alleviate any fears of player funds being lost forever, and will more than likely cause more concern in players, and raise many more questions.

You can read the entire Press Release at PokerNews.com

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