PokerStars Announces Full Tilt Poker Purchase
17/09/12 19:42 Filed in: Poker | Poker News
The long period of legal and financial trouble that has plagued Full Tilt Poker has finally reached a definite conclusion with the online poker network’s buyout by none other than former competitor, PokerStars. An agreement between PokerStars and the United States Department of Justice has just been finalized, meaning that Full Tilt Poker will once again open for international business and, most importantly, be able to reimburse members still waiting to access money from their locked accounts.
PokerStars have agreed to pay a total of $547 million over the next three years in order to assume complete ownership of Full Tilt Poker. For many the best aspect of this news involves the fact that any money frozen in Full Tilt members’ accounts will soon be paid back as part of the buyout. PokerStars announced that “outstanding balances owing to all non-US customers, an amount totaling $184 million” will be made available “with no restrictions on withdrawals within 90 days of completing this transaction.” With player reimbursements settled, PokerStars will get to work on re-launching Full Tilt Poker under a new, independent management team.
PokerStars’ Chairman, Mark Scheinberg, told press that his company is “delighted [to] have been able to put this matter behind us” and described how the acquisition “strengthens PokerStars.com [while bringing] relief to FullTiltPoker.com players who have been waiting over twelve months for repayment.”
PokerStars have agreed to pay a total of $547 million over the next three years in order to assume complete ownership of Full Tilt Poker. For many the best aspect of this news involves the fact that any money frozen in Full Tilt members’ accounts will soon be paid back as part of the buyout. PokerStars announced that “outstanding balances owing to all non-US customers, an amount totaling $184 million” will be made available “with no restrictions on withdrawals within 90 days of completing this transaction.” With player reimbursements settled, PokerStars will get to work on re-launching Full Tilt Poker under a new, independent management team.
PokerStars’ Chairman, Mark Scheinberg, told press that his company is “delighted [to] have been able to put this matter behind us” and described how the acquisition “strengthens PokerStars.com [while bringing] relief to FullTiltPoker.com players who have been waiting over twelve months for repayment.”
