Full Tilt’s regulatory hearing with the Alderney Gambling Control Commission (AGCC) began on September 19, after initially being postponed in late July to allow the beleaguered site more time to finalise a sale. With no official announcement from either the AGCC or Full Tilt, there have been conflicting reports circulating the internet as to the regulatory body’s decision.
In fact, it is still unclear if the meetings have even ended. According to sources close to PokerUpdate discussion are ongoing, with Full Tilt pleading with the AGCC not to permanently revoke its operating licenses.
That’s because Full Tilt is finally close to announcing a deal. The investment includes a settlement with the Department of Justice and the repayment of the $150 million owed to US players.
Rumours surfaced last week of reports of negotiations with French investors, who may be linked with the Tapie family. Laurent Tapie is the son of Bernard Tapie, the former owner of Olympique Marseille and Adidas.
The AGCC has said repeatedly that it will only reinstate Full Tilt’s operating licenses if the company can secure much needed financing. If Full Tilt cannot secure financing and, as a result, cannot win back its operating licenses, it may face liquidation.
Stay tuned for more updates.