A group of European investors has agreed to buy a majority stake in Pocket Kings, the Irish company that owns Full Tilt Poker, which has been shut down by the U.S. government, the Wall Street Journal reported.
Sources associated with Full Tilt said the investment would be sufficiently large to cover the debts the site has to U.S. poker players (roughly $150 million) following the U.S. crackdown. They did not specify who the investors are or the actual size of the investment.
Full Tilt’s executives also expect the investment to be enough to cover their settlement with the U.S. Department of Justice, a civil suit that could cost them hundreds of millions of dollars.
The deal is still in its early stages and is not expected to close for at least three weeks, according to the sources. The investors first want to make sure that Full Tilt can settle with the U.S. government before going through with the investment.