News: L.A. Times: Full Tilt Poker Sale Imminent?

According to an article in the Los Angeles Times, Full Tilt Poker will officially be sold in the near future to a group of European investors. It is being speculated that this deal will allow players to recover their funds.

Over the last several weeks it has been reported that Full Tilt Poker was actively seeking investors to buy the company and allow them to escape their financial crisis.

The Los Angeles Times is now reporting that a group of currently unknown European investors is set to buy the company.

Full Tilt reportedly owes U.S. players in the range of $150 million, and it is speculated that this deal will enable the company to pay these funds.

Attorneys from Full Tilt told the L.A. Times that an agreement was signed on Thursday, and that the new investors will pay back players and own a majority of Pocket Kings, the parent company of Full Tilt.

Additionally, the money may help pay the fines that Full Tilt is facing from the United States Department of Justice.

Ivey Lawsuit Dismissal

Several weeks ago, Phil Ivey initiated a lawsuit against Tiltware in which he alleged that Full Tilt had done significant damage to his reputation due to their managerial decisions.

Now that Full Tilt has found a group of likely buyers, Ivey will be dismissing his lawsuit.

His lawyer, David Chesnoff, told the L.A. Times "Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid."