The Silence of the AGCC – The French May Back Out if Licence Is Revoked

Poker Rooms | estimated reading time
2011. September 27.
The mysterious group of French investors is currently in negotiations with the <em>Alderney Gambling Control Commission</em> (<em>AGCC</em>) as they wish to prevent revoking the licence of <em>Full Tilt Poker</em> (<em>FTP</em>). If they do not succeed, they may back out of the deal.
As reported, the AGCC hearing of FTP ended on 22nd September and an official announcement has been long overdue since. According to the first, unofficial news, the AGCC has been most likely to maintain the suspension of the room’s licence as FTP failed to meet any of the requirements until the deadline.

Since no official statement has been published yet, it seems to be likely that some changes are taking place in the background. Many believe that negotiations between FTP and a group of French investors who plan to buy the company and take on the responsibility of paying its debts to its players are nearing an end.

Full Tilt vs AGCC

On 26th September, FTP attorney Jeff Ifrah basically confirmed these assumptions:

“The investors are totally committed to doing this- we've met with them and seen the funds. Their primary concern right now is the AGCC's decision on Full Tilt's license. The investor's position is that if Alderney revokes the license, they won't go through with the deal because it makes things too difficult.”

In order to prevent the AGCC from revoking FTP’s licence, the French group is currently in negotiations with the Commission and the United States Department of Justice.

“They called and volunteered to discuss their commitment directly with the commissioners. Without hesitation, they are prepared to review the terms of their offer. Additionally, they've hired a prominent and respected lawyer in the gaming industry and are setting up a meeting with the DOJ to try and work out the issues Full Tilt has in the U.S.,” Ifrah added.

This means that the ongoing negotiations are of vital importance regarding FTP and its players. Given that an agreement is in the best interest of all parties involved, it can be hoped that a favourable agreement will be reached.

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