Full Tilt Poker is on the verge of being purchased by a European investment group, a sale that could allow the return of $150 million to American online poker players.
A report in Friday's Los Angeles Times said an agreement was signed Thursday between Fullt Tilt Poker and the group, which would put up the money owed to players who lost their funds when the site was shut down by federal prosecutors on April 15.
Full Tilt was among three online poker sites named in the federal indictment and charged with bank fraud, money laundering and gambling violations. In addition, the company was sued by spokesman and World Series of Poker star Phil Ivey.
Full Tilt's international operation remained active until Wednesday, when it was suspended without warning by overseas regulators.
According to the report, in exchange for the infusion of capital to refund players, the investors would take a majority stake in Pocket Kings, Full Tilt's parent company based in Ireland.
The report said investors also are hoping to settle its portion of a $3 billion civil lawsuit brought by the U.S. attorney's office against Full Tilt, Poker Stars and Absolute Bet.
According to the report, Poker Stars has returned more than $120 million to players but Absolute Bet has not refunded any money.
After the April indictment, Full Tilt was sued by Phil Ivey, a spokesman for Full Tilt and a mainstay at the World Series of Poker. Ivey refused to enter the WSOP in protest, but his attorney told the Times that Ivey would drop his lawsuit if Full Tilt repaid its players.
