Full Tilt announced today that French businessman Bernard Tapie has agreed to buy the company and all of its assess. The agreement is subject to a variety of conditions, including a positive resolution with the U.S. Department of Justice, but if allowed to go forward would include the repayment of funds to players. In an interview with iGamingFrance, Tapie acknowledged that there was a "still a long way to go" before the deal is done but hoped that he would have the site reopened by January 2012.

The announcement comes a day after the Alderney Gaming Control Commission revoked the gaming license that had previously been suspended since late June. A consensus feeling was that the revoking of the license would significantly harm the chances of an agreement going forward; this was echoed by Full Tilt's own lawyer, Jeff Ifrah.

Bernard Tapie is a former government minister, sports tycoon and an actor. It is unclear whether prior legal troubles in the 1990's will hurt the deal going through or the ability of the new company to acquire a gaming license. The executive director of the AGCC noted yesterday at the time of revoking the Full Tilt license that "the revocation of the license does not prevent a reactivation of the business new ownership and management."

In the iGamingFrance interview, Tapie suggested that the DOJ would have to play a part in refunding of players. “We have shown that we have the funds necessary to repay player debts. We want to find ways where we don’t have to put in all the money and will be talking to the US Department of Justice next week." The Department of Justice currently has approximately $331 million of Full Tilt player funds that were held in accounts belong to Full Tilt Poker.

The Full Tilt Poker brand would not be changing, according to Tapie. "“The brand is not in question, it’s a well-known brand and the technology is widely recognized as being possibly the best in the industry. The management of the company is being questioned and it will be changed (should the takeover be concluded). "

This will certainly be a hot subject over the coming days and weeks. PAS will be sure to keep you updated with news and commentary.