Troubled Poker Site May Be Bought by French Entrepreneur

Full Tilt Poker players may yet be able to cash out.

The embattled poker site said Friday that it had signed an agreement to be acquired by the investment company of George Tapie, a prominent French entrepreneur.

Under the agreement, Groupe Bernard Tapie would repay Full Tilt Poker players the hundreds of millions of dollars they have been unable to collect since the company was indicted in April by the Justice Department.

At the time, federal prosecutors accused the site, and two other offshore poker houses, of fraud and money laundering. Prosecutors shut down access to the sites for Americans.

Then, earlier this month, prosecutors separately filed civil charges against Full Tilt, asserting that the site’s owners and managers had siphoned off hundreds of millions of dollars that were supposed to be held in the accounts of individual players.

Under the terms of the agreement between Groupe Bernard Tapie and the management of Full Tilt, the acquisition deal would not go through unless there is a resolution to the civil suit.

Barry Boss, a lawyer for the corporate entities behind Full Tilt, stressed that the agreement announced Friday was merely a prelude to a formal acquisition, pending resolution of the civil suit.

Nevertheless, he said, “It’s a significant development and one that definitely gives a renewed since of optimism that the players will get paid.”

The Justice Department declined comment, and a representative of Groupe Bernard Tapie could not be reached for comment. Mr. Tapie’s son Laurent said in an interview with the Web site iGamingFrance that the company would be talking to the Justice Department next week. He said that there were no plans to change the site’s name, but that a change of management would be in store if the deal goes through.

Bernard Tapie is a flamboyant French businessman and a friend of President Nicolas Sarkozy. Previously a socialist minister, Mr. Tapie changed party loyalties in 2007 to support Mr. Sarkozy. He has made his fortune by purchasing distressed and bankrupt entities.

The involvement of a French businessman adds yet another geographic front to the complicated international saga of Full Tilt, which has been pursued by American prosecutors and is based in Ireland.

Earlier this week, Full Tilt had its operating license revoked by the Alderney Gambling Control Commission, which is based on the Irish Channel island of Alderney, where Full Tilt is registered.

Mr. Boss said the commission ruled that Full Tilt had not been up front with gaming authorities about the amount of cash it had on hand to pay back players. According to prosecutors in the United States, Full Tilt told players that it kept their funds in secure accounts, even as management was lining its pockets with those funds.

The prosecutors say Full Tilt owners and managers paid themselves $440 million since April 2007 but, as of March of this year, owed players $390 million.

In revoking the license, the Alderney Gambling Control Commission left room for a new owner to come in and re-establish a license, according to Mr. Boss.

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