Pocket Kings to be sold in €100m rescue
Published 02/07/2011 | 05:00
TROUBLED online poker business Pocket Kings is to be bought by European investors in a €100m rescue deal.
Last night the company refused to comment on the latest developments, but staff in Dublin said they were told new buyers have been found for the company. The company is owned by US investors but the new owners are European, members of the 600 strong workforce were told.
The new owners will take a majority stake in exchange for putting up cash to pay US poker players who have been unable to access up to €100m of winnings since April, as a result of an investigation into the company there. The names of the new investors were not revealed.
Pocket Kings provides IT and other services to online gaming website Full Tilt Poker. The two companies are part of the same group. In April, authorities in the US shut down Full Tilt's operations as part of an investigation into suspected illegal gambling, bank fraud and money laundering.
On Wednesday, authorities on the Channel Island of Alderney suspended the gambling license of Full Tilt Poker pending a hearing in July over issues raised by the US investigation.