On Wednesday, Federated Sports + Gaming announced it had filed for Chapter 11 bankruptcy, a reorganization filing that the company hopes will allow it to keep its assets like Epic Poker and the Global Poker Index.
In a letter posted on the Federated Sports + Gaming website, Executive Chairman Jeffrey Pollack explained:
"There is no easy way to say this, but, at the end of the day yesterday, Federated Sports + Gaming filed for Chapter 11 bankruptcy.
Our company needs a new start.
This reorganization filing is an important first step in that direction and our goal is to keep the Epic Poker League and all of our key initiatives – including the Global Poker Index, epicpoker.com, the Epic Poker game on Facebook, and the Heartland Poker Tour – moving forward with a continued spirit of innovation. We will most likely accomplish this by entering into an agreement with another firm that shares our passion and vision – a process we had been working toward prior to the filing."
He went on to say:
"Everyone on our talented team – employees, contractors, and partners, alike – have put their hearts into this business and have worked tirelessly to help bring Epic Poker to life. The effort to reorganize under Chapter 11 is, in part, about honoring their work, honoring the generous support and participation of our league members, and fulfilling our collective vision to help elevate and further celebrate the game of poker."
In addition, commissioner Annie Duke sent a letter to all league members explaining FS+G’s intention to finish Season One of the Epic Poker League. “I am writing to let you know that, at the end of the day yesterday, Federated Sports + Gaming filed for a Chapter 11 bankruptcy reorganization,” Duke explained in the letter. “This is not a liquidation filing and it is not the end of the Epic Poker League.”
Duke concluded by saying: “I do not know exactly when we will stage Event 4 and Season One Championship, but, again, it is our intention to complete Season 1. In the interim, please do not hesitate to call me at any time; if you have any questions or concerns, I am available to you personally.”