Epic Poker League parent company files for bankruptcy

Since the outset the Epic Poker League has been about as polarizing as their Commissioner, Annie Duke. While Duke stated over-and-over in every interview where the host questioned the solvency of the Epic Poker League that the league has enough initial capital and investors to last into Season 3, it appears what she meant was three tournaments not three seasons, considering that the EPL’s parent company Federated Sports + Gaming filed for Chapter 11 Bankruptcy on Tuesday.

The Epic Poker League has been spending like a drunken sailor since the initial announcement of the formation of the league; before the league even had a name it had already promised millions in guaranteed prize-pools and overlays, and developed a never-ending stream of assets including the Global Poker Index, a long roster of writers and reporters, and even purchased the Heartland Poker Tour.

After the bankruptcy announcement by FS+G the poker world is now left wondering what the outlook of not only the Epic Poker League is, but even a highly successful tournament series like the Heartland Poker Tour. Making matters worse was what can best be called misleading statements from the Epic Poker League over the past few months as they delayed the fourth tournament of Season 1, citing scheduling conflicts, and telling the poker world that everything was fine with the league.

Well, on Wednesday we learned what the real story of the Epic Poker League’s long-term solvency is, as Jeffrey Pollack posted the following statement on the Federatedinc.com website:

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.

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.

As Annie stated in a letter she sent to our league members today, it is our full intention to complete, as planned, Season One of the Epic Poker League. However, we do not yet know when Event 4 and the Season One Championship will be staged.

When we have specific details regarding the event schedule - and about what comes next for Epic Poker and Federated Sports + Gaming - we will share what we can, as soon as we can.

In the interim, please know that we appreciate the support so many of you have shown us, and we thank you, in advance, for your patience as we work through this reorganization process.

On behalf of everyone at Federated Sports + Gaming,

Jeffrey Pollack

Executive Chairman

It’s too bad that Daniel Negreanu’s video blog/rant for the week was already posted… but who knows, perhaps Negreanu will make a special video blog to blast his longtime nemesis Annie Duke.