Last January, Federated Sports + Gaming entered the poker scene by launching Epic Poker Tour, a tournament series that attracts some of the world's best poker players.
Last Wednesday, a little bit more than a year after the launch of Epic Poker Tour, the company has announced on its website that it has filed for Chapter 11 bankruptcy.
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..."
"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."
