Epic Poker League Parent Co Owes $8 Million in Liabilities
Federated Sports and Gaming, the company responsible for the Epic Poker League, filed for bankruptcy on February 28th of this year. Around the time of the filing, it was reported that the company owed around $5 Million to creditors. However, now it appears that the company owes approximately $7.89 Million in liabilities.
FS+G owes $8 Million to various creditors while earning just a mere $37,000 from the Epic Poker League.
According to reports, the only part of FS+G that was profitable was the Heartland Poker Tour, and that was an acquisition by the company. Since the HPT was acquired by FS+G, the company has generated $800,000 in revenue. Conversely, the Epic Poker League only made a total of $37,052 since its inception.
In addition, it appears that officers of the company were paid over $1.1 Million in salary since the company opened. Former WSOP bracelet winner Annie Duke was paid $299,784 in compensation and former WSOP commissioner Jeffrey Pollack received $226,652 in compensation. It also appears that Duke and Pollack are still owed over $160,000 in unpaid compensation according to filings.
Much of the $7.8 Million in liabilities for FS+G belongs to three companies. They owe just over $2 Million to PNK Development 10, LLC, $1.96 Million to All-In Productions in connection to the Heartland Poker Tour acquisition, and $1 Million to CountryLine, LLC.
Federated Sports + Gaming as well as Federated Heartland, Inc (the company that runs the HPT) both have been granted operating budgets as the company moves forward through bankruptcy. FS+G has a budget of $57,054 for monthly expenses and Federated Heartland has one of $126,089.
The HPT recently had their 100th event and continues to operate as normally. The Epic Poker League has all but ceased operations and ended the contracts of all contractors with those contractors submitting invoices to the bankruptcy courts for payment. Finally, the final EPL event has been suspended indefinitely with no word as to when or if the final event or the promised $1 Million freeroll championship will be played.
