UPDATE: Contrary to the initial report, Group Bernard Tapie will not be responsible for the repayment of U.S. player funds. The Department of Justice will, instead, take on this vital role in this purchase agreement.

Full Tilt Poker has reached a transfer agreement with Group Bernard Tapie (GBT), the French investment firm planning to take the company’s reigns. According to a report from Subject:Poker, the former online poker giant will see its assets routed through the United States Department of Justice and then into the hands of their purchaser.

According to multiple sources, Full Tilt’s ownership went through with the purchase on the strength of a vote from their majority shareholders. Any members of the company’s former ownership will have to buy stock in the new group if they wish to receive equity. Thankfully, these shares will represent only a financial interest. Persons who owned a voting interest in the original Full Tilt will retain no voting privileges or other management abilities, locking them out of the decision making process. Members of the old board of directors, such as Chris Ferguson and Howard Lederer, however, will not be eligible for this offer.

So, here’s how things will work. GBT will pay $80 million to the Department of Justice, allowing them to purchase Full Tilt outright. Then, the new ownership group will be responsible for repaying the bankrolls of non-U.S. players. This represents a significant investment for GBT, with some estimates of the total owed reaching as high as $150 million. In order to recover this massive expenditure, they’ll need to get the new Full Tilt up and running in a hurry.

One way to do this, of course, will be to open a new market, and Tapie is aiming to do just that. The company has applied for an operating license within the nation of Spain. The Spanish government plans to open their company for business in the early months of 2012, and has counted, according to PokerNews, the likes of Bwin.Party, 888, and Ladbrokes among those seeking permission to cater to their citizens.

In the meantime, American players will have to wait a while longer to see their bankroll checks come in. The Department of Justice plans to assume the responsibility for the funds of the former players within their borders. Hopefully, some of the $80 million GBT payment will go toward the long-awaited cashouts.