Ivey Withdraws Lawsuit After Full Tilt Shutdown & Sale

Phil Ivey isn't playing in this year's World Series of Poker. The fact that Ivey, arguably the most recognizable pro player sponsored by Full Tilt Poker, was absent from the game's biggest annual event didn't go unnoticed.

But what has slipped quietly under the radar following the firestorm that followed the Full Tilt Poker shutdown, is the fact that Ivey is scheduled to withdraw his lawsuit against his sponsor website in Nevada State Court on Thursday. This according to his attorney, David Chesnoff, who said in a statement: "Mr. Ivey intends to withdraw his lawsuit as he believes Full Tilt is taking steps to see that the players are paid."

Another (bigger) reason for Ivey's retracted legal claim is that it's part of a deal struck by the European investors who have purchased Full Tilt Poker. The sale of the site went through this morning, and in accordance with its parameters, Ivey's lawsuit must be withdrawn.

Ivey boycotted the WSOP in an effort to show solidarity with his sponsor site's players, none of whom had been issued refunds to their player accounts following its April indictment on charges of money laundering, bank fraud and violation of gambling laws. The indictments were accompanied by domain seizures and the closing of the Full Tilt Poker site to U.S. players, alongside fellow illegal U.S. operators PokerStars and Absolute Bet.

But whereas PokerStars returned more than $120 million to players following the scandal, Full Tilt Poker reacted slowly, if at all. It's this that Ivey claims to have taken issue with.

More than a few of his professional poker-playing colleagues, however, weren't convinced.

High-stakes player, Andrew Robl had this to say of Ivey's boycott and lawsuit: "Phil Ivey is one of the primary equity holders of Full Tilt and has profited off their business more than almost anyone. If he really cared about the players he would pledge to return every cent of the MILLIONS of dollars he's made from Full Tilt to the players as Tom Dwan (who is not an owner) has done."

Whether Ivey's boycott and lawsuit were selfish or selfless is still up for debate. What is clear is that in the wake of the latest Full Tilt Poker news and the site's recent sale, Ivey has no choice but to silence his rallying cry.

Stay tuned to Gambling City for continuing coverage of the Full Tilt Poker shutdown and breaking Full Tilt Poker news.