Federated Sports + Gaming, which is best known for running the Epic Poker League, surprised the poker world by filing for Chapter 11 bankruptcy. Fortunately for FS + G, the Chapter 11 filling will still allow them to hold on to their most precious assets in the EPL, Heartland Poker Tour and Global Poker Index. 

Why is the Epic Poker League Bankrupt?

Federated Sports + Gaming Chairman Jeffrey Pollack explained the reason behind filing Chapter 11 bankruptcy through a blog post on the Epic Poker League website.

One excerpt from his post read, "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."

Can the Epic Poker League be saved?

After the Epic Poker League bankruptcy filing, the biggest question on many people's minds is whether or not the EPL can be saved. And the truth is that FS + G has a decent shot at salvaging the league and their company, but much of this hinges on finding a new partner. Pollack said as much in his post by writing, "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."

Pollack and Epic Poker League Commissioner Annie Duke had already begun looking for a new partner before filing for bankruptcy. Earlier in 2012, Pinnacle Entertainment, which owns several casinos throughout America, was interested in buying all of Federated Sports + Gaming's assets. However, little has been reported on this matter since the initial news. 

As of right now, the fourth Epic Poker League event and $1 million Championship Freeroll have been put on hold until FS + G can sort out the future of their company.