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Latest from Trudeau: IPT World Open Payouts Coming in a Week
Oct 23, 2006, 11:56 AM

Anxious players who competed in the International Pool Tour’s $3 million World Open 8-Ball Championship in early September finally can expect their prize money within the next week, according to a letter e-mailed to players from tour founder Kevin Trudeau on Oct. 20.

Trudeau also reported in the letter that negotiations and documents related to the sale of the IPT to a company held by Asian billionaire Stanley Ho would be finalized by the end of this week.

“You can pop the champagne,” Trudeau wrote. “I am pleased to announce that we have successfully concluded our negotiations relating to the funding of the IPT. … This means that player checks for the World Open will be issued within seven-to-ten days or sooner!”

The missive was the latest in a series of e-mails dating back to Oct. 2 in which Trudeau has promised delivery of the prize funds for the 200-player World 8-Ball Open, which took place Sept. 2-10 in Reno. Nev. It was the first letter in which he provided a timetable of sorts for the delivery of the payouts.

Players at the event did not receive their prize money due to a staff slip-up that delayed shipment of the checks to the event site, according to IPT brass. The payouts were then held up by negotiations related to the IPT’s pending sale to Ho Interactive, a fledgling Internet gaming interest controlled by Stanley Ho, IPT officials have said.

Many players have been outspoken in their disappointment with the six-week delay in prize funds, as well as the lack of detailed information from the IPT regarding the sale negotiations and how they were responsible for the delay.

Here’s the complete text of the letter to players:

October 20, 2006
Dear IPT Players:

You can pop the champagne! I am pleased to announce that we have successfully concluded our negotiations relating to the funding of the IPT. The final documents are being finalized at this very moment. We will be signing on Monday. This means that player checks for the World Open will be issued within seven-to-ten days or sooner! Thank you again for your patience and understanding during this business transaction.

The Ho Interactive acquisition negotiations and documents should be finalized by the end of next week. A formal announcement will be made upon conclusion of the transaction. We anticipate announcing shortly additional major sponsors for the 2007 season as well as additional broadcasting contracts with major television companies in several international markets. I will update you again on Monday with more definitive news! We are here to stay and continue to go forward building the largest international pool organization the world has ever seen. Many more good-news surprises are on the horizon. Have a great weekend.

Very truly yours,

Kevin Trudeau, Founder
International Pool Tour