Thursday brought of the results of a closed-door meeting between Full Tilt Poker and Alderney Gambling Control Commission, or AGCC, officials. In the end, the AGCC revoked Full Tilt’s licenses belonging to Vantage Limited, Filco Limited, and Oxalic Limited. The future of player funds still frozen on the site remains to be seen, as the online poker room seemingly lacks a way to offer online poker without a valid primary license.

The AGCC, more than a week after the initial closed-door hearing began on September 19th, commented in a press release sent out on Thursday, “At a hearing held in London over six days, it emerged that FTP had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by U.S. authorities, or that were otherwise not actually available to the operator. Serious breaches of AGCC regulations include false reporting, unauthorized provision of credit, and failure to report material events.”

Last week, gaming lawyer Jeff Ifrah (pictured), who has been tied to Full Tilt, encouraged concerned online poker players to beg the AGCC not to rule immediately on the future of the room’s license. Ifrah posted on the major online poker forums, “A negative AGCC ruling will cause all efforts that have been undertaken to secure this investor group to fail and leave customers in the cold… I can assure you that the investor deal includes repayment of all player obligations. We have come too far in these months since Black Friday to let this fall apart now.”

Ifrah could not be reached for comment on Thursday, as he was out of the office for a religious holiday and would not return until Saturday.

AGCC and Full Tilt representatives originally met on July 26th in London, but the hearing prematurely adjournedand, in the subsequent 54 days, Full Tilt unsuccessfully sought financing. In the interim, according to Full Tilt, more than a half-dozen interested investment parties – including one purportedly brought to the table by site pro Phil Ivey (pictured) – visited the company’s headquarters in Dublin; none walked away with a deal.

Despite the announcement today, AGCC officials conceded that Full Tilt could receive a license and reopen under new management: “The revocation of FTP’s licenses does not, as has been suggested, prevent a reactivation of the business under new ownership and management. Unresolved claims by players against FTP become a matter for the police and civil authorities. Now that FTP’s licenses have been revoked, AGCC no longer has jurisdiction over these companies.”

At the time of writing, Full Tilt’s website continued to mention Alderney in its Terms and Conditions. Full Tilt holds a secondary gaming license from the Kahnawake Gaming Commission, or KGC. Whether the KGC, which recently extended the site’s secondary license for two years, will grant Full Tilt a primary license remains to be seen.

The terms of Full Tilt’s secondary license state, “To maintain a Secondary CPA, a licensee must maintain a valid license to operate interactive gaming that has been issued by a comparable jurisdiction.”

A source close to Full Tilt told PocketFives.com in recent days that the AGCC could move to seize Full Tilt’s assets located in Alderney, which, according to our source, include the company’s software and servers.

On PocketFives.com, posters in a thread in the Poker Sites forum debated Full Tilt’s next move. One member of PocketFives.com wrote, “Is this gg FTP or could they get it reinstated with cash flow and players being paid (not that anyone would invest serious money now that they don’t even have a license)? I guess FTP’s only play is to sell the software.”

Another PocketFives.com poster reminded readers, “AGCC didn’t pull the rope forever if a new buyer is found. It also seems AGCC is just doing this to clean their hands of the matter.” The same poster added that UB and Absolute Poker, neither of which has paid back U.S. players, hold valid gaming licenses from the KGC.

We’ll have much more for you on this breaking story right here on PocketFives.com. Read the entire AGCC statementand a document outlining the AGCC’s findings.