Late Thursday night, the Los Angeles Timesreported that Full Tilt Poker had been sold to a group of European investors in a transaction that could take several weeks to be finalized. Whether the site will come back online anytime soon following its gaming license being suspended by the Alderney Gambling Control Commission remains to be seen.

On Thursday, it was also revealed that the Kahnawake Gaming Commission, or KGC, was reviewing Full Tilt’s secondary license. In the interim, its tables remain empty.

On Friday, the Wall Street Journalreported that Full Tilt’s tiff with the Alderney Gambling Control Commission could soon come to an end: “The investors also hope to reach an agreement with gambling regulators in Alderney, which is part of Britain’s Channel Islands and where Full Tilt is licensed, the people familiar with the matter said.”

A source close to Full Tilt Poker told PocketFives.com on Thursday night that a statement from the online poker room was due out on Friday. However, at the time of writing, which is around Noon ET on Friday, no such announcement had been released.

The Times article notes that as much as $150 million is due to U.S. players from Full Tilt, which is seemingly more than the $120 million PokerStars announced it had paid out to U.S. players already. The California news outlet explained, “Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt’s Irish parent company, Pocket Kings.”

Full Tilt will also apparently settle its civil suit with the U.S. Government. The L.A. Times commented, “The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. Attorney’s Office at the same time as the criminal indictment.”

As if those news nuggets weren’t enough, Full Tilt Poker pro Phil Ivey (pictured), who is sitting out the 2011 World Series of Poker allegedly to protest U.S. players not getting paid and to get out of his contract with Full Tilt, has dropped his lawsuit against the company.

My how the status quo can change in the blink of an eye.

On PocketFives.com, players were still digesting the news in a Poker Sites threadon Friday morning. One poster admitted, “Well, it’s obvious by now that the business plan was centered around something like this never happening.” According to Subject Poker, Full Tilt experienced a $60 million cash shortfall earlier this year.

A hearing is scheduled for July 26th in London to assess Full Tilt Poker’s Alderney license. In the meantime, according to PokerScout.com, its cash game tables remain completely empty. A visit to Full Tilt Poker’s website reveals a system status update that simply reads, “We apologize, but the system is currently down. Please check back later.”

Full Tilt’s new owners and the size of their investment are not yet known, according to the Wall Street Journal. The same news outlet notes that the deal has not yet been finalized and the entire process could take a few weeks: “The deal is still tentative and isn’t expected to be closed for at least three weeks, the people associated with the company said. The investors want to be sure that Fill Tilt can reach a settlement with the U.S. Government before completing the investment.”

Needless to say, it’s been a roller coaster for online poker players over the last two months. Keep it tuned to PocketFives.com for the latest.